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San Mateo, Santa Clara counties-what's the market like?
We've been sensing a change in the real estate markets in many of our local towns in San Mateo and Santa Clara Counties, the counties south of San Francisco that make up the Silicon Valley. Not every property listed gets multiple offers; not every property sees sale prices far exceeding list prices, although both of those occur regularly.
We all have anecdotal stories, but let's take a look at the data from our Multiple Listing Service.
This first chart shows closed sales of single family homes in San Mateo County for 2016, 2017, 2018 and 2019 to date.
Next, we'll take a look at a few sample towns within San Mateo County, comparing median price sales for May 2018 and May 2019. Now we see:
Belmont - May 2018: $1,950,000 May 2019: $1,875,000 Menlo Park - May 2018: $2,551,850 May 2019: $2,565,000 Pacifica - May 2018: $1,155,000 May 2019: $1,250,000 San Carlos - May 2018: $2,020,000 May 2019: $2,110,000 These changes are not too different from the County as a whole, and a one-month period is not the year to date.
Now let's look at ... more
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