What’s Happening in Our Market?

Jeff Lang May 23, 2022

Here’s what you need to know about the latest market statistics.
What’s happening in San Mateo County’s real estate market? Today I want to look at our current trends and predict where things might be heading.
Recently, I’ve heard a lot of talk about timing. Is it a good time to buy? Is it a good time to sell? In reality, it depends on your unique situation. However, I’ll share the latest data to help inform your decision. The statistics I address today will be from April 2022. I’ll look at median sales price, inventory, and list-to-sales price ratio.
First, the median sales price for single-family homes was $2.25 million, which is 10% higher than our previous highest price. For condos and townhomes, the median price was $1.8 million, which is also a record high. The area with the highest appreciation this last year was Redwood Shores, which saw prices increase by 68%. Meanwhile, prices in San Carlos were up 35%, and prices in San Mateo were up 31%. Both Burlingame and Pacifica only appreciated by 3% on average, which may be a result of high run-ups in the previous months.
“Homes will still sell over asking price, but it won’t be as crazy as we’ve seen so far this year.”
As far as inventory goes, December 2021 was the lowest our market had seen in years. In April, we had three-and-a-half times the supply we had in December. We’re approaching normal inventory levels, but we aren’t there yet. In fact, supply in Burlingame is down 15% year over year, San Carlos is down 22%, and Hillsborough is down 28%.
So far this year, the average list-to-sales price ratio every month has exceeded 110%. This means a property listed at $1 million was expected to sell at $1.1 million or more. Meanwhile, condos and townhomes are receiving an average of 107% of their list prices. These are unprecedented numbers, but it’s all about to change.I believe we’ll continue to see increased inventory, which will lower competition among buyers. Earlier this year, I helped a client beat out 42 other buyers for a home. Lately, most houses are only receiving five to seven offers. Homes will still sell over asking price, but it won’t be as crazy as we’ve seen so far this year.
If you have questions about today’s topic or anything else, please call me at 650-766-6412 or email [email protected]. I look forward to hearing from you!

Jeff Lang

Jeff Lang


About The Author

Jeff Lang's career in real estate is a testament to his strategic, growth-oriented mindset and his dedication to helping clients navigate the unique landscapes of San Mateo County. With his focus on areas from Burlingame to San Carlos and Pacifica since 2011, Jeff has become an invaluable asset to those seeking the perfect balance of urban and suburban life. His appreciation for the county's temperate weather and easy access to a plethora of outdoor activities resonates deeply with his clientele, who seek both the vibrancy of urban living and the tranquility of suburban spaces.

Beginning his journey in commercial real estate in San Francisco in 1997 and later transitioning to residential real estate in La Jolla, Jeff has honed a deep understanding of the industry. Known for his professional, caring, and patient approach, he brings a results-oriented and responsive attitude to every transaction. Jeff's unique strength lies in his ability to outperform competitors by leveraging his extensive experience and education.

Jeff leverages his education having received his JD and an MBA, alongside numerous real estate certifications including Master Certified Negotiations Expert and Certified Luxury Home Marketing Specialist, enabling him to devise winning strategies for each transaction. His approach not only ensures success but also puts his clients at ease, earning their trust and loyalty.

Outside of real estate, Jeff's life is as dynamic and multifaceted as his professional pursuits. His hobbies range from trail running and hiking with his dog to playing golf, tennis, and pickleball, and he's an enthusiastic Peloton user. A proud graduate of law school at the age of 42 and an Ironman triathlon finisher, Jeff's achievements speak to his determination and commitment. These qualities, combined with his professional expertise, make him an exceptional choice for buyers, sellers, and investors—especially in the $2m+ range—who are looking for more than just a transaction but a partnership with a seasoned expert who will turn them into raving fans.

In his over two decades in real estate, Jeff is most proud of partnering with his clients to build the life of their dreams. It helps that Jeff is a negotiations shark, having competed nationally as president of the negotiations team in law school and as a Master Certified Negotiation Expert (MCNE). His MBA and JD also give him and his clients a competitive advantage in every transaction, leading to his listings selling for 4.8% more than the average San Mateo County agent and offers getting accepted 6x more frequently.

If you are looking for an agent who will take on your goal as their own and be relentless in their pursuit of achieving that goal, then you want Jeff as your partner. He’s completed five marathons, including one in Antarctica, and dozens of triathlons, including an Ironman. His passion for taking on a challenge and grinding away to craft creative solutions is unparalleled. Jeff has a natural talent for putting things in perspective, keeping your eye on the prize, and clarifying the strategy to provide opportunities for success in your transaction.

A few of Jeff’s other certifications include NAR’s ePro for advanced digital marketing and NAR’s Green Designations for sustainability in real estate, Pricing Strategy Advisor (PSA) certification, Keller Williams’ BOLD program, and Tony Robbins’ Mastery University. He is also a member of the Institute for Luxury Marketing. These help him and his clients outpace the competition by selling at a higher price and getting offers accepted more often. This track record and partnership continue to provide repeat and referral business, the basis for his growing business.

Reach out to Jeff for a free consultation to discuss your real estate goals. He would be happy to make your goals his and utilize his extensive experience to make it happen.


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