San Mateo County - Weekly Market Report: DEC 13 - 19, 2023

Check out this DEC 13 - 19, 2023 Get the best insights on when to place a plan for your new home with this weekly market guide in San Mateo Country.

📍 Belmont 📍 Burlingame 📍 Foster City 📍 Hillsborough
📍 Millbrae 📍 Palo Alto 📍 San Carlos 📍 San Mateo

Belmont is experiencing a stable market with only 7 active listings and a high median sold price of $1,590,000. The lack of new listings suggests a tight market with limited inventory. The median days on the market at 26 indicates a slightly slower pace of sales compared to neighboring cities, but the consistent demand is evident with a healthy number of sales (2 sold). The absence of price changes reflects a market with stable pricing.

Burlingame shows signs of a dynamic and high-value market, with a median sold price of $2,762,000, the second-highest among the cities. Despite 18 active listings, the city had only 1 new listing, implying a high demand for existing properties. The quick median turnaround of 14 days on the market suggests a strong buyer interest, although the total sold number (5) indicates a relatively balanced market.

Foster City's real estate market is characterized by moderate activity. With 15 active listings and a median sold price of $1,509,000, it presents a more accessible market compared to its more expensive neighbors. The median days on the market is 20, indicating a reasonable pace of sales. The 4 properties sold show consistent but not overwhelming demand.

Hillsborough stands out with the highest median sold price at $3,850,000, reflecting its status as a premium market. Despite having the highest number of active listings (23), it experienced no new listings, indicating a possible saturation in the high-end market. The quick sale rate (13 median days on the market) contrasts with the lower number of sales (1 sold), suggesting exclusivity and a selective buyer base.

Millbrae's market is characterized by its efficiency and balanced dynamics. With 7 active listings and a median sold price of $1,692,500, it's moderately priced compared to neighboring cities. The 15 days median on the market is indicative of a relatively quick turnover. The increase in new listings (3) suggests a growing interest in this market.

In Palo Alto, the market is varied with the highest number of active listings (28) and a median sold price of $2,425,400. The median days on the market at 30 is the highest, indicating a slower pace of sales. However, the number of properties sold (6) is relatively high, suggesting a market with diverse offerings and sustained interest.

San Carlos presents a fast-moving market with the lowest median days on the market (9). With 17 active listings and a median sold price of $2,000,000, it's a high-demand area. The balance between new listings (1) and sold properties (5) indicates a healthy market with properties moving quickly from listing to sale.

San Mateo shows the most active market with 50 active listings and the highest number of properties sold (14). The median sold price is the lowest at $1,180,000, making it more accessible. The quick turnover of 10 median days on the market indicates a highly dynamic market with broad appeal and high demand.

Overall Analysis
The overall trend across these cities shows a healthy and dynamic real estate market, with varying degrees of accessibility and pricing. High-demand areas like Hillsborough and Burlingame command premium prices and show quick sales, indicating a market catering to high-end buyers. Cities like San Mateo and Millbrae offer more accessible options with a relatively quicker turnover, suggesting a broader appeal. The lack of price changes across all cities points to stable market conditions. The varying median days on the market reflect different paces of sales, with some areas showing quicker movements than others. The overall picture is one of a robust market with diverse options catering to a wide range of buyers.

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