San Mateo County - Weekly Market Report: JAN 3 - 9, 2024

Check out this JAN 3 - 9, 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 relatively balanced market with a moderate number of active listings (9) and a healthy influx of new listings (4). The absence of sold properties indicates a market that might be experiencing a wait-and-see approach from buyers. The high median sold price, while unspecified, suggests a premium market. The fact that there are pending sales (3) but no completed sales recently could indicate a longer negotiation phase or financing delays.

With only 8 active listings and a single new listing, Burlingame's market appears tight. The sale of one property at a high median price ($2,680,000) reflects a high-value market. However, the absence of pending sales and the relatively long median days on the market (39) suggest a slowdown in transaction velocity, possibly due to pricing or limited inventory.

This market, with 10 active listings and 2 new listings, shows a moderate level of activity. The sale of 2 properties at a median price of $2,193,365 and 2 pending sales indicates a steady market. The median days on the market (26) are reasonable, suggesting a balanced dynamic between buyers and sellers.

Hillsborough stands out with the highest median sold price ($4,090,000) among these cities, reflecting its status as a high-end market. The 14 active listings and only 1 new listing could indicate limited new supply entering the market. However, the relatively higher number of sales (4) and shorter median days on the market (25) suggest a strong demand for luxury properties.

Millbrae’s market is quieter, with only 6 active listings and 2 new listings. The sale of 1 property at a high median price ($2,880,000) suggests a premium market. However, the longer median days on the market (46) and only 2 pending sales could indicate a slower market, possibly due to pricing or specific property characteristics.

With 23 active listings and 4 new listings, Palo Alto presents a more dynamic market. The relatively high number of sales (4) at a significant median price ($3,350,000) indicates strong demand and high-value properties. The short median days on the market (13) and a few pending sales (2) reflect a quick-moving market, likely driven by desirability and location.

San Carlos shows a balanced market with 12 active listings and 4 new listings. The completion of 4 sales at a median price of $2,352,000 and relatively short median days on the market (10) suggest a healthy market with good turnover. The presence of 3 pending sales indicates ongoing buyer interest.

San Mateo is the most active market with 46 active listings and 11 new listings. Despite this, the number of sales (6) is not proportionally high, and the median sold price ($945,000) is considerably lower than in other cities, indicating a more accessible market. The short median days on the market (9) and 7 pending sales suggest a fast-paced market likely driven by more affordable pricing.

Overall Analysis
The real estate markets in these cities show diverse dynamics. High-end markets like Hillsborough and Palo Alto are experiencing quick sales despite high median prices, indicating strong demand. In contrast, cities like Millbrae and Burlingame, while also high-value, are moving slower, possibly due to pricing or inventory issues. San Mateo’s market is the most active, driven by more affordable options, indicating a demand for more budget-friendly housing in the region. Overall, the market trends suggest a strong demand for high-value properties and a faster-moving market for more affordable options.

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