February 2023 Report
Single Family Homes in San Mateo County, Menlo Park, All Neighborhoods Change >
Average Price$3,895,560
+13.4%
Pending Properties35
+6.1%
Sale/List Price Ratio98.0%
-2.5%
Days of Inventory27
-66.3%
Trends at a Glance
| Trends At a Glance |
Feb 2023 |
Previous Month |
Year-over-Year |
| Median Price |
$4,100,000 (+103.9%) |
$2,011,000 |
$3,440,000 (+19.2%) |
| Average Price |
$3,895,560 (+13.4%) |
$3,436,560 |
$3,198,330 (+21.8%) |
| No. of Sales |
18 (+100.0%) |
9 |
15 (+20.0%) |
| Pending |
35 (+6.1%) |
33 |
39 (-10.3%) |
| Active |
18 (-25.0%) |
24 |
30 (-40.0%) |
| Sale vs. List Price |
98.0% (-2.5%) |
100.5% |
110.6% (-11.4%) |
| Days on Market |
33 (+124.8%) |
15 |
14 (+141.8%) |
| Days of Inventory |
27 (-66.3%) |
80 |
54 (-50.0%) |
Market Commentary
The average sales price for single-family, re-sale homes rose 27.6% year-over-year. It went over $3,000,000 for the first time ever.
The median sales price for single-family, re-sale homes gained 1.5% compared to last year.
Sales of single-family, re-sale homes in San Mateo County fell for the eighteenth month in a row, year-over-year. They were down 15.1% in February. There were 146 homes sold in San Mateo County last month. The average since 2000 is 398.
The sales price to list price ratio rose from 98.5% to 99.4%.
Inventory of single-family, re-sale homes was up 8% compared to last year. As of March 5th, there were 270 homes for sale in San Mateo County. The average since January 2000 is 1,287.
Days of Inventory, or the amount of time it would take to sell all homes for sale divided by how many homes have sold, fell from sixty-five to fifty days.
It took thirty-two days, on average, 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 fell 0.5% year-over-year.
Year-over-year, the average sales price fell 13.2%.
Condo sales were down 33% year-over-year. There were 59 condos sold last month. The average since January 2003 is 122.
Inventory was up 6.3% year-over-year.
As of March 5th, there were 119 condos for sale in San Mateo County. The average since January 2003 is 350.
Days of inventory fell from eighty-nine to fifty-four.
It took an average of forty days to sell a condo last month.
If you are planning on selling your property, call me for a free comparative market analysis.