Welcome back to the Bobbi Decker Real Estate Blog & Happy Summer! Last week, we shared with you how home equity gains are outpacing home prices, and revealed the high consumer confidence levels in making a home purchase – given that values are still projected to rise. This week, we wanted to take look at some of those larger themes of home sales, property values and inventory levels in relation to our local county activity – check it out above!
As you will see from the infographic above, the so-called ‘softening’ of the market (which you often hear the media talk about) does NOT mean that values are dropping. There is MORE inventory and there are areas in which home prices are increasing at a slower pace than years past. However, both single-family homes and condos/townhomes experienced a median sales price jump of over 10% month-over-month from April 2019 to May 2019 in San Mateo County. The average days on market was 3 weeks for SFR’s and 23 days for multi-family units, and inventory levels rose 13.77% and 12.23% respectively.
For a complete breakdown of the 12 key market stats per city in San Mateo County, click HERE. Note that despite increasing inventory, the city of San Mateo is still down to 1.1 months of inventory (a ‘balanced’ or normal market has 5-6 months of inventory). The bottom line is that homes are still in high demand, and while buyers have more inventory to choose from – we are technically still far from a buyer’s market (which would be indicated by inventory of 6 months or more).
If you have any questions about what the data above means for your own buying, selling and investing goals – please do not hesitate to reach out! Thank you to our good friends at SAMCAR for this fantastic graphic and for helping us all access the data we need in a way that is so easy to see… we can head back to the beach in no time!
All my best for a fun-filled season of work and play,
Bobbi Decker & Associates fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. For more information, please visit: http://portal.hud.gov/