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.
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!
If you're looking for a reliable real estate advisor in California, consider contacting Jeff Lang. He offers a free consultation to discuss your real estate goals and help you achieve them using his vast experience in the field.