Monday Market Update: San Mateo County 2022 Overview
We may not know exactly what 2023 will bring, but we do know how 2022 has set the stage!
‘Tis the season where the real estate industry is preparing for the spring market (which typically begins right after the Super Bowl!). As we prepare for the 2023 changes and opportunities, we wanted to share how the rollercoaster of 2022 has ended.
The information below, courtesy of the San Mateo County Association of Realtors (SAMCAR)®, confirms that sales of both single family homes and multi-family properties were down over 25% compared to the previous year. While home prices varied from Q1 of 2022 to Q4 of 2022, the net result was a higher median sale price for all property types by the end of 2022.
Among the 27 cities in San Mateo County, 26 of them received an average sales price comparable to 100% or more of list price; only Pescadero resulted in a 98% sales-to-list price ratio. Cities with the lowest days on market overall were Belmont, Foster City, Menlo Park, San Carlos, San Mateo, Redwood Shores and So. San Francisco – all with listings selling in 17 days or less. Inventory remained at all-time lows with nearly all cities at 3 months of inventory or far less, averaging a total of 1 month of inventory across the county.
We thank SAMCAR® for compiling & presenting this data for our agents and community, and encourage you to read the full 2022 home sales reports and view more graphics here.
All my best,
Bobbi Decker
DRE#00607999
Broker Associate, Bobbi Decker & Associates
650.346.5352 cell
650.577.3127 efax
www.bobbidecker.com
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