Just as the Stock Market is bouncing back, so are Local Home Prices.
December 2018 and January 2019 home prices per square foot of living space for single-family homes in San Mateo County were around $913-$919, which was pretty low given the valuations around of $1,000/Sqft during most of 2018. However, the stock market had also faltered in 2018, so it was easy to justify that home prices ought to also drop. The stock market has mostly bounced back and homes prices seem to be doing the same; February 2019 single family-home sale values were $971/Sqft on average with the average home selling for $1,795,815 in 28 days.
We are still seeing a bit of an inventory increase. Inventory for Feb. 2019 was 423 single family homes vs. 314 in Feb. 2018. The number of sales and new listings is nearly identical for this same time period, so what we have is some inventory being carried over from previous months.
About 40% of homes for sale have been on the market for 30+ days. The average list price for these homes is $4,965,000 while the average list price for homes on the market for less than 30 days is $2,499,000. So the luxury market keeps selling slower than more modest homes.
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
Real Estate is seasonal. The graph below compares the same month over several years (Ex: graphs data for January for many years)
CUMULATIVE PAST 12 MONTHS SALES and NEW LISTINGS
SHAMELESS SELF PROMOTION
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