The median sales price slipped back the tiniest bit in May from April’s an all-time high for single family homes in San Mateo County, ending up at $1,473,850. The incredibly tight supply coupled with strong demand pushed the prices up and the overbids as well. Single family homes sold at a median overbid of 108.1%, also down from April’s 108.6%, but higher than last May’s 106.1%.
Condos/townhomes were also bid on more aggressively in May than in April, rising to a median overbid of 105.8% from April’s 103.9% but down from last May’s 107%. Overbids for condos/townhomes peaked in May, 2015, at 109.5%.
As we discussed last month, the number of new single family home listings coming on the market was down sharply in April. While It did bounce back in May to just above last year’s May number, new listings year-to-date are down 2.3% year-on-year. That decline in new listings, coupled with a 2.8% increase in the number of homes sales, has led to 0.9 months of inventory, the lowest level since December, 2015.
Likewise, there were far more new condos/townhomes coming on the market in May than in April, which helped a bit with inventory. Nevertheless, new listings are still down 7.5% year-to-date compared to 2016, and inventory is at its lowest level, 0.8 months, since December, 2015.