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

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

Number of Sales:
In October 2023, the San Mateo real estate market saw a total of 39 sales, a 39% increase compared to the previous month. However, August sales declined 35% from July, which was an outlier month. Sales are in line with expectations in October. Additionally, sales are up 18% year over year, largely driven by the significant amount of new listings that hit the market in September and October. More new listings are almost always good for the perennially undersupplied San Mateo market and are a primary driver of more sales. 

Number of Listings:
The total number of listings in San Mateo for October 2023 was 97, representing a 10% increase from the previous month. The notable increase can be attributed to the atypical rise in new listings in October. More listings are great for the fourth quarter market, which typically sees a drop in inventory, sales, and new listings.

Median Listing Price:
The median listing price for homes in San Mateo in October 2023 was $2,150,000, a 2% decrease from the all-time high reached last month. These small changes are normal month to month. 

Median Sale Price:
For October 2023, the median sales price of homes in San Mateo was $2,050,000, a 3% increase from the previous month. Unlike list price, the median sale price is still 15% below the all-time high reached in April 2022. Year to date, the median sale price was up 17%. As you can see the median list price and median sale prices differed by $145,000 (or 5%) in October.

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 sellers feel they have more pricing power, which is largely true. Inventory is tight and on average sellers are receiving 7% more of list price than they did at the start of the year.

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