San Mateo County Market Update February 2024
Buyers are out, but they don't have many options.
Our market is currently shifting gears, and sellers and buyers need to be prepared to reach their goals. I want to share two main indicators we are watching that you should be aware of it you're considering selling your home or if you're in the market to purchase a home.
Buyer Confidence is Booming
Buyer confidence is surging. We are seeing this first hand at packed open houses and hearing from our colleague agents they are seeing the same. We are also seeing mortgage applications are climbing, indicating serious buyers ready to pounce.
Inventory Lags Behind
When we look to the last few weeks of market data, we see a story developing driven by low inventory. The number of properties going pending and closing is outpacing the number of new listings coming to market. For example, during the week February 4 - February 10, just 33 new properties came to market in the mid-peninsula region, and 25 went pending. Similar stats can be seen in the weeks preceding. This is creating a competitive landscape with the return of multiple offers and properties receiving over asking price.
A few examples to illustrate what we are seeing
I recently listed 1351 Ribbon Street in Foster City. Open house traffic was incredible with 60+ groups through both days. After only six days on the market, we received four offers, all over asking and the property went into contract.
A recent buyer client wanted to put an offer on a property in South San Francisco. It was an adorable home, and I knew it would be competitive. When I called the listing agent, she shared that activity on the property had been red hot and she had already received multiple offers. The property ended up receiving 20+ offers, and went pending well over asking.
What's my advice?
How do you navigate this new market as a seller?
- List now: If you're on the fence about listing, now is an excellent time. There is little competition, and many buyers clamoring for something fresh.
- Prepare your home well: The homes that sell fastest and for top dollar in our market are homes that are turnkey. Buyers want to move right in!
- Price right: Just because the market activity is increasing doesn't mean your pricing should out of line with the market and buyer expectations.
How do you navigate this new market as a buyer?
- Be prepared to move fast: When you find your dream home, don't hesitate. Have your pre-approval, finances, and offer strategy ready to roll.
- Expand your horizons: Consider different property types, neighborhoods, or renovation possibilities to broaden your search.
- Get creative with your offer: Multiple offers are becoming commonplace. Make sure you know the sellers motivations and can craft and offer that speaks to that.
February 2024 Market Reports
If you receive our postcards, below you'll find market information for San Mateo County, San Mateo (city), and Foster City.
San Mateo County Equity Report. This report covers changes in median home sales prices over the last month, year, five years, and ten years.
San Mateo County Market Report. This report covers changes in median home sales prices, year over year.
San Mateo Equity Report. This report covers changes in median home sales prices over the last month, year, five years, and ten years.
San Mateo Market Report. This report covers changes in median home sales prices, year over year.
Foster City Equity Report. This report covers changes in median home sales prices over the last month, year, five years, and ten years.
Single Family Residences
Condominiums
Townhomes
Expanded San Mateo County Market Report
