Rachel Portnov | October 25, 2022
New data is out for San Mateo County, giving us a first glimpse at how the local housing market has been performing, year-over-year. The latest data compares August 2022 to August 2021, in terms of both the single-family home market, as well as the condo/TIC/co-op market in San Mateo County. Of course, even nearby markets don’t always perform exactly the same, but we are able to gain some interesting insight into what’s happening in this part of the Bay area.
The single-family housing market
As for single-family homes, we saw a 21-percent decrease, year-over-year, in terms of new listings during the month of August. In August 2022 there were 400 homes that hit the market. That’s down from the 506 homes that hit the market in San Mateo County in August 2021. By the end of the month, there were 521 homes still left up for sale this year, while last August there were 541 homes still on the market. The difference was slight, with a decrease of about four-percent.
In terms of homes that sold during the month of August, in 2022 it was 339 homes. Last August there were 466 homes that sold in August. That’s a year-over-year decrease of 27-percent. Homes are sitting on the market a lot longer than they were a year ago. Last August homes in San Mateo market stayed on the market an average of 16 days. This August it was 23 days, which is significant. On average, single-family homes are taking an extra week to sell over what we experienced just one year ago.
In terms of price, the average sales price, year-over-year, increased just six percent. The average sales price for homes in San Mateo County went from around $2.2 million last August to $2.3 million this August. The median sales price stayed exactly the same, at $1.85 million. In terms of the median price per square foot, homes in August 2021 went for $1,108, while it was $1,050 per square foot, on average, this August. That was a decrease of about five-percent. Homes in San Mateo County are also selling closer to list price. It was nine-percent over list price, on average, last August, but just one-percent over list price, on average, this August.
The condo/TIC/co-op market
As for the condo/TIC/co-op market, there were also fewer properties that hit the market, year-over-year. Listings were down about 26-percent, as we saw 193 new listings last August, and only 143 new listings this August. By the end of the month, there were 246 condos left for sale at the end of August 2021 and 235 left at the end of August 2022, which wasn’t a big difference.
There was, however, a significant difference in the number of condos sold year-over-year. In August 2021 there were 191 units that sold but just 127 sold this August. That’s a 44-percent decrease. It’s now taking condos longer to sell, too. Last August condos sold, on average, in 22 days in San Mateo County. This August that increased 41-percent to average about 31-days.
Condos in San Mateo saw a slight, four-percent decrease in the average sales price, year-over-year. Both topped $1 million. The median sales price decreased about nine-percent, year-over-year. The median price per square foot went from around $850 in August 2021 to $818 in August 2022. In terms of properties selling above list price, it was four-percent over asking last August, but just one-percent over asking this August.
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