San Mateo - Market Update

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

Number of Sales:
In January 2024, the San Mateo real estate market saw a total of nine sales, a 72% decrease compared to the previous month and a 25% decline year over year. Sales typically hit seasonal lows in the winter, but sales dropped to all-time lows, which we attribute 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 January was 42, representing a 27% increase from the previous month. Inventory tends to decline from September through January so inventory rising a month early is a good sign for a healthier spring market.

Median Listing Price:
The median listing price for homes in San Mateo in January 2024 was $2,049,000, a 9% decline month over month from the two-year high reached in December 2023. Year over year, the median list price is up 17%.

Median Sale Price:
For January 2024, the median sales price of homes in San Mateo was $2,100,000, an 26% increase from the previous month. Year over year, the median sale price was 31% higher. As you can see the median list price and median sale prices were nearly identical in January with a 2% 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 see that prices are appropriately priced. The average seller in January received 100% of list price.

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