San Mateo County September Real Estate Market Report 2020
San Mateo County Real Estate
September 2020 Report
In the context of the horrible fires we’ve seen in recent weeks – with many of our Bay Area communities and neighbors so terribly affected – a real estate report seems trivial. But since we have clients still trying to make buying and selling decisions, we will try to continue to deliver straightforward data on market conditions.
Surprisingly, the fires did not significantly impact the number of deals being made in most Bay Area counties during the last 2 weeks of August – the exceptions being Santa Cruz, Sonoma, Monterey and Napa Counties, which saw declines of 13% to 33%. San Mateo County’s activity actually increased over the period. (This chart looks at week by week activity in the Bay Area.)
Number of house sales and median house sales prices YTD 2020 by city:
Bay Area median house sales prices, summer 2020:
San Mateo County median house sales prices by month:
Year-over-year trends: new listings up 40% and new contracts up 34%. However, remember that summer is usually a slower market after a busy spring, and that dynamic has been flipped upside down by the pandemic.
A snapshot measure of how many listings were typically active on any given day of the specified month:
A snapshot of the number of active 2-bedroom+ listings on the market in late August by price segment. These figures literally change daily as new listings arrive and existing listings go into contract.
A snapshot of the number of luxury home listings on the market in late August by city. Again, these figures change every day.
Bay Area luxury home markets: Year-over-year summer sales volumes and percentage changes. San Mateo County saw a very big increase in sales over summer 2019. Some counties saw stupendous jumps.
With the increase in summer activity has come an early upswing in the number of listings reducing price.
Regarding the next chart, the lower the Months Supply of Inventory (MSI), the stronger the demand as compared to the supply of listings. Most of the market remains firmly in “seller’s market” territory by this measure – some price segments are particularly heated.
A breakdown of sales by era of construction:
