Real Estate Report presented by Alain Pinel Realtors

September 2017 Report

Single Family Homes in San Mateo County, All Cities, All Neighborhoods Change >


Median Price
$1,367,000
-7.9%
Average Price
$1,725,630
-7.1%
No. Sold
368
+4.8%
Pending Properties
324
+1.3%
Active
323
-6.4%
Sale/List Price Ratio
108.7%
0.0%
Days on Market
19
-4.8%
Days of Inventory
26
-10.7%

Market Barometer

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Market Commentary

August was Scorching!

And I’m not referring to the weather.

Prices for both single-family, re-sale homes and condominiums were up again!

The median price for homes gained 9.4% over last August. The average price for homes was up 9.7%.

The median price for condos gained 9.5%. The average price for condos was up 10.2% over last August.

Multiple offers continue to be the norm. The sales price to list price ratio, or what buyers are paying over what sellers are asking remains at triple digits: 108.7% for homes and 105.4% for condos.

The ratio has been over 100% for homes since April 2012 and for condos since June 2012.

Homes and condos are flying off the shelf. It is taking only nineteen days to sell a home, on average. Condos are taking seventeen days.

All of this is due to an incredible lack of inventory. Since January 2000, San Mateo County has averaged eighty-five days of inventory. Last month it was twenty-six!

Condos have averaged one hundred and sixteen days since 2000. Last month it was eighteen.

Inventory continues to be at the root of the problem. Since January 2000, single-family, re-sale homes on the market have averaged 1,086. On September 5th, there were only 323 homes actively for sale.

Things are no better for condos. Since 2000, the market has averaged 292 condos for sale. Now, there are only 84 condos actively for sale.

With demand being through the roof due to Silicon Valley’s growth, people are moving further and further out: into the East Bay and down valley towards Gilroy.

 

Prices & Sales

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Days of Inventory

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Sales to Date

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Sales Price Ratio

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