A new year had arrived and a very boring Super Bowl has come and gone. The big question for those of us in the real estate business is what kind of year will 2019 turn out to be? To start, we kind of ended 2018 at about the same place where we started in terms of house value. While the average sale values typically drop for December (luxury homes don’t tend to close in December) January has already passed and values seems to be stuck around $900/SqFt of living space for San Mateo County – these values are way off the $1,055 peak in May 2018. However, the the graph below shows, where the stock market goes, local home values tend to follow.
We do have a bit of a glut of luxury homes at the moment. The top tens homes are priced between $14.4M to $30M; over half of these were listed lasted year, removed from the market over the holidays and then put back on in January. The luxury glut is evident in the average list price ($2.6M) being significantly higher than the average sales price ($1.7M).
Overall, the number of homes sold in January was pretty standard (~200) but we have been seeing a tick up in new listings over the past couple of years and this has resulted in inventory being about 15% higher than last year. However, inventory is still within the levels of other active years.
San Mateo County Single-Family Homes
Sales, New Listings & Inventory
Monthly Averages for the Dow Jones Industrial Index vs. San Mateo County Ave. Single Family Home Price/SqFt of Living Space
The price per foot of living space for the average single-family home in San Mateo County correlates very well with the performance of the stock market
MONTH-OVER-MONTH INVENTORY, NEW LISTINGS & SALES
CUMULATIVE PAST 12 MONTHS SALES and NEW LISTINGS
SHAMELESS SELF PROMOTION
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