Real Estate Report presented by Mary Ann Teixeira

January 2018 Report

Single Family Homes in San Mateo County, All Cities, All Neighborhoods Change >


Median Price
$1,500,000
0.0%
Average Price
$1,861,700
+0.8%
No. Sold
308
-16.8%
Pending Properties
185
-39.9%
Active
165
-38.2%
Sale/List Price Ratio
109.6%
+1.1%
Days on Market
28
+34.2%
Days of Inventory
16
-23.2%

Market Barometer

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Market Commentary

Average Price for Homes Sets New High, Again

The average price for single-family, re-sale homes is closing in on $2,000,000. It was $1,861,700 in December. A gain of 13.4% year-over-year.

After setting new highs in November, the prices for condominiums backed off slightly last month. Nevertheless, the median price was up 25% compared to last December.

Sales, meanwhile, continue to be impacted by the lack of inventory. Home sales were off 1.0% year-over-year, while condo sales were down 21.0%.

Multiple offers continue to be the norm. The sales price to list price ratio, or what buyers are paying over what sellers are asking remains in the triple digits: 109.6% for homes and 107.6% for condos.

The ratio has been over 100% for homes since April 2012 and for condos since June 2012.

Homes and condos are flying off the shelf. It is taking only twenty-eight days to sell a home and seventeen to sell a condo, on average.

All of this is due to an incredible lack of inventory. Since January 2003, San Mateo County has averaged eighty-four days of inventory. Last month it was sixteen. The number of homes for sale as of the fifth of December were 165. The average is 1,287.

Condos have averaged ninety-four days of inventory since 2000. Last month it was ten. The number of condos for sale as of the fifth of December was twenty-seven. The average is 350.

Prices & Sales

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Days of Inventory

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Sales to Date

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Sales Price Ratio

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