January 2019 Report
Single Family Homes in San Mateo County, All Cities, All Neighborhoods Change >
Average Price$1,719,270
-12.3%
Pending Properties212
-27.1%
Sale/List Price Ratio102.5%
-0.8%
Days of Inventory37
-11.8%
Trends at a Glance
| Trends At a Glance |
Dec 2018 |
Previous Month |
Year-over-Year |
| Median Price |
$1,478,000 (-1.5%) |
$1,500,000 |
$1,500,000 (-1.5%) |
| Average Price |
$1,719,270 (-12.3%) |
$1,959,460 |
$1,861,700 (-7.7%) |
| No. of Sales |
230 (-29.0%) |
324 |
308 (-25.3%) |
| Pending |
212 (-27.1%) |
291 |
185 (+14.6%) |
| Active |
282 (-39.5%) |
466 |
165 (+70.9%) |
| Sale vs. List Price |
102.5% (-0.8%) |
103.4% |
109.6% (-6.4%) |
| Days on Market |
30 (+1.8%) |
29 |
28 (+6.2%) |
| Days of Inventory |
37 (-11.8%) |
42 |
16 (+128.9%) |
Market Commentary
The real estate market in San Mateo County continues to soften. The sales price to list price ratio, or what buyers are paying over what sellers are asking, is just over 100%: 102.5%. In March, the ratio was 113.3%. The market is turning towards buyers.
The median sales price of single-family, re-sale homes fell year-over-year for the first time since March 2016. Year-over-year, the median price was down 1.5%. The average sales price was down 7.7% year-over-year.
Home sales were down 25.3% from last December. For the year, home sales were down 5.8%.
Inventory continues to expand. It has been higher than the year before seven months in a row. In December it was up 70.9% over last year.
As of January 5th, there were 282 homes for sale in San Mateo County.
Nevertheless, Days of Inventory shed five days to thirty-seven days in December. Since January 2003, San Mateo County has averaged eighty days of inventory.
It is taking thirty days to sell a home. That is the time from when a home is listed to when it goes into contract.
The median sales price for re-sale condos was up 12% last month, year-over-year. The average sales price was up 20.6%.
The sales price to list price ratio was at its lowest level since May 2012: 101.2%.
Condo sales were down 16.9% in December. For the year, condo sales were down 12.4%.
Inventory continues to expand. It has been higher than the year before five months in a row. In December it was up 185.2% over last year.
As of January 5th, there were 77 condos for sale in San Mateo County.
Days of inventory fell four days to thirty-three.
It is taking thirty-eight days to sell a condo.
If you are planning on selling your property, call me for a free comparative market analysis.