September 2019 Report
Single Family Homes in San Mateo County, All Cities, All Neighborhoods Change >
Average Price$1,809,290
-4.7%
Pending Properties308
-0.6%
Sale/List Price Ratio104.2%
-0.5%
Trends at a Glance
| Trends At a Glance |
Aug 2019 |
Previous Month |
Year-over-Year |
| Median Price |
$1,530,000 (-1.8%) |
$1,557,500 |
$1,500,000 (+2.0%) |
| Average Price |
$1,809,290 (-4.7%) |
$1,897,590 |
$1,814,630 (-0.3%) |
| No. of Sales |
335 (-11.8%) |
380 |
293 (+14.3%) |
| Pending |
308 (-0.6%) |
310 |
298 (+3.4%) |
| Active |
447 (-5.3%) |
472 |
480 (-6.9%) |
| Sale vs. List Price |
104.2% (-0.5%) |
104.7% |
109.2% (-4.6%) |
| Days on Market |
30 (+32.6%) |
22 |
21 (+40.6%) |
| Days of Inventory |
40 (+7.4%) |
37 |
49 (-18.6%) |
Market Commentary
Contrary to what we wrote in March that the plethora of tech IPOs would generate thousands of new millionaires and drive home prices upward, home prices have, instead, declined steadily.
The reason for the decline is the Chinese have abandoned the market. Sales of real estate to Chinese buyers is down 56% year-over-year. See this article in USA Today: https://tinyurl.com/y5vmrq7f!.
Prices for single-family, re-sale homes were down for the third month in a row, month-over-month. The median sales price fell 1.8% and the average sales price fell 4.7%. Year-over-year, the median sales price rose 2.0%, but the average sales price fell 0.3%.
The sales price to list price ratio dropped from 104.7% to 104.2%.
Home sales fell 11.8% from July, but, were up, year-over-year, by 14.3%. That broke a nine month losing streak. There were 335 homes sold in San Mateo County last month. The average since 2003 is 398.
Inventory had been higher than the year before fourteen months in a row. Last month, it was down 6.9% over last year.
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 three to forty days.
As of September 5th, there were 447 homes for sale in San Mateo County. The average since January 2003 is 1,287.
It is taking thirty days to sell a home. 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 14.2% year-over-year. The median sales price rose 12.3% from July. The average sales price rose 4% from July. Year-over-year, the average sales price gained 3.5%.
Condo sales rose 23.6% year-over-year.
Inventory continues to expand. It has been higher than the year before thirteen months in a row. It gained 39.1% over last August.
As of September 5th, there were 131 condos for sale in San Mateo County. The average since January 2003 is 350.
Days of inventory rose to thirty-three.
It is taking only twenty-nine days to sell a condo.
If you are planning on selling your property, call me for a free comparative market analysis.