Market Monday: San Mateo Real Estate Market Update for July 2023

Welcome to the latest San Mateo real estate market update for July 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 July 2023, so you can make informed decisions about buying, selling, or investing in San Mateo real estate.

Number of Sales:
In July 2023, the San Mateo real estate market saw a total of 50 sales, a 25% increase compared to the previous month and a high for the year. Comparing July 2023 to July 2022, sales are up 14%, which is especially impressive, considering the significant decline in inventory.

Number of Listings:
The total number of listings in San Mateo for July 2023 was 74, representing a 16% decrease from the previous month. This drop is slightly early for the San Mateo market, but the drop in new listings and uptick in sales caused active listings to fall from June to July.

Median Listing Price:
The median listing price for homes in San Mateo in July 2023 was $1,999,975, a 1% increase from the previous month. Year to date, the median list price was up 10%.

Median Sale Price:
For July 2023, the median sales price of homes in San Mateo was $1,987,500, a 12% increase from the previous month. Year to date, the median sale price was up 14%. As you can see the median list price and median sale price are nearly identical, only off by $12,475.

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 homes are priced appropriately on average. In July, the average seller received 1.5% above list price.

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