March 2019 Report
Single Family Homes in San Mateo County, All Cities, All Neighborhoods Change >
Average Price$1,780,690
-0.4%
Pending Properties264
+54.4%
Sale/List Price Ratio103.4%
+1.0%
Days of Inventory50
-29.0%
Trends at a Glance
| Trends At a Glance |
Feb 2019 |
Previous Month |
Year-over-Year |
| Median Price |
$1,425,000 (0.0%) |
$1,425,000 |
$1,610,000 (-11.5%) |
| Average Price |
$1,780,690 (-0.4%) |
$1,787,210 |
$2,024,690 (-12.1%) |
| No. of Sales |
205 (+30.6%) |
157 |
215 (-4.7%) |
| Pending |
264 (+54.4%) |
171 |
284 (-7.0%) |
| Active |
383 (+3.0%) |
372 |
250 (+53.2%) |
| Sale vs. List Price |
103.4% (+1.0%) |
102.4% |
112.2% (-7.8%) |
| Days on Market |
31 (-16.8%) |
37 |
21 (+44.7%) |
| Days of Inventory |
50 (-29.0%) |
71 |
31 (+60.7%) |
Market Commentary
2019 is slated to produce a long list of multi-billion-dollar IPOs from San Francisco Bay Area heavyweights like Lyft, Uber, Palantir, Pinterest, Airbnb, Slack, Postmates, and Instacart. The result will be a massive and sudden injection of liquid cash into a region already infamous for having the nation’s priciest real estate, according to Patrick Howell O'Neill, writing for Gizmodo.
One of the projections in his article is the IPOs will produce 211 techie buyers to purchase property above $10 million, while thousands more are expected to buy above $1 million.
To read the full article, go to https://tinyurl.com/y45rc6qy
In the meantime, buyer exhaustion is still evident in the Bay Area. Home sales were down, year-over-year, for the fourth month in a row. There were 205 homes sold in San Mateo County last month. The average since 2003 is 398.
Sales prices continue to show some weakness. The median sales price for single-family, re-sale homes has been lower than the year before three months in a row. The average sales price has been lower two of the past three months.
Inventory continues to expand. It has been higher than the year before nine months in a row. Last month, it was up 53.2% over last year.
As of March 5th, there were 383 homes for sale in San Mateo County. The average since January 2003 is 1,287.
It is taking thirty-one days to sell a home. That is the time from when a home is listed to when it goes into contract.
Prices for re-sale condos were down last month from the month before, and they were down year-over-year.
Condo sales were up for the second month in a row, rising 2.5% year-over-year.
Inventory continues to expand. It has been higher than the year before seven months in a row.
As of March 5th, there were 112 condos for sale in San Mateo County. The average since January 2003 is 350.
Days of inventory dropped to thirty-seven .
It is taking twenty-nine days to sell a condo.
If you are planning on selling your property, call me for a free comparative market analysis.