San Mateo County - Weekly Market Report: NOV 8 - 14, 2023
Check out this NOV 8 - 14, 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
In Belmont, the real estate market is characterized by a relatively low inventory, with only 13 active listings. This scarcity of options suggests a competitive market for buyers. The addition of 3 new listings points to a stable inflow of properties. The sale of 4 properties indicates a steady demand, while the high median sold price of $2,141,059 positions Belmont in the high-end market segment. Properties in Belmont sell quickly, typically within 9 days, underlining the high demand and competitive nature of this market. The number of pending sales aligns with the sold properties, further indicating a balanced and consistent demand.
Burlingame's real estate market shows a moderate inventory level with 24 active listings. The introduction of 3 new properties suggests a consistent but not overly dynamic market. With 5 properties sold, the market demonstrates a healthy turnover rate. The high median sold price of $3,360,000 categorizes Burlingame as a luxury market. However, the longer median days on the market, at 38 days, indicates a more balanced market where properties take longer to sell. The pending sales mirror the sold properties, suggesting a steady interest in Burlingame’s real estate.
Foster City presents a reasonably active real estate market with 22 listings available. The market is dynamic, evidenced by the addition of 4 new properties. With 5 sales, it shows a healthy level of market activity. The upscale nature of the market is reflected in the median sold price of $1,700,000. Properties in Foster City tend to sell fairly quickly, in about 15 days, indicating a market with significant buyer interest. The higher number of pending sales, 7 in total, underscores the robust and ongoing interest in Foster City’s properties.
Hillsborough shows a unique market scenario with the highest number of active listings at 28, suggesting a wide range of choices for buyers. However, the lack of new listings and recent sales could indicate a market slowdown or a stagnation. The absence of median sold price and days on market data could be due to a lack of recent sales activity. The lone pending sale points towards a currently low demand in Hillsborough's real estate market, which may be a concern for sellers and an opportunity for buyers looking for less competitive environments.
Millbrae’s real estate market is characterized by a limited selection, with only 10 active listings. The addition of 2 new properties indicates a slow but steady inflow of market options. The 3 properties sold reflect a consistent but not overly active market. The premium market status is evident with a median sold price of $1,480,000. Properties in Millbrae sell rapidly, usually within 6 days, suggesting a high demand despite the limited inventory. However, the single pending sale might indicate a recent dip in market interest.
Palo Alto stands out with a diverse and high-end market, having 55 active listings. The addition of 5 new properties underscores a vibrant and changing market. The market activity is steady, as reflected in the 4 properties sold. The very high median sold price of $5,230,000 positions Palo Alto as a luxury market. The quick median sale time of 8 days indicates a strong and consistent demand. With 8 pending sales, the market shows sustained interest, making it an attractive but competitive environment for buyers.
San Carlos offers a good range of properties with 35 active listings. The introduction of 4 new properties indicates a dynamic market. The 5 properties sold reflect an active market, and the upscale median sold price of $2,000,000 suggests a higher-end market segment. However, the longer median days on the market, at 37 days, points to a slower market where properties take more time to sell. The number of pending sales aligns with the sold properties, indicating a consistent market interest.
San Mateo’s real estate market is the most active among the cities, with the highest number of listings at 102 and new listings at 10, suggesting a rapidly changing market. The 9 properties sold indicate a very active market, the highest among the cities. With a median sold price of $1,300,000, San Mateo’s market is more accessible compared to others. The quick sale time of 8 days reflects a strong demand. The 6 pending sales demonstrate a healthy ongoing interest, positioning San Mateo as a vibrant and attractive market for a wide range of buyers.