May 2020 Report
Single Family Homes in San Mateo County, All Cities, All Neighborhoods Change >
Average Price$2,259,650
+11.7%
Pending Properties321
+26.4%
Sale/List Price Ratio100.7%
-3.3%
Trends at a Glance
| Trends At a Glance |
May 2020 |
Previous Month |
Year-over-Year |
| Median Price |
$1,623,500 (-0.4%) |
$1,630,000 |
$1,760,000 (-7.8%) |
| Average Price |
$2,259,650 (+11.7%) |
$2,022,130 |
$2,144,950 (+5.3%) |
| No. of Sales |
226 (+19.6%) |
189 |
410 (-44.9%) |
| Pending |
321 (+26.4%) |
254 |
330 (-2.7%) |
| Active |
469 (+17.8%) |
398 |
564 (-16.8%) |
| Sale vs. List Price |
100.7% (-3.3%) |
104.1% |
106.0% (-5.0%) |
| Days on Market |
22 (+2.2%) |
22 |
21 (+8.6%) |
| Days of Inventory |
62 (+1.9%) |
61 |
41 (+50.9%) |
Market Commentary
What effect will telecommuting have on the Bay Area real estate market?
Some expect many telecommuters will move out of the Bar Area to lower-cost areas. If so, this will lower demand which will, in turn, put downward pressure on prices.
To read further about this, go here: https://tinyurl.com/ybafszc2.
Sales & Inventory Continue to Plummet
Sales of single-family, re-sale homes tanked 44.9% in May compared to last year. Home sales were up 19.6% compared to April. There were 226 homes sold in San Mateo County last month. The average since 2000 is 398.
We expect home sales to continue dropping for the next two months.
Inventory of single-family, re-sale homes was down 16.8% compared to last year. That is the ninth month in a row inventory has been lower than the year before. As of June 5th, there were 469 homes for sale in San Mateo County. The average since January 2000 is 1,287.
The sales price to list price ratio dropped from 104.1% to 100.7%.
The median sales price for single-family, re-sale homes was down, year-over-year, by 7.8%. The average price was up 5.3%.
The median sales price was down 0.4% compared to April. The average sales price was up 11.7%.
Days of Inventory, or the amount of time it would take to sell all homes for sale divided by how many homes have sold, rose one day to sixty-two days.
It took twenty-two days to sell a home last month. That is the time from when a home is listed to when it goes into contract.
The median sales price for re-sale condos fell 14.5% year-over-year. It was down 13.5% from April. The average sales price fell 8.2% from April. Year-over-year, the average sales price dropped 9.4%.
Condo sales fell 51.8% year-over-year. Condo sales were down 25% from April.
Inventory fell 14.1% year-over-year. It was up 33.3% compared to April.
As of June 5th, there were 140 condos for sale in San Mateo County. The average since January 2003 is 350.
Days of inventory jumped to eighty from forty-two.
It took an average of sixteen days to sell a condo last month.
If you are planning on selling your property, call me for a free comparative market analysis.