The market is still going strong in the first quarter of 2018. Buyer demand continues to remain high and the number of new listings and the number of days on the market are flat to down year-over-year. This has led to price increases of 15% – 28% over the past 12 months in San Mateo and Santa Clara Counties. Below is a detailed summary of the recent market activity for the two counties.
San Mateo County
According to MLSListings, the median sales price for single-family homes in San Mateo County remained essentially the same at $1,602,000 from February to March, but increased 19% since March of 2017. From February to March, the number of new listings increased 22% from 374 to 457 and the number of sales increased 57% from 229 to 360. The days on market remained the same at 11.
The median sales price for condos/townhomes also remained about the same, increasing 2% from $930,500 in February to $950,000 in March. The number of new listings increased 21% to 156 in March from 129 in February. The median days on market remained the same at 9. See chart below.
Santa Clara County
In March, the median sales price for single-family homes in Santa Clara County increased 5% to $1,452,000 from $1,383,000 in February and increased 28% from March of 2017. From February to March, the number of new listings increased 24% from 948 to 1,179 and the number of sales increased 58% from 578 to 912. The days on market remained the same at 9.
The median sales price for condos/townhomes increased 9% from $825,769 in February to $900,000 in March, which is 28% higher than March of 2017. The number of new listings increased 19% to 339 in March from 213 in February. The median days on market decreased from 9 in February to 8 in March. See chart below.
As part of our commitment to being a resource for our clients and community, we offer several seminars throughout the year to provide information about different topics related to real estate and home ownership. We are especially excited about two seminars we’ll be holding in May.
Real Estate as Investment Property – May 2, 2018
For those who are thinking about purchasing real estate as an investment, we will discuss how real estate works as an asset and how to evaluate property to determine if it is a good investment. We will also discuss important factors in considering whether or not to hire a property manager.
The Grassroots Housing Movement: Accessory Dwelling Units – May 30, 2018
Accessory Dwelling Units (ADUs) are known by many names: granny flats, in-law units, backyard cottages, secondary units and more. California has passed regulations in recent years to make it easier for homeowners to build these units on their property. At this seminar, we will review some of the key reforms and issues involved, as well as hearing from specialists for building and financing such units.
All of our seminars will be held on Wednesdays from 6:30 – 8:00 pm at the Borel Estates Building, 1700 S. El Camino Real, San Mateo, CA 94402.
The seminars are free, but seating is limited, so make sure to reserve your seat by contacting me directly or by signing up online at: https://tinyurl.com/perisson2018.
Looking forward to seeing you there!