It definitely feels like the dog days of summer in the San Mateo County real estate market. The trend is continuing. Properties are not selling as fast, nor with as many offers, as has been the norm. This may be somewhat seasonal as many people turn their attention to vacations and travel over the summer, with real estate taking a back seat. It may be that the market heated up too fast earlier this year, at an unsustainable rate, so it’s self-correcting. It’s actually a good thing. The rate that prices were increasing by was clearly not sustainable over the long term. Interestingly, this trend is showing up mostly in single family home prices. Condos and townhome sales do not seem to be affected yet.
Here’s a summary of the numbers.