San Mateo County Real Estate Market Update (November 2024)

The real estate market is currently experiencing a high demand with a low supply of inventory, as indicated by the low Months Supply of Inventory at 1.03. This means that there are not enough homes on the market to meet the demand from potential buyers.

The 12-Month Change in Months of Inventory at -34.39% further reinforces this trend, showing a significant decrease in the number of available homes compared to the previous year. This decrease in inventory can lead to increased competition among buyers, potentially resulting in higher prices.

The Median Days Homes are On the Market at 12 is reflective of the fast-paced nature of the current market. Homes are selling quickly, with sellers receiving offers shortly after listing their properties. This indicates a strong interest from buyers and a competitive market environment.

The List to Sold Price Percentage at 104.9% suggests that homes are selling for more than their listed price on average. This can be attributed to the high demand and low inventory, leading to bidding wars and higher selling prices for sellers.

The Median Sold Price at $2,040,000 is indicative of the premium prices that homes are fetching in the current market. With limited inventory and high demand, sellers are able to command higher prices for their properties.

Overall, the data indicates a strong seller's market with high demand, low inventory, quick sales, and premium prices. Buyers may face challenges in finding a suitable property due to the limited supply, while sellers stand to benefit from the competitive market conditions.