How has the pandemic affected San Mateo County real estate?
With all the uncertainty in the financial markets as well as real estate not being considered an essential service for many weeks, it's interesting to take a look at these statistics.
The Infographic above shows June 2020 compared to May 2020 for both single family homes and condos. Prices are up, and number of listings are up, for both homes and condos. Days on market hover around the one-month mark for both, signs of a strong sellers' market.
The two charts below break the county stats into towns. Without a doubt we live in an expensive area, with high median sales prices. It's not surprising that months of inventory is high in Atherton--it's a buyers' market there for well-heeled buyers. Six months of inventory is considered a balanced market; several of more expensive towns hover around that, as do La Honda, a small, rural community in the Santa Cruz Mountains, and East Palo Alto. Most towns show that the strong sellers' market continues.
The condo/townhouse market tells a similar story, with only Belmont appearing as a balanced-inventory market.
Bottom line: real estate in San Mateo County is alive and well. People want to live here, and buyers are waiting.
How can I help you achieve your real estate dreams? Give me a call; let's talk.