San Mateo - Market Update

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

Number of Sales:
In July 2024, the San Mateo real estate market saw a total of 71 sales, a 7% increase compared to the previous month but 2% lower year over year. Sales tend to peak in July or August but this year likely peaked in May so sales overall will be low for the rest of the year.

Number of Listings:
The total number of listings in San Mateo for July was 71, representing a 23% decrease from the previous month. Much-needed new listings rose considerably in the first five months of 2024, which drove active inventory higher, before falling in June and July. We expect inventory to decline for the rest of the year.

Median Listing Price:
The median listing price for homes in San Mateo in July 2024 was $1,900,000, which was the same as June. Year over year, the median list price was down 5%.

Median Sale Price:
For July 2024, the median sales price of homes in San Mateo was $2,071,000, an 1% decrease from the previous month. Year over year, the median sale price was 4% higher. As you can see the median sale price was higher than the median list price in July, a $171,000 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 four months, highlighting demand in the area. Buyers are paying more than list price and the average seller received 107% of the list price in July.

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