April 2020 Report
Single Family Homes in San Mateo County, Portola Valley, All Neighborhoods Change >
Average Price$2,833,330
-37.5%
Pending Properties5
+25.0%
Sale/List Price Ratio99.6%
+2.1%
Days of Inventory174
+36.5%
Trends at a Glance
| Trends At a Glance |
Apr 2020 |
Previous Month |
Year-over-Year |
| Median Price |
$2,800,000 (-34.9%) |
$4,300,000 |
$3,595,000 (-22.1%) |
| Average Price |
$2,833,330 (-37.5%) |
$4,533,290 |
$5,063,330 (-44.0%) |
| No. of Sales |
3 (-25.0%) |
4 |
3 (0.0%) |
| Pending |
5 (+25.0%) |
4 |
8 (-37.5%) |
| Active |
18 (+5.9%) |
17 |
24 (-25.0%) |
| Sale vs. List Price |
99.6% (+2.1%) |
97.6% |
100.3% (-0.7%) |
| Days on Market |
60 (+10.7%) |
55 |
13 (+364.1%) |
| Days of Inventory |
174 (+36.5%) |
128 |
232 (-25.0%) |
Market Commentary
Sales of single-family, re-sale homes tanked 49.7% in April compared to last year. I think we all expected this amidst the Covid-19 pandemic. Home sales were down 29.2% compared to March. There were 189 homes sold in San Mateo County last month. The average since 2000 is 398.
We expect home sales to continue dropping for the next two months.
Inventory of single-family, re-sale homes was down 18.4% compared to last year. That is the eighth month in a row inventory has been lower than the year before. As of May 5th, there were 398 homes for sale in San Mateo County. The average since January 2000 is 1,287.
The sales price to list price ratio dropped from 106.2% to 104.1%.
The median sales price for single-family, re-sale homes was up, year-over-year, by 1.9%. The average price was up 1.8%.
The median sales price was down 6.9% compared to March. The average sales price was down 4.9%.
Days of Inventory, or the amount of time it would take to sell all homes for sale divided by how many homes have sold, rose twenty-four day to sixty-one days.
It took twenty-two days to sell a home last month. That is the time from when a home is listed to when it goes into contract.
The median sales price for re-sale condos rose 10.1% year-over-year. It was up 2.8% from March. The average sales price rose 4.5% from March. Year-over-year, the average sales price gained 8.4%.
Condo sales fell 37.9% year-over-year. Condo sales were down 36.3% from March.
Inventory fell 22.8% year-over-year. It was up 38.2% compared to March.
As of May 5th, there were 105 condos for sale in San Mateo County. The average since January 2003 is 350.
Days of inventory jumped to forty-two from twenty.
It took an average of sixteen days to sell a condo last month.
If you are planning on selling your property, call me for a free comparative market analysis.