Monday Market Update: San Mateo County Home Sales Update

There are national, regional, local and micromarket trends. Our blog this week is about the latter as we reveal the latest #SAMCARStats via the infographic below. While headlines have been filled with reports of home prices dropping and buyers losing interest, the data tells a more indicative and reality-driven story of what is really happening today. Check it out! 

Both single family home and condo prices have risen month-over-month, while sales have increased as well. Closed condo sales have surged – with an increase of nearly 15% month-over-month. Days on market has also increased, though still hovering at a month or less. These combined figures tell us that buyers are still active, but don’t have to be in as much of a hurry. Carefully calculated decisions and an uptick in multi-family property interest are the main change from the spring market we saw just 4-6 months ago.

Looking at some year-over-year data, median home prices are the same at $1.85 million for both August 2021 and 2022. Median condo prices have dropped year-over-year, currently at $899,000 versus $988,000. Note that median home prices are just that (middle range), thus last year more luxury condos and townhomes may have driven up the range while rates were lower; this year, more entry level condos and units may be desirable as buyers rush to enter the market before rates rise further.

If any of these trends surprise you or have you questions about what market normalcy may look like in the months to come, please do not hesitate to reach out! 

Bobbi Decker
DRE#00607999

Broker Associate, Bobbi Decker & Associates
650.346.5352 cell
650.577.3127 efax
www.bobbidecker.com
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