San Mateo - Market Update

Welcome to the latest San Mateo real estate market update for February 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 February, so you can make informed decisions about buying, selling, or investing in San Mateo real estate.

Number of Sales:
In February 2024, the San Mateo real estate market saw a total of 29 sales, a 190% increase compared to the previous month and 21% growth year over year. Sales typically hit seasonal low in January. Sales dropped to an all-time low in January, which we attributed to the record-low new listings in December 2023, during which only one home came to the market.

Number of Listings:
The total number of listings in San Mateo for February was 54, representing a 20% increase from the previous month. Inventory tends to decline from September through February so inventory rising a month early is a good sign for a healthier spring market. New listings were up year over year in January and February 2024.

Median Listing Price:
The median listing price for homes in San Mateo in February 2024 was $2,224,000, a 11% increase month over month, only 1% below the two-year high reached in December 2023. Year over year, the median list price is up 27%.

Median Sale Price:
For February 2024, the median sales price of homes in San Mateo was $2,000,000, a 3% decrease from the previous month. Year over year, the median sale price was 13% higher. As you can see the median list price was over $200,000 higher than median sale prices in February, a 10% 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. We also must take the previous month’s data into account as well because homes often go under contract in one month but aren’t counted as a sale until the next. Comparing the sale price to list price, we can see that the median list price in January is exactly the same as the median sale price in February. In fact, the average seller in February received 104% of list price — a 4% increase month over month. The market is getting more competitive for buyers and we expect higher list prices and higher sale prices over the next few months.

As we wrap up our San Mateo real estate market update for February, 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!