San Mateo County Real Estate Market Update: A Competitive Seller's Market in Full Swing (October 2024)

The real estate market in San Mateo County is currently experiencing a surge in demand coupled with a limited supply of homes for sale. This imbalance is creating a competitive environment that favors sellers and offers unique opportunities for both buyers and sellers to make strategic moves. Let's break down the key market metrics to understand what’s happening and how it could impact your next real estate decision.

Low Inventory: A Seller’s Advantage

One of the most telling indicators of the current market is the Months Supply of Inventory, which is currently at a notably low 1.42 months. This means that, at the current pace of sales, it would take just over a month to sell all available homes. A supply level this low signals a strong seller’s market—fewer homes are available for sale, but there are still plenty of buyers actively looking. If you’re a seller, this means you’re likely to see strong buyer interest, with homes moving off the market quickly.

A Shrinking Inventory Pool

Adding to the market’s competitive nature is the 12-Month Change in Months of Inventory, which has dropped by a significant -29.7% from the previous year. This dramatic decrease shows that the market has become even tighter over the past year, with fewer homes available and a quicker pace of sales. It’s clear that buyers are feeling the pressure to act fast, and those looking to buy will need to stay on their toes.

Quick Turnarounds: Homes Selling Fast

The Median Days On Market is currently just 13 days, further emphasizing the rapid pace at which homes are selling. With homes leaving the market in just over a week, it’s evident that there’s high buyer interest in most properties. Sellers can expect relatively quick turnarounds on their listings, and buyers should be prepared to move quickly if they find a home they like. In this market, hesitation could mean missing out.

Homes Selling Above List Price

Another key metric pointing to the strength of the market is the List to Sold Price Percentage, which stands at a robust 105.4%. This indicates that, on average, homes are selling for above their asking price. Multiple offers and bidding wars are common, and if you're a buyer, it’s important to be prepared to offer more than the asking price if you want to secure the property. For sellers, this means you’re likely to get top dollar for your home.

High Median Sold Price

The Median Sold Price in San Mateo County has reached $1,925,000, reflecting the premium prices homes are fetching in today’s market. This is a clear indicator of high demand for properties in the area, particularly in the luxury and high-end segments. With inventory at a premium, sellers can expect to get top value for their homes, while buyers should be prepared for higher-than-usual prices, especially for desirable properties.

What This Means for Buyers and Sellers

For buyers, this market can feel challenging. With low inventory, quick turnarounds, and multiple offers on most properties, it’s essential to be prepared. Be ready to act fast, stay competitive, and possibly offer above the asking price to land your dream home. Having an experienced real estate agent on your side can help you navigate these fast-moving waters and craft offers that stand out.

For sellers, now is a prime time to list your property. With strong buyer demand, a low supply of homes, and properties often selling for above asking price, you’re likely to get a favorable outcome. However, it’s important to work with a real estate professional who can help you price your home strategically, stage it to appeal to buyers, and manage the fast-paced process.

In summary, the San Mateo County real estate market is currently a highly competitive and fast-paced environment. With low inventory, high demand, quick sales, and premium prices, it’s a prime time for sellers looking to capitalize on favorable conditions. Buyers will need to act quickly, be prepared to offer above asking price, and stay focused on their goals. Whether you’re looking to buy or sell, it’s important to stay informed and work with an experienced agent who can help guide you through these dynamic market conditions.