April 2019 Report
Single Family Homes in San Mateo County, All Cities, All Neighborhoods Change >
Average Price$2,000,120
+12.3%
Pending Properties349
+32.2%
Sale/List Price Ratio103.4%
0.0%
Days of Inventory42
-15.8%
Trends at a Glance
| Trends At a Glance |
Mar 2019 |
Previous Month |
Year-over-Year |
| Median Price |
$1,620,000 (+13.7%) |
$1,425,000 |
$1,615,000 (+0.3%) |
| Average Price |
$2,000,120 (+12.3%) |
$1,780,690 |
$1,956,650 (+2.2%) |
| No. of Sales |
281 (+37.1%) |
205 |
336 (-16.4%) |
| Pending |
349 (+32.2%) |
264 |
332 (+5.1%) |
| Active |
398 (+3.9%) |
383 |
262 (+51.9%) |
| Sale vs. List Price |
103.4% (0.0%) |
103.4% |
113.3% (-8.7%) |
| Days on Market |
28 (-7.6%) |
31 |
15 (+92.0%) |
| Days of Inventory |
42 (-15.8%) |
50 |
23 (+81.6%) |
Market Commentary
The real estate market in Silicon Valley is beginning to heat up for three reasons. First, spring is when the market typically becomes more active. Two, mortgage rates are at 15-month lows. Third, IPOs have started creating instant millionaires.
We expect 2019 to be a very strong year for the real estate market.
Home prices set record highs last spring, then started a slow decline. Prices for single-family, re-sale homes were higher than the year before in March. They were also up month-over-month.
The sales price to list price ratio, which had a peak last spring of 113.3%, had dropped to a low of 102.4% in January. Last month it was up to 103.4%.
Home sales were down, year-over-year, for the fifth month in a row. There were 281 homes sold in San Mateo County last month. The average since 2003 is 398.
Inventory continues to expand. It has been higher than the year before ten months in a row. Last month, it was up 51.9% over last year.
Days of Inventory, or the amount of time it would take to sell all homes for sale divided by how many homes have sold, was down to 42 days.
As of April 5th, there were 398 homes for sale in San Mateo County. The average since January 2003 is 1,287.
It is taking twenty-eight days to sell a home. That is the time from when a home is listed to when it goes into contract.
Prices for re-sale condos were up last month from the month before but they were down year-over-year.
Condo sales dropped 22.9% year-over-year.
Inventory continues to expand. It has been higher than the year before eight months in a row.
As of April 5th, there were 107 condos for sale in San Mateo County. The average since January 2003 is 350.
Days of inventory dropped to thirty-five.
It is taking thirty days to sell a condo.
If you are planning on selling your property, call me for a free comparative market analysis.