Oakland Inner East Bay - Real Estate Market Report JANUARY 2024

San Mateo Monthly Market Report

Median House Sales Price by Quarter 

  • In the last quarter of 2023, the median house sales price was approximately $1,050,000.
  • This represents a 0.5% increase year over year, indicating that prices are relatively stable.
  • The median sales price typically peaks in Q2, suggesting a seasonal trend in pricing, with Q2 2022 being the peak over the last few years.
  • Annual Sales Volume (Focus on 2023)
  • The number of home sales in Alameda County in 2023 was significantly lower than in 2022, with a decrease of about 26%.
  • This could be indicative of a cooling market or could be a result of higher interest rates, lower inventory, or economic uncertainty.

Mortgage Interest Rates 

  • By the end of 2023, the weekly average 30-year interest rate had declined for the ninth week to 6.61%, down from a high of 7.79% in October 2023.
  • For 15-year loans, the rate was 5.93%.
  • The declining interest rates may make borrowing more attractive, possibly stimulating the market.
  • Active and Coming Soon Listings (Focus on 1/1/2024)
  • On the 1st of January 2024, there were 494 active and coming soon listings, which is a decrease from the previous month (December 2023) but an increase from the same time the previous year (January 2023).
  • This suggests a potential increase in inventory, offering more options for buyers.

Insights and Recommendations
For Buyers:

  • With a slight increase in median sales price, buyers may find prices relatively stable, allowing for more predictable budgeting and planning.
  • The end-of-year dip in interest rates should be taken advantage of, as the lower rates can significantly affect the total cost of a mortgage over time.
  • The increase in active listings in January 2024 compared to the previous year indicates more choices in the market, potentially reducing competition for individual homes and improving negotiation power.

For Sellers:

  • The stable prices year over year suggest that sellers can expect to receive fair value for their homes, especially if they sell in Q2, which historically sees peak prices.
  • However, the decrease in annual sales volume in 2023 indicates that sellers might face a longer time on the market and should be prepared for this possibility by pricing their homes competitively and ensuring their properties are well-presented.
  • It may be beneficial for sellers to list their properties early in the year when there are fewer listings and potentially more buyer interest.

Want more professional advice on buying houses or listing your home in San Francisco Bay Area? 
Contact Tracy Tang Team for more exclusive info:

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