San Mateo County - Weekly Market Report: FEB 14 - 20, 2024

Check out this FEB 14 - 20, 2024 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 moderate level of activity with 16 active listings and a median sold price indicating a high-value market. The rapid median days on the market suggest a strong demand for properties, likely due to Belmont's desirable living conditions and strategic location. The low number of new listings versus a relatively higher number of active listings may indicate a tightening market with potential for price increases if demand continues to outpace supply.

Burlingame, with fewer active and new listings compared to Belmont, did not record any sales, potentially indicating a stagnation or a very selective market. The absence of sold properties and price changes might suggest a waiting game between buyers and sellers, possibly due to high price expectations or a mismatch in property offerings and buyer needs.

Foster City presents a contrast with a smaller number of active listings but a healthier sales activity compared to its size. The median sold price is significantly lower than in Belmont and Hillsborough, reflecting a more affordable market segment. The longer median days on the market could indicate a cautious buyer approach or a mismatch in listing prices versus buyer expectations.

Hillsborough stands out with the highest median sold price and the longest median days on the market, reflecting a premium market with exclusive properties. The low sales volume against a relatively higher number of active listings suggests a niche market where high-value properties take longer to sell, likely due to a limited buyer pool at this price range.

Millbrae's market is relatively active with the lowest number of active listings but a healthy number of sales and new listings. The quick median days on the market indicate a high demand for properties in this area, possibly driven by Millbrae's appealing location and community amenities. The market here seems to be moving faster than in other cities, suggesting a competitive environment for buyers.

Palo Alto shows the highest number of active listings, indicating a large and active market. The median sold price is on the lower end when compared to Belmont and Hillsborough but still significant, suggesting a premium market. The number of sales and new listings indicates a dynamic market, with properties selling at a moderate pace.

San Carlos presents a balanced market with a healthy number of active listings and a steady flow of new listings. The median days on the market are high, suggesting that properties may be overpriced or that buyers are taking their time to make purchasing decisions. The median sold price indicates a high-value market, aligning with the area's desirability.

San Mateo, with the highest number of active listings, shows a very active market. The significant number of sales against new listings suggests a strong demand for properties. The quick median days on the market indicate a fast-moving market, where listings are quickly being absorbed by buyers. The median sold price is competitive, reflecting the city's popularity and the balance between supply and demand.

Overall Analysis
The real estate market across these cities reflects a diverse range of dynamics, from high-value, slow-moving markets in Hillsborough to fast-paced, competitive markets in Millbrae and San Mateo. The variation in median sold prices, days on the market, and sales activity highlights the different buyer and seller behaviors, influenced by local factors such as desirability, affordability, and inventory levels. Overall, the market shows healthy activity, with certain areas experiencing tighter supply, leading to faster sales and potentially upward pressure on prices. Buyers and sellers must navigate these varied landscapes with an understanding of local trends, market dynamics, and future potential to make informed decisions.


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TRACY TANG
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