San Mateo County - Weekly Market Report: MAR 13 - 19, 2024

Check out this MAR 13 - 19, 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 balanced market with a moderate number of active and new listings indicating steady demand. The median sold price is substantial, suggesting that Belmont is a sought-after location with a strong value proposition for buyers looking for premium properties. The relatively short median days on the market highlight a fast-moving market where properties are quickly changing hands, underscoring both the desirability of the area and the efficiency of transactions.

Burlingame, with its slightly higher median sold price compared to Belmont, underscores its status as a premium market. The higher number of new listings compared to sold properties indicates an influx of properties into the market, which could be a response to high demand. The quick turnover of properties, as seen in the low median days on the market, suggests that Burlingame remains a hot market with properties being snapped up swiftly.

Foster City presents an interesting contrast with a significantly lower median sold price, making it more accessible to a broader range of buyers. However, the low number of all sold properties indicates a slower market or possibly a mismatch between what is offered and what buyers are looking for. The extremely short median days on the market for properties that do sell indicate that while fewer transactions may be occurring, those that do happen, close quickly.

Hillsborough stands out with the highest median sold price, confirming its position as a luxury market. The low number of active and new listings relative to the high median sold price suggests exclusivity and limited availability, which likely contributes to the higher valuation of properties. The extremely low median days on the market further highlight the competitive nature of this market, where luxury properties are in high demand and sell rapidly.

Millbrae offers a blend of accessibility and premium valuation, with a median sold price that is attractive for both buyers and sellers. The balance between new listings and sold properties suggests a healthy turnover and a market that is neither overly saturated nor stagnant. The median days on the market indicate a brisk pace of sales, reflective of strong demand.

Palo Alto, with the highest number of active listings, emerges as a dynamic market with a wide variety of options available to buyers. The high median sold price reflects its status as a highly desirable location with a strong market for high-value properties. Despite the large inventory, properties are moving relatively quickly, evidenced by the median days on the market.

San Carlos presents a market with a healthy number of active listings and a robust pipeline of new listings. The median sold price is indicative of a strong market that caters to a middle-upper economic demographic. The market dynamics, evidenced by the median days on the market and the balance between new listings and sales, suggest a healthy turnover and a steady demand.

San Mateo, with the highest number of active listings and new listings, positions itself as a bustling market with a wide array of options for buyers. The lower median sold price, compared to some of its neighbors, makes it more accessible and may explain the higher volume of transactions. The market is relatively fast-moving, with properties selling in under two weeks on average, highlighting its popularity and the effective matching of supply with demand.

Overall Analysis:
The collective analysis of these cities reveals a vibrant and diverse real estate landscape where each city caters to different segments of the market, from luxury and exclusivity in Hillsborough to more accessible options in Foster City and San Mateo. The overall trend indicates a healthy demand across the board, with properties generally moving quickly once listed. This dynamic suggests a seller's market in most areas, although the varying median sold prices and the number of transactions reflect nuanced local differences. Buyers and sellers alike must navigate these subtleties to maximize their outcomes in this complex but rewarding market.


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