HOUSING MARKET UPDATE: July 2019 San Mateo County

The Average single family home in San Mateo County sold for $2,128,864 in 23 days in the month of June; this is 1.5% above the original list price. The average value per square foot of living is now $1,033/SqFt. Of the 18 properties that sold for over $5M, they sold on average for 3% below their original list price in 44 days.

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

The number of new listings is pretty normal for June, but the quantity of homes sold is more then 10% below normal for June. Homes are selling on average in 20 days which reflects a fairly active active market for choice properties, but homes still for sale have been on the market for 52 days; some properties are stagnating.

In the past 12 months the number of new listings was about 5,200 single family homes (about 4% higher than the previous 3 years), but the quantity sold is down about 5%. This has resulted in June inventory being about 15% higher than the past couple of years.

The average single-family home list price is $3,289,808 but this already reflects 3.6% drop from the original list price; this value is skewed by the luxury market. There are some 60 properties out of the 584 active homes that have been for sale longer than 3 months. This 60 properties have an average list price of $6.8M, this price was already reduced by 8%, and these homes are 4,777 SqFt on average.

We have once near all-time high average sale prices for single family homes. This correlates well with the stock market. There is a bit of an inventory build up but this seems to be primarily in the luxury 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

If you enjoyed this Newsletter and think that someone you know will also like the content, then feel free to forward it on to them. If you’re looking to buy or sell a home in either San Mateo or Santa Clara County, consider interviewing me to become your agent. Perhaps you know someone that needs a great realtor, please pass my name along. Thanks.

All information is deemed reliable, but not verified.
Vabrato may not have participated in any of the sales transaction listed.
This post is not intended to solicit property currently listed for sale.

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