San Mateo - Market Update

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

Number of Sales:
In June 2024, the San Mateo real estate market saw a total of 46 sales, a 15% decrease compared to the previous month but a 15% incline year over year. Sales tend to peak in July or August so we expect sales to increase once again in July.

Number of Listings:
The total number of listings in San Mateo for June was 89, representing a 7% 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. We expect inventory to decline for the rest of the year.

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

Median Sale Price:
For June 2024, the median sales price of homes in San Mateo was $2,100,000, an 8% decrease from the previous month. Year over year, the median sale price was 18% higher. As you can see the median list price was near the median sale prices in June, a $30,000 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 three months, highlighting demand in the area. Buyers are paying more than list price and the average seller received 108% of the list price in June.

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