San Mateo County - Weekly Market Report: DEC 20 - 27, 2023

Check out this DEC 20 - 27, 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 shows a relatively low number of active listings (7) and a complete lack of new listings, indicating a stagnant market. With only 2 properties sold recently, the median sold price stands at a substantial $1,545,000. The average days on the market is 46, suggesting properties in Belmont are not moving quickly. This could be attributed to the high price point or a low buyer interest in this market.

Burlingame's market is characterized by its high median sold price of $3,250,000, the second-highest among these cities. With only 9 active listings and 1 recent sale, the market here is also slow-moving, as indicated by the 17 median days on the market. This might reflect a niche market with properties appealing to a specific high-end buyer group.

Foster City, with 11 active listings and a median sold price of $1,237,000, positions itself as a more accessible market compared to Belmont and Burlingame. The 33 median days on the market is moderate, suggesting a balanced market. However, the lack of new and pending listings indicates a potential slowdown in activity.

Hillsborough stands out with the highest median sold price at $8,800,000 and a relatively high number of active listings (19). This indicates a luxury market with a niche appeal. The market here seems slower, with properties staying an average of 41 days on the market.

Millbrae shows an interesting scenario with no recorded median sold price and no new or pending listings. With 7 active listings and properties not moving (0 sold), it suggests a stagnant market, possibly due to pricing or lack of buyer interest.

Palo Alto presents a more dynamic market with the highest number of active listings (23) and a high median sold price of $2,967,500. The median days on the market (27) are lower compared to most other cities, indicating a healthier market movement.

San Carlos, with a high median sold price of $3,300,000 and 16 active listings, reflects a premium market. The 27 median days on the market, similar to Palo Alto, suggests a relatively quick turnover for properties, which is impressive given the high price point.

San Mateo shows the highest number of active listings (47) and the most properties sold (4), indicating a highly active market. The median sold price of $1,862,500 and 34 median days on the market suggest a balanced market appealing to a wide range of buyers.

Overall Analysis
The real estate markets in these cities show diverse trends. High-end markets like Hillsborough and Burlingame have high median prices but slower movement, indicating a niche appeal. Cities like Palo Alto and San Carlos, despite high prices, show healthier market dynamics with quicker sales. In contrast, cities like Belmont and Millbrae are experiencing stagnation, possibly due to pricing strategies or buyer preferences. Overall, the market trends suggest a varied landscape where high-priced properties move slower except in cities with strong demand like Palo Alto and San Carlos. The lack of new listings across most cities could indicate a tightening market with limited inventory, potentially driving future prices up if the demand remains consistent.

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