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Monday Market Update: Latest San Mateo County Stats
Median sales prices are up month-over-month!
Welcome back to the Bobbi Decker Real Estate Blog! This week we are taking it a little more local by sharing with you some home sales statistics from our home region… San Mateo County. While the election may have contributed to a bit of a pause, along with seasonal trends that we see as winter approaches, you’ll see that Silicon Valley real estate never really stops.
The San Mateo County Association of Realtors (SAMCAR)® released an infographic just 3 days ago that reveals where home prices, days on market and inventory landed in November compared to October. You’ll see that median sales prices are up 7% for single family homes (1% for condos & townhomes), and that days on market has decreased for SFRs as well. Listings are down double digits for homes, and single digits for condos and townhomes. Homes are receiving 105% of list price on average, while multi-family properties are averaging 100% of list price.
In addition, here are a few year-over-year stats that we pulled for you to compare:
November 2023 Average/Median SFR Sales Price: $2,287,663/$1,728,165
November 2024 Average/Median SFR Sales Price: $2,573,036/$2,030,000
November 2023 Average/Median Condo & Townhome Sales Price: $1,056,904/ $928,000
November 2024 Average/Median Condo & Townhome Sales Price: $ $992,977/ $884,000*
*There are many factors in the price variations between SFSs and condos/townhomes. If you have questions about why the multi-family property sales prices decreased this year while SFRs increased, please feel free to reach out! Pricing trends are a discussion bigger than we can have on a blog, but really important! The average and median price trends within the county can vary greatly among communities, so please be sure to work with a trusted and local agent to discuss an accurate property valuation. 😉
Also note that year-over-year, months of inventory have declined from 1.3 to 1 for SFRs and from 2.5 to 2 for multi-family units.
Learn more: SAMCAR Market Data
All my best,
Bobbi
Bobbi Decker
DRE#00607999
Broker Associate, Bobbi Decker & Associates
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In addition, here are a few year-over-year stats that we pulled for you to compare:
November 2023 Average/Median SFR Sales Price: $2,287,663/$1,728,165
November 2024 Average/Median SFR Sales Price: $2,573,036/$2,030,000
November 2023 Average/Median Condo & Townhome Sales Price: $1,056,904/ $928,000
November 2024 Average/Median Condo & Townhome Sales Price: $ $992,977/ $884,000*
*There are many factors in the price variations between SFSs and condos/townhomes. If you have questions about why the multi-family property sales prices decreased this year while SFRs increased, please feel free to reach out! Pricing trends are a discussion bigger than we can have on a blog, but really important! The average and median price trends within the county can vary greatly among communities, so please be sure to work with a trusted and local agent to discuss an accurate property valuation. 😉
Also note that year-over-year, months of inventory have declined from 1.3 to 1 for SFRs and from 2.5 to 2 for multi-family units.
Learn more: SAMCAR® Market Data
All my best,
Bobbi
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