Welcome to the latest San Mateo real estate market update for September 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 September, so you can make informed decisions about buying, selling, or investing in San Mateo real estate.
Number of Sales:
In September 2024, the San Mateo real estate market saw a total of 41 sales, an 11% decrease compared to the previous month but 5% higher year over year. Sales tend to peak in July or September but this year sales peaked in May so we expect relatively low sales for the rest of the year.
Number of Listings:
The total number of listings in San Mateo for September was 61, representing a 39% increase from the previous month but a 38% decrease year over year. Lower rates bring both buyers and sellers to the market so more inventory isn’t surprising in September. Higher inventory also translates into higher sales in areas with high demand like San Mateo.
Median Listing Price:
The median listing price for homes in San Mateo in September 2024 was $2,099,000, which was 7% higher than last month but 3% lower year over year.
Median Sale Price:
For September 2024, the median sales price of homes in San Mateo was $2,360,000, a 12% increase from the previous month. Year over year, the median sale price was 15% higher. The median sold price has been higher than the median list price for the past six months, and in September, was 12% higher.
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 generally priced well but the market is competitive and buyers are paying higher than list price. Declining rates are bringing buyers and sellers back to the market, and we are seeing prices increase because there are more market participants.
As we wrap up our San Mateo real estate market update for September, 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!
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