Month-over-Month Changes

In March 2024, the San Mateo real estate market showed notable changes compared to February 2024:

  • Homes Sold: Increased by 16%, from 32 homes in February to 37 in March.
  • Median Sale Price: Decreased slightly by 2% from $1,987,500 in February to $1,950,000 in March.
  • Days on Market (DOM): Increased to 10 days in March, up from 8 days in February.
  • Percentage of List Price Received: Sellers received 107% of their asking price, maintaining strong market competitiveness.

Analysis

The increase in homes sold indicates growing buyer interest and market activity. The slight decrease in median sale price suggests some price adjustments or a variation in the types of homes sold, while the increase in DOM could point to a slight cooling. However, the fact that sellers received over 100% of the asking price signifies a still competitive market environment.

Year-over-Year Comparison

Comparing March 2024 to March 2023:

  • Homes Sold: Maintained at 37 homes sold.
  • Median Sale Price: Increased significantly from $1.70M in March 2023 to $1.95M in March 2024.
  • Days on Market: Slightly decreased from 11 days in March 2023 to 10 days in March 2024.
  • Percentage of List Price Received: Improved from 103% in March 2023 to 107% in March 2024.

Analysis

The stable number of sales combined with a significant increase in median sale price year-over-year highlights a robust appreciation in property values. The improvement in the percentage of list price received underscores a market that favors sellers, where bidding wars may be common.

Price Points and Quadrants

For March 2024, sales in San Mateo were segmented as follows:

  • Top Quadrant: 9 homes sold, Median Sale Price: $2,993,000, Median DOM: 9, Avg. $/Sq.Ft.: $1,179.
  • Second Quadrant: 9 homes sold, Median Sale Price: $2,050,000, Median DOM: 10, Avg. $/Sq.Ft.: $1,206.
  • Third Quadrant: 9 homes sold, Median Sale Price: $1,768,000, Median DOM: 14, Avg. $/Sq.Ft.: $1,081.
  • Bottom Quadrant: 10 homes sold, Median Sale Price: $1,330,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,141.

Analysis

The data reveals that higher-priced homes generally stayed on the market slightly longer but commanded higher per square foot prices. The active sales across all quadrants indicate a healthy demand across various price ranges, with even the most expensive homes selling within a reasonable timeframe.

Conclusion

The San Mateo real estate market in March 2024 demonstrated a dynamic mix of price adjustments and strong sales activity. With homes selling quickly and for above asking price, the market conditions are highly favorable for sellers. Buyers need to act swiftly in this competitive market, especially in higher price segments where properties continue to appreciate rapidly.

Data provided by MLS Listings and is deemed reliable but not guaranteed.