The average sales price in Laurelwood and San Mateo Knolls combined climbed to $1,553,000 in October! That’s the highest it has ever been with the exception of July 2014 where the 3 sales averaged $1,731,667. Is it a great time to be a seller? Yes it is.
As expected this time of the year, sales slow down. Real Estate is seasonal, and late fall and winter are definitely the slowest times of year. Typically we see fewer new listings, with sellers generally in a position of either needing to sell or opting to go to market with less competition. The downside to going to market now is there are usually less buyers looking for a new home around the holidays, as opposed to the spring and summer when they are out in droves. Sellers trying to decide when the best time to put their home on the market generally can’t go wrong either way, but if it were me, I would likely wait until spring.
There were 5 new listings in Laurelwood and San Mateo Knolls in October. Three properties closed escrow in the month at an average price per square foot of $751. The average days on market before getting under contract jumped to 23 days. That number got skewed up slightly last month with 3712 Kenwood taking 40 days to sell. It eventually did sell right at the list price of $1,499,000. I was a bit surprised it did not sell quicker, as it was nicely remodeled, and ending up selling for only $606 per square foot.
Here’s a look at how the San Mateo neighborhoods compared against each other in October with regards to the average sales price for single family homes. Of course these numbers can swing wildly when the number of homes sold is very low, but it does give you a sense of what is happening in the market overall. Enjoy, and have a Happy Thanksgiving!
*Not all properties were listed and/or sold by 8z Real Estate. This data is based on content supplied by REcolorado, IRES, PPAR, and/or MLSListings. Content is deemed reliable but not guaranteed. Content may not reflect all real estate activity in the market.