August 2018 Report
Single Family Homes in San Mateo County, All Cities, All Neighborhoods Change >
Average Price$1,967,080
-1.3%
Pending Properties324
-7.4%
Sale/List Price Ratio109.1%
-1.9%
Trends at a Glance
| Trends At a Glance |
Jul 2018 |
Previous Month |
Year-over-Year |
| Median Price |
$1,605,000 (-2.8%) |
$1,651,500 |
$1,485,000 (+8.1%) |
| Average Price |
$1,967,080 (-1.3%) |
$1,992,120 |
$1,856,570 (+6.0%) |
| No. of Sales |
386 (-3.0%) |
398 |
351 (+10.0%) |
| Pending |
324 (-7.4%) |
350 |
320 (+1.3%) |
| Active |
422 (-4.1%) |
440 |
345 (+22.3%) |
| Sale vs. List Price |
109.1% (-1.9%) |
111.3% |
108.7% (+0.4%) |
| Days on Market |
22 (+19.9%) |
18 |
20 (+8.3%) |
| Days of Inventory |
33 (+2.3%) |
32 |
29 (+11.2%) |
Market Commentary
TIP: Click on table above to get year-over-year statistics.
The Silicon Valley real estate market slowed a bit this summer. Multiple offers, while still the norm, have slowed from 10-15 offers per house to “only” 2-3.
Also, from the trenches, we are hearing some sellers are more willing to negotiate. They are accepting contingencies, paying for repairs, or negotiating price.
Of course, this all depends upon the house and the neighborhood. The most highly regarded properties – schools, location, price, are still getting a high number of offers.
Statistics confirm the anecdotes: sales are down, inventory is up, the sales price to list price ratio is falling, and prices are weakening.
The next question becomes is this the start of a trend or just an aberration. That is something only time will tell.
In the meantime, mortgage rates peaked in May and have been declining since.
The median price for homes peaked at $1,770,000 in April and is now at its lowest level since May. It was still up 8.1% year-over-year.
The average price for homes peaked in May and is at its lowest level since January. It was up 6.0% over last July.
The sales price to list price ratio, or what buyers are paying over what sellers are asking has been declining and is now at it’s lowest level since November 2017. Nevertheless, it remains at triple digits: 109.1%.
Days of Inventory rose one day to thirty-three days in July. Since January 2000, San Mateo County has averaged eighty-one days of inventory.
It is taking twenty-two days to sell a home. Home sales were up, year-over-year, 10.0%.
As of August 5th, there were 422 homes and 94 condos for sale in San Mateo County