Real Estate Report presented by Mary Pope-Handy

July 2018 Report

Single Family Homes in San Mateo County, Menlo Park, All Neighborhoods Change >


Median Price
$2,880,000
+11.0%
Average Price
$2,920,910
-8.1%
No. Sold
24
-22.6%
Pending Properties
26
-10.3%
Active
29
0.0%
Sale/List Price Ratio
108.1%
-6.0%
Days on Market
17
+18.2%
Days of Inventory
35
+24.9%

Market Barometer

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Market Commentary

Home Inventory Rises

The inventory of single-family, re-sale homes was up year-over-year for the first time since October 2016. Nevertheless, at 440 homes for sale, we’re still only at one-third the average amount.

The median price for homes was up 15.7% over last June to $1,651,500. That is a $118,500 drop from the record high set in April.

This is also the 27th month in a row the median price has been higher than the year before.

The median price for condos was up 21.1%. The average price for condos was up 20.4% over last June.

Multiple offers continue to be the norm. The sales price to list price ratio, or what buyers are paying over what sellers are asking remains in the triple digits: 111.3% for homes and 110.1% for condos.

The ratio has been over 100% for homes since April 2012 and for condos since June 2012.

Homes and condos are flying off the shelf. It is taking only eighteen days to sell a home, on average. Condos are taking fifteen days.

All this is due to an incredible lack of inventory. Since January 2003, San Mateo County has averaged eighty-three days of inventory. Last month it was thirty-two.

Condos have averaged ninety-two days since 2000. Last month it was twenty.

As of July 5th, there were 440 homes and 84 condos for sale in San Mateo County.

Prices & Sales

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Days of Inventory

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Sales to Date

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Sales Price Ratio

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