Market Monday: San Mateo Real Estate Market Update for August 2023
Welcome to the latest San Mateo real estate market update for August 2023! Each month, we provide a snapshot of the market's key market indicators, including the number of sales, number of listings, median listing price, and median sale price. In this blog post, we will focus on the data for August 2023, so you can make informed decisions about buying, selling, or investing in San Mateo real estate.
Number of Sales:
In August 2023, the San Mateo real estate market saw a total of 43 sales, a 14% decrease compared to the previous month, indicating that July sales were likely the peak for 2023. Comparing August 2023 to August 2022, sales are down 20%, which isn’t surprising considering the significant decline in inventory.
The total number of listings in San Mateo for August 2023 was 75, representing a 1% decrease from the previous month. The slight decrease can be attributed to the decline in new listings, which fell 7% from July to August.
Median Listing Price:
The median listing price for homes in San Mateo in August 2023 was $2,088,000, a 4% increase from the previous month and an all-time high. This is especially impressive considering mortgage rates are at a 21-year high, making the financing costs about as high as ever.
Median Sale Price:
For August 2023, the median sales price of homes in San Mateo was $1,800,000, a 9% decrease from the previous month, but about average for the year. Year to date, the median sale price was up 3%. As you can see the median list price and median sale prices significantly differed by $288,000 in August — a significant difference.
Comparing the median sale price to the median listing price provides insight into the negotiation power of buyers and sellers in the current market. If the median sales price is consistently lower than the median listing price, it indicates that buyers generally have more room for negotiation. Conversely, if the median sales price is higher than the median listing price, sellers likely have more leverage in the negotiation process. Comparing the sale price to list price, we can tell that sellers feel they have more pricing power, which is largely true. Inventory is tight and on average sellers are receiving 10% more of list price than they did in January.
As we wrap up our San Mateo real estate market update for August 2023, it's essential to remember that the local market is ever changing. Keeping an eye on these key indicators each month helps you make informed decisions about buying, selling, or investing in San Mateo real estate.
If you have any questions about the current state of the market or need assistance with your real estate needs, please don't hesitate to contact our team of local experts. We're here to help you navigate the San Mateo real estate market with certainty!
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