Summary: Heading into the Fall, the real estate market on the Peninsula remains a strong seller’s market. Most metrics are slightly off from July, but remain near record highs. Looking at rolling 3- or 6- month averages reduces the seasonal fluctuation of these values and shows that the real estate market continues to rise. The exceptionally robust local economy fuels these strong sales prices and low inventory numbers.
Details: The San Mateo County single family home median sales price dipped a bit from last month, ending at $1,370,000. The continued tight supply coupled with strong demand saw overbids up slightly from last month to an average of 108.1% over list price.
The median sale price of condos was up again in August, at $748,950. Strong demand pushed overbids up from last month, to 105.9%.
The number of new single-family home listings coming on the market was up 9.1% from July. Due to the seasonal changes in inventory levels, comparing rolling 6-month averages is more meaningful, and shows inventory down 5.2% overall compared with the same period last year. Closed sales were up 4.9% from July, and up 2.7% comparing a rolling 6- month average to last year. These factors have led to another drop in inventory levels, down to 1.0 months. It’s still a strong seller’s market.
There was a huge 29.6% drop in the number of new condos/townhomes coming on the market this August versus August 2016, though the rolling 6-month change is a more modest 8.1%. August inventory stands at 0.7 months, a decline of 56.3% compared to July 2016, and 43.2% comparing a rolling 3-month average.