San Mateo County - Real Estate Market Report MAY 2024

Overview

This report analyzes the San Mateo County real estate market trends, focusing on monthly median house sales prices, year-over-year appreciation rates, and monthly sales volumes. Based on the data updated through April 2024, we provide insights and recommendations for both sellers and buyers.

Key Findings

  1. Median House Sales Prices (3-Month Rolling)

    • The median house sales price has shown significant fluctuations over the years with notable peaks and troughs.
    • In April 2024, the median house sales price was up 9% year-over-year.
    • The market experienced a peak in 2022, followed by a slight decline in 2023 and early 2024, but prices have been recovering recently.
  2. Year-over-Year Appreciation Rates

    • The appreciation rates showed high volatility, especially since the pandemic.
    • The pandemic period (2020-2021) saw substantial appreciation rates, peaking at 21% in Q3 2021.
    • Post-pandemic, the market experienced a correction, with negative appreciation rates recorded in 2022 and early 2023.
    • The latest data indicates a rebound in appreciation rates, with Q1 2024 showing positive growth compared to the previous year.
  3. Monthly Sales Volume

    • Sales volumes have been affected by market dynamics and seasonality.
    • There was a notable surge in sales during the pandemic boom (mid-2020 to mid-2021), followed by a decline.
    • April 2024 saw a significant year-over-year increase in sales volume, up by about 45%, indicating a robust market activity.

Recommendations for Sellers

  1. Timing the Market:

    • Given the recent upward trend in sales prices and volumes, this is a favorable time for sellers to list their properties. The market is showing signs of recovery, and the increased buyer activity can lead to competitive bidding.
  2. Pricing Strategy:

    • Sellers should consider pricing their properties slightly above the median market value to take advantage of the upward trend while remaining competitive. Engaging a real estate agent to accurately assess the property's value in the current market is advisable.
  3. Property Preparation:

    • Enhancing property appeal through minor renovations or staging can attract more buyers and potentially increase the selling price. With the market showing positive trends, well-prepared homes are likely to sell faster and at better prices.

Recommendations for Buyers

  1. Market Entry:

    • Buyers should act swiftly in the current market to secure properties before prices increase further. With a 9% year-over-year increase in median prices, waiting could lead to higher costs.
  2. Financing:

    • Given the recent appreciation trends, securing favorable financing terms is crucial. Buyers should shop around for the best mortgage rates and consider locking in rates to avoid future increases.
  3. Negotiation:

    • Despite the market's recovery, there are still opportunities for negotiation. Buyers should be prepared to negotiate terms and prices, especially for properties that have been on the market for a while or need some work.

Conclusion

The San Mateo County real estate market is exhibiting signs of recovery with increasing sales prices and volumes. For sellers, this is an opportune moment to list properties, while buyers should move quickly to capitalize on current market conditions. Both parties are advised to work closely with real estate professionals to navigate the dynamic market effectively.



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

TRACY TANG
DRE# 01956297
(415)828-2961
[email protected]   
ALEX LAU
DRE# 01979954
(408)207-6113
[email protected]

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