Month-over-Month Changes

The transition from December 2023 to January 2024 brought several significant changes to the San Mateo housing market:

  • Homes Sold: There was a dramatic decrease in homes sold, with a 70% reduction from 33 sales in December to just 10 in January.
  • Median Sale Price: Contrary to the decline in sales, the median sale price saw an 11% increase, rising from $1,655,000 in December to $1,830,000 in January.
  • Days on Market (DOM): The DOM experienced a decrease, dropping to 11 days in January from 15 days in December, indicating a faster selling process.
  • Percentage of List Price Received: Sellers in January received an average of 105% of their asking price, a slight increase from 103% in December.

Analysis

The sharp drop in sales volume coupled with the increase in median sale price suggests a tightening market with strong competition for available homes. The reduction in DOM and increase in list price received percentage further highlight a seller’s market, where demand outstrips supply.

Year-over-Year Comparison

Comparing January 2024 to January 2023, we observe:

  • Homes Sold: A decrease in the number of homes sold, from 13 in January 2023 to 10 in January 2024, marking a 23% reduction.
  • Homes Listed: An increase in listings, from 35 to 42.
  • Median Sale Price: There was an appreciable growth in the median sale price, up from $1.63M in 2023 to $1.83M in 2024.
  • Days on Market (DOM): The DOM decreased slightly from 13 to 11 days.
  • Percentage of List Price Received: Sellers received a higher percentage of their list price, up from 98% to 105%.
  • Months of Inventory: Decreased from 1.6 to 1.2 months.

Analysis

Year-over-year data reveals a market with fewer sales but higher competitiveness for listed properties, as evidenced by the increased median sale price and the percentage of list price received. The slight decrease in DOM suggests that homes are selling faster, despite the lower volume of sales.

Price Points and Quadrants

The distribution of sales across different price quadrants provides insight into market activity:

  • Top Quadrant: 3 homes sold at a median price of $4,238,000, with an average of $1,230 per sq.ft.
  • Second Quadrant: 3 homes sold at a median price of $2,100,000, with an average of $1,053 per sq.ft.
  • Third Quadrant: 2 homes sold at a median price of $1,425,000, with an average of $1,047 per sq.ft.
  • Bottom Quadrant: 2 homes sold at a median price of $1,245,000, with an average of $1,142 per sq.ft.

Analysis

he activity across the quadrants suggests a diverse market with movements at all price points. The top quadrant shows significant activity, indicating a robust demand for high-end properties. The data also reveals a healthy interest in mid to lower-priced homes, with competitive pricing and square footage rates.

Conclusion

January 2024 in San Mateo presents a complex picture: a significant reduction in the number of homes sold month-over-month but with a robust increase in median sale prices and a decrease in DOM. The year-over-year comparison further confirms the market’s strength, with prices climbing amidst tighter inventory. The quadrant analysis underscores the diverse interest across different market segments, from luxury to more affordable homes. As the market continues to evolve, these insights are crucial for making informed decisions in the San Mateo real estate landscape.

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