After having a relatively slower month in February, the real estate market in San Mateo County is really picking up steam with 688 new listings and 459 sales in March compared to 593 new listings and 430 sales in March 2016. The average days on market has remained the same year-over-year at an average of 22 days.
Average Sales Prices
The average sales price for single-family homes in San Mateo County increased quarter over quarter from $1,496,000 in the first quarter of 2016 to $1,529,000 in 2017. Condos and Townhomes also increased from $803,200 to $814,600. The average sales price so far in April is $1,910,000 for single-family homes and $891,000 for condos and townhomes. See the charts below for the average sales prices over the past year.
While interest rates are still at historic lows, they are expected to rise this year. For buyers, increased mortgage rates mean a higher monthly payment. For sellers, higher rates may mean reduced open house traffic and a potentially lower sale price.
According to the Census Bureau, the population in San Mateo County has increased 6% over the past 6 years from 718,500 to 764,800. Since there are no signs of that trajectory changing any time soon, demand should continue to remain on the higher side in this area for the foreseeable future, although certain pockets may see a decrease in demand if interest rates and prices rise too aggressively.
If you are thinking about selling your home in 2017, the time to act is now. Find a proactive, knowledgeable, educated agent and start the preparation process to maximize your sale price. If you are considering buying a home, especially first time homebuyers, it is also very important that you find a good, educated agent who can help you navigate this competitive market and secure a loan now before rates rise. Our next seminar will be focused on first time homebuyers. See below for more details.