Leave a Message

Thank you for your message. We will be in touch with you shortly.

San Mateo County’s 2018 Q1 Market Update

Joe Polyak May 11, 2018

San Mateo County’s 2018 Q1 Market Update

Your quarter one San Mateo County market update is available, and I am diving into the details with you.

Want to sell your home? Get a FREE home value report.
Want to buy a home? Search all homes for sale.

Right now, we’re still in a red-hot seller’s market that’s jam-packed with bidding wars and homes selling for hundreds of thousands of dollars over the asking price. It seems like whenever a for-sale sign is put up in someone’s yard, a sold sign is put out the next day.

But just how hot was San Mateo County’s first quarter market? Let’s dissect the numbers.

In Q1 2017, there were 1,100 homes listed for sale and 712 homes sold. In Q1 2018, 1,110 homes were listed and 746 homes sold.  

The real shocker comes in looking at the actual inventory for the end of the first quarter. Last year there were 433 homes left on the market at the end of the first quarter. This year, meanwhile, that number dropped drastically to 319 homes left for sale in the entire county. That’s a 26% drop of homes available for sale going into the second quarter.

As you learned in your Econ 101 class, demand (and prices) go up as supply goes down.

The median sales price for a single-family home in San Mateo County in 2017 was $1.3 million. That number jumped by 21% in 2018 to $1,577,550.

To give you a little perspective, the average return on the stock market per year is about 10%. These numbers are even more impressive than just seven years ago. In March of 2011, the median sales price for a single-family home in San Mateo County was just $633,500.

As you learned in your Econ 101 class, demand (and prices) go up as supply goes down.

With the low supply and the high demand come quicker and quicker sales.

In Q1 2017, single-family homes sold in 30 days. In 2018 that number was cut by a third to 20 days.

How does all this craziness happen? Well, the main pricing strategy a Realtor uses when selling a client’s home is they list the house for sale about 5% to 15% below what they believe to be the market price. When you couple that with not a lot of homes for sale and a lot of eager buyers, who make a lot of money, you get bidding wars and the highest sales prices.

The average price that a home sold for over the asking price in Q1 2017 in San Mateo County was 5% over asking. In 2018, it was 12% over asking. In Daly City, homes sold for a whopping 90% over the asking price!

If you want more detailed data, if you’d like me to run the numbers on condos or townhomes, or if you are considering making a move and want to know how all this data will play into your real estate plans, please reach out to me and I will be glad to send the info your way. I will be more than happy to discuss it with you.

Recent Blog Posts

Stay up to date on the latest real estate trends.

SAN FRANCISCO

🎉 May 2025 Events in the San Francisco Bay Area: Top 10 Things To Do

May 3, 2025

May is in full bloom, and so is the lineup of incredible events happening throughout the San Francisco Bay Area! Whether you’re into cultural festivals, live music, ou… Read more

San Francisco

Alameda March 2025 Market Update: What Buyers and Sellers Should Know

May 1, 2025

As we move into spring, the Alameda real estate market is showing signs of steady momentum. March 2025 has brought a mix of continued strong demand and an encouraging … Read more

SAN FRANCISCO

March 2025 Contra Costa County Real Estate Market Update: What Buyers and Sellers Need to Know

April 25, 2025

As we move through the spring selling season, Contra Costa County continues to demonstrate the hallmarks of a strong, competitive real estate market. Whether you're a … Read more

California

🔍 Santa Clara Real Estate Market Update – March 2025

April 24, 2025

The Santa Clara housing market continues to show strong momentum, with key indicators pointing to a competitive environment for buyers and an advantageous one for sell… Read more

san francisco market update

San Francisco Real Estate Market Update – March 2025

April 16, 2025

As we step into spring, the San Francisco real estate market continues to show dynamic activity, marked by high demand, competitive pricing, and limited inventory. Whe… Read more

San Francisco

🏡 San Mateo Real Estate Market Update – March 2025

April 16, 2025

As we step into the heart of spring, the San Mateo County real estate market continues to showcase strong performance, marked by competitive activity and steady price … Read more

Sweat Local: The Best Group Fitness Classes on the Mid-Peninsula

Valerie Mattei  |  April 10, 2025

Bay Area Events

April 2025 Local Events: Celebrate Spring in San Francisco Bay Area

April 3, 2025

April is here, bringing a full lineup of exciting local events in the Bay Area! Whether you're looking for family-friendly activities, cultural festivals, or artistic … Read more

California

Top 5 Best Bay Area Cities for an Active Lifestyle

April 2, 2025

Let’s Talk

You’ve got questions and we can’t wait to answer them.