Market Monday: San Mateo Real Estate Market Update for August 2024
Welcome to the latest San Mateo real estate market update for August 2024! 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, so you can make informed decisions about buying, selling, or investing in San Mateo real estate.
Number of Sales:
In August 2024, the San Mateo real estate market saw a total of 46 sales, a 13% decrease compared to the previous month but 64% higher year over year. Sales tend to peak in July or August but this year sales peaked in May so overall sales will be low for the rest of the year.
Number of Listings:
The total number of listings in San Mateo for August was 50, representing a 43% increase from the previous month but a 44% decrease year over year. Although inventory rose substantially month over month, we expect inventory to decline for the rest of the year.
Median Listing Price:
The median listing price for homes in San Mateo in August 2024 was $1,980,000, which was 7% higher than last month but 10% lower year over year.
Median Sale Price:
For August 2024, the median sales price of homes in San Mateo was $2,100,000, a 1% increase from the previous month. Year over year, the median sale price was 5% higher. As you can see the median sale price was higher than the median list price in August, a $120,000 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. The median sale price has been higher than list price for the past five months, highlighting demand in the area. Buyers are paying more than list price, and we expect the market to remain competitive in the fall.
As we wrap up our San Mateo real estate market update for August, 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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