San Mateo County - Real Estate Market Report SEPTEMBER 2023
San Mateo Market Rerport & Insights for Homebuyers and Sellers:
Remarkable Recovery: 2023 has seen a remarkable market rebound after a challenging 2022. Despite economic uncertainties at the end of last year, the market has bounced back, showcasing its resilience.
Supply and Demand: A significant decrease in sellers listing their homes has caused an imbalance between supply and demand. This has led to a recovery in home prices but a decrease in overall sales volumes.
Mortgage Rates Impact: As of August, the 30-year mortgage rate has risen above 7%. This increase has affected housing affordability, prompting a notable rise in buyers opting to pay in all cash. In fact, all-cash purchases have reached their highest national level in the past 8 years.
Seasonal Trends: While summer usually sees a market slowdown, August recorded the highest luxury home sales in San Mateo County since spring 2022. The active autumn selling season has just begun and will continue until early-mid November, followed by a mid-winter holiday slowdown. By December and January, expect sales activity to be at its lowest for the year.
What to Watch for This Fall: Anticipate a surge in new listings this September. Additionally, after a year of decline, the median home sales price is predicted to see positive growth soon.
For Buyers: With rising mortgage rates, consider evaluating your financing options. If possible, consider all-cash offers for a competitive edge.
For Sellers: Take advantage of the expected surge in activity this fall. If you're contemplating listing your home, September might be an opportune time.
For All: Stay informed about market trends, and consult with real estate professionals to make the best decisions for your unique situation.
San Mateo County real estate market is thriving. This report will give you an inside look at the latest trends in our market, including sales price and inventory data, as well as information on luxury homes. We’ll also take a look at what’s happening with rental rates so you can make informed decisions about your next move.
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