San Mateo County - Weekly Market Report: NOV 22 - 28, 2023

Check out this NOV 22 - 28, 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 at 12, indicating a stable market with limited inventory. The absence of new listings suggests a consistent demand. With 2 properties recently sold at a median price of $1,720,000 and a median of 16 days on the market, Belmont's real estate market is brisk but not overly aggressive.

Burlingame stands out with 20 active listings and a notable median sold price of $1,500,000. The market is dynamic, with properties spending an average of just 10 days on the market. The presence of a new listing highlights ongoing activity in this area.

Foster City matches Burlingame in terms of active listings (20) but surpasses it with a higher median sold price of $1,985,000. However, properties here stay longer on the market (22 days), indicating a more deliberate buying process, possibly due to the higher price point.

Hillsborough, with no new or sold listings and the highest number of active listings at 27, represents an exclusive market. The absence of median sold price and days on the market data suggests a pause in recent transactions, reflecting a highly selective market.

Millbrae's real estate market is smaller with only 8 active listings but shows competitiveness, evident from its median sold price of $1,620,000 and a quick turnover rate (11 days on the market).

Palo Alto leads with the highest number of active listings (50) and new listings (5), indicating a vibrant and diverse market. The median sold price is competitive at $1,620,000, and properties spend a reasonable time on the market (12 days).

San Carlos shows a healthy balance with 31 active listings and 4 new listings. The median sold price is on par with several other cities at $1,620,000, and properties here sell the fastest, spending just 6 days on average on the market.

San Mateo tops the chart with 83 active listings and 3 new listings. It has the highest number of recent sales (12) at a median price of $1,555,000. Properties here have a median time of 11 days on the market, showcasing a highly active market.

Conclusion:
Each city in the San Francisco Bay Area presents unique characteristics in its real estate market. While some areas like Belmont and Burlingame show quick sales turnover, others like Foster City and Hillsborough cater to a more exclusive clientele. The variation in median sold prices and days on the market across these cities highlights the diverse opportunities for buyers and sellers in this region.


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TRACY TANG
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