The latest data is out, and it proves the real estate market in San Mateo County is still red hot, especially when it comes to single-family homes. The latest data released by the San Mateo County Association of Realtors compares March of this year to March of last year, and it’s clear that more homes are selling, homes are going at a higher price, and they’re not sitting on the market very long in San Mateo County.
Almost the same number of homes hit the market in March of 2022 as they did in March of 2021. Despite this, many more were still left in inventory at the end of the month in 2021. Last year there were 428 homes left, while this year there were only 343 homes left. When you break it down, that means 362 homes sold in March 2021, but 415 sold in March 2022. They’re also selling at a much quicker pace. Last March homes were staying on the market an average of 20 days. This March, the average was just 11 days. That’s about half as long and extremely aggressive for real estate. It’s proving, once again, that San Mateo County’s real estate market is still very hot.
The average sale price this March was about $2.6 million, and the median sale price was just over $2 million. Keep in mind, that’s higher the City of San Francisco. When comparing the numbers to March 2021, the average sale price at that time in San Mateo County was about $2.4 million and the median sale price last March was still under $2 million. The price per square foot is also now higher. Currently its $1,250, while it was about $160 less per square foot, on average, in March of 2021. The numbers also jumped up when it comes to how much homes are selling for above asking. Last March it was seven-percent over asking, while this March it was 15-percent over asking.
Breaking it down by specific area, this March eight homes sold in Atherton. With a median sale price of $6.8 million, the homes averaged just six days on the market! In Belmont, the median sale price was $2.7 million. Fourteen homes sold in Belmont this March, with an average of just eight days on the market. In Pacifica, homes stayed on the market about nine days, and the median sale price was $1.5 million. San Mateo homes averaged seven days on the market, while homes in Redwood City averaged 10 days on the market. Fifty homes sold in Redwood City this March.
Usually, the months of January and February tend to be slower for real estate, but not this year. People were trying to get a home, and they were willing to pay more while interest rates were still low. Looking at the first quarter of the year, which includes January through March, more new listings hit the market in the first quarter of last year than this year, but about the same number sold. Once again, the data proves homes are selling in about half the time they were last year. In first quarter of 2021, homes stayed on the market an average of 27 days. In the first quarter of this year, it was just 15 days, on average. The average sale price was up from $2.3 million to $2.5 million, and so was the price per square foot. On average, about five-percent of homes sold over asking in first quarter of 2021 in San Mateo County, while 14-percent sold over asking in the first quarter of this year.
There’s also new data for condos and townhomes in San Mateo County. A few more units were listed for sale this March compared to last March, but we ended the month this year with fewer left in inventory. Last March there were 130 units that sold at an average of 30 days on the market. This March there were 172 that sold at an average of just 15 days on the market. That’s further proof that the San Mateo County condo market is recovering well, and we’re in a strong seller’s market.
Last March the average sale price was about $989,000 and the median sale price was $920,000. This March, the average sale price was right around $1 million, and the median sale price was $938,000. Condos and townhomes sold for a bit more per square foot this March, and at about seven-percent over asking price. In March 2021, it was about two-percent over list price. Again, it’s clear the condo market keeps heating up.
When looking a bit broader at the entire first quarter of 2022, more units were listed for sale compared to the first quarter of 2021, and a lot more sold. While last year they stayed on the market an average of 34 days, it was just 22 days, on average, for 2022’s first quarter. The average sale price saw a significant jump over last year’s first quarter. It was $957,000 last year and more than $1 million this year. The median sale price went from $872,000 to $950,000. The average price per square foot also increased, and condos and townhomes went from selling for about one-percent over asking in the first quarter of 2021 to selling for about six-percent over asking in the first quarter of this year.
Of course, we’ll all be keeping a close eye on the potential for rising interest rates in the future and any impact that could have on the local housing market in San Mateo County.