Market Monday: San Mateo Real Estate Market Update for May 2023
Welcome to the latest San Mateo real estate market update for May 2023! Each month, we provide a snapshot of the market's key indicators, including the number of sales, number of listings, median listing price, and media sale price. In today’s Market Monday blog post, we will focus on the data for May 2023, so you can make informed decisions about buying, selling, or investing in San Mateo real estate.
Number of Sales:
In May 2023, the San Mateo real estate market saw a total of 35 sales, a 46% increase compared to the previous month. While the spike in sales is what we would expect from the Spring market, year-over-year sales are down 36%.
Number of Listings:
The total number of listings in San Mateo for May 2023 was 75, representing a 11% decrease from the previous month. This change in listing inventory runs counter to what we’ve seen in the San Carlos and Redwood City markets, where, as we moved through Spring, inventory increased.
Median Listing Price:
The median listing price for homes in San Mateo in May 2023 was $1,750,000, a 11% decrease from the previous month. With the 11% decrease, there was a noticeable drop in median list price in May compared to April. Median sale price rose from April to May, so the spread between the list price and sale price was meaningful. We discuss what this means for buyers and sellers below.
Median Sale Price:
For May 2023, the median sales price of homes in San Mateo was $2,100,000, a 4% increase compared to the previous month.
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, the San Mateo market indicates a seller’s market.
As we wrap up our San Mateo real estate market update for May 2023, it's essential to remember that the local market is ever changing. Keeping an eye on these key indicators each month helps you can 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!
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