Peninsula Real Estate Market Update – July 2017

The San Mateo County single family homes median sales price slipped back again in June from April’s an all-time high, ending up at $1,420,000. The incredibly tight supply coupled with strong demand drove overbids to 109.8%, the highest level in the past five years.

Condos/townhomes eased off their all time high of $850,000 that they reached in May, to $820,000 in June. They sold at a median overbid of 104.6%, down from last June’s 105.5%.

The number of new single family home listings coming on the market continued its downward trend in June. New listings were down 16.7% compared to June, 2016, and are down 5.1% year-to-date. That decline in new listings, coupled with a 4.8% increase in the number of homes sold, has led to 0.8 months of inventory, the lowest level in the past five years.

While there were more new condos/townhomes coming on the market this June than last, the year-to-date number is 3.9% lower than 2016, leading to inventory remaining at its lowest level, 0.8 months, since December, 2015.

The exceptionally strong San Francisco/San Mateo/SantaClara economy continues to be behind these exceptionally strong sales price and low inventory numbers. Unemployment stands at just 3.0%, down from 2016’s 3.4%. The Bureau of Labor Statistics show growth in the number of jobs in every category they track in their latest report, comparing 2017 to June, 2016. And while the increase in the number of new jobs is slowing, jobs are still being added.

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