San Mateo County Real Estate Market Update (December 2024)
The real estate market is currently experiencing a high demand for homes, as indicated by the low Months Supply of Inventory of 0.6. This means that there are fewer homes available for sale compared to the number of buyers in the market.
The 12-Month Change in Months of Inventory shows a significant decrease of -35.48%, indicating that the market has become even more competitive over the past year. This trend suggests that homes are selling at a faster pace than before.
The Median Days Homes are On the Market is only 16, which further supports the notion of a fast-moving market. Homes are selling quickly, reflecting the high demand and low inventory levels.
The List to Sold Price Percentage of 104.1% indicates that homes are generally selling for above their list price. This could be attributed to multiple offers and bidding wars among buyers, driving up prices.
Despite the high demand and competitive market conditions, the Median Sold Price remains strong at $1,742,200. This suggests that sellers are able to command higher prices for their homes due to the limited inventory and strong buyer interest.
Overall, these metrics paint a picture of a hot real estate market with low inventory, high demand, quick sales, and rising prices. Buyers will need to act fast and be prepared to potentially pay above asking price, while sellers can expect to see favorable returns on their investments.
