San Mateo County - Weekly Market Report: JAN 31 - FEB 6, 2024
Check out this JAN 31 - FEB 6, 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 12 active listings and a significant median sold price of $1,975,000, indicating a demand for premium housing. The median days on the market are low, at 12 days, suggesting that properties are moving relatively quickly, which is a sign of a healthy market.
Burlingame, with the same number of active listings as Belmont, didn't record any sales, which could suggest a temporary market slowdown or high listing prices deterring buyers. The lack of new sales could indicate a more challenging environment for sellers or possibly a mismatch between listing prices and buyer expectations.
Foster City presents a smaller market with 9 active listings and a single sale. The median sold price stands at $1,760,000, and properties are selling quickly, with a median of 7 days on the market. This efficiency could point towards a competitive market with significant demand, especially for properties priced around the median.
Hillsborough is notable for its higher number of active listings (18) but no recent sales, which could highlight a very selective or high-end market where transactions are less frequent but potentially of higher value.
Millbrae has fewer active listings (8) and a high median sold price ($2,150,000), along with the shortest median days on the market (5 days). This indicates a highly competitive market with strong demand, especially for properties that meet buyers' preferences.
Palo Alto stands out with the highest number of active listings (32) and a robust median sold price of $2,870,000, the highest among the cities. With 9 sales and properties staying on the market for an average of 11 days, it's clear that despite higher prices, there's strong demand, likely driven by its desirable location and amenities.
San Carlos showcases a healthy market with 17 active listings and a median sold price of $2,000,000. Properties are selling in about 10 days on average, indicating a strong market with good liquidity.
San Mateo, with the highest number of active listings (60) and new listings (19), shows a bustling market. The city recorded 6 sales at a median price of $1,810,000 and properties spending a median of 8 days on the market. This suggests a very dynamic market with both high inventory and strong demand.
Overall Market Analysis:
The region exhibits a diverse range of market conditions, from highly competitive and quick-moving markets like Millbrae and Palo Alto to more challenging environments like Burlingame and Hillsborough. The high median sold prices across these cities reflect a generally affluent area with strong demand for premium properties. The quick median days on the market in most cities indicate that, despite varying levels of activity, there is significant buyer interest and properties priced correctly are moving swiftly. The lack of price changes suggests stable market conditions without much need for price adjustments to attract buyers. Sellers in cities with faster sales cycles and higher median prices are in an advantageous position, while those in slower markets may need to adjust strategies to entice buyers. This analysis highlights the importance of understanding local market dynamics and adjusting sales approaches accordingly to navigate the diverse and nuanced real estate landscape in this region.
Want more professional advice on buying houses or listing your home in San Francisco Bay Area?
Contact Tracy Tang Team for more exclusive info:
LinkdIn: Tracy Tang