🏡 San Mateo County Real Estate Market Update – October 2024 📊

Curious about how the market performed last month? Here’s a quick breakdown of the key stats for San Mateo County in October:

✨ Median Sales Price:

Single-Family Homes: $1.9M 📉 (-1.6% YoY)
Condos/Townhomes: $878k 📉 (-3.4% YoY)

✨ Days on Market (DOM):

The average DOM was 29 days, up just slightly from 28 days in September.

✨ Inventory:

Active listings were higher in the month of October, with 558 homes on the market, an increase of 18% YoY.

✨ Sales to List Price Ratio:

Homes sold at an average of 104% of their asking price, showing that competition is still strong in desirable neighborhoods.

✨ Interest Rates Impact:

Higher mortgage rates slowed buyer activity slightly, but motivated buyers are still out there making competitive offers!

💡 What does this mean for YOU?

For Sellers: Low inventory is keeping prices steady. Proper pricing and staging can make your home still stand out in this market.

For Buyers: While rates remain a factor, now is the time to act to get a deal during the holidays.

Can anyone guess how many sales there were total? 🤔

In all of San Mateo County there were a total of 466 sales (including Songle family homes, condos, and townhomes) 🏡 🏢

Thinking about making a move? DM me, and let’s strategize based on your goals and this unique market! 💬
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