Real Estate Report presented by Mary Pope-Handy

The median price for single-family, re-sale homes rose 7.2% from August, after being lower than the month before the two previous months.

The average price for homes gained 8.3%, after being lower than the month before the three previous months.

Home sales also rose last month, rising 3.1%. It had also been down month-over-month for three months.

Year-over-year, both the median and average home prices were up 12%. That’s 29 months in a row the median price has been higher than the year before.

Home sales, on the other hand, were down14.2% compared to last September.

The sales price to list price ratio, or what buyers are paying over what sellers are asking, dropped to 107%. That’s the lowest it has been since March 2017.

Days of Inventory rose eight days to fifty-seven days in September. Since January 2000, San Mateo County has averaged eighty-one days of inventory.

The number of homes for sale was up 41.6% year-over-year. That’s the fourth month in a row inventory has been higher.

As of October 5th, there were 596 homes for sale in San Mateo County.

It is taking twenty-three days to sell a home.

Condo prices were also up last month with the median price jumping 18.3% and the average price rising 16% over last year.

Sales were down 26.8%. This is the fifth consecutive month condo sales have been lower than the year before.

Inventory was up for the second month in a row, jumping 48.3%. There are now 129 condos on the market.

Condos are staying on the market only 15 Days. That means from the time the condo is listed to when it goes into contract.