Month-over-Month Changes

In May 2024, the San Mateo real estate market experienced several notable changes compared to April 2024:

  • Homes Sold: 57 homes were sold, marking a 39% increase from 41 sales the previous month.
  • Median Sale Price: The median sale price decreased by 7%, from $2,450,000 in April 2024 to $2,275,000 in May 2024.
  • Days on Market (DOM): The average DOM rose from 6 days in April 2024 to 8 days in May 2024.
  • Percentage of List Price Received: Sellers received an average of 111% of their asking price in May 2024, up from 106% in April 2024.
  • Months of Inventory: Decreased from 0.9 months in April 2024 to 0.7 months in May 2024.
  • Average Dollar per Square Foot: Increased by 1%, from $1,235 in April 2024 to $1,251 in May 2024.

Analysis

The month-over-month data suggests a strong seller’s market in San Mateo. The significant increase in homes sold, combined with a decrease in median sale price, indicates heightened activity and competition among buyers. The rise in DOM suggests properties are taking slightly longer to sell, yet the high percentage of list price received shows that sellers are still achieving above their asking prices. The decrease in months of inventory further confirms limited supply, contributing to the competitive market conditions.

Year-over-Year Comparison

Comparing May 2024 to May 2023, the following changes were observed:

  • Homes Sold: Increased by 39%, from 41 to 57 homes.
  • Median Sale Price: Increased from $1.93M to $2.28M, reflecting a 18% rise.
  • Days on Market (DOM): Increased slightly from 7 days in May 2023 to 8 days in May 2024.
  • Percentage of List Price Received: Increased from 106% to 111%.
  • Months of Inventory: Decreased from 0.9 months in May 2023 to 0.7 months in May 2024.
  • Average Dollar per Square Foot: Increased by 1%, from $1,235 in May 2023 to $1,251 in May 2024.

Analysis

Year-over-year, the San Mateo market has strengthened significantly. The notable increase in both the number of homes sold and the median sale price indicates robust demand. The slight increase in DOM suggests that while homes are selling quickly, buyers are still willing to pay premium prices, as evidenced by the higher percentage of list price received. The continued decrease in inventory underscores the persistent demand and limited supply, driving competitive market conditions.

Price Points and Quadrants

The sales details for May 2024, broken down by quadrants, are as follows:

  • Top Quadrant: Homes Sold: 15, Median Sale Price: $3,715,000, Median DOM: 8, Average $/Sq.Ft.: $1,438
  • Second Quadrant: Homes Sold: 14, Median Sale Price: $2,521,500, Median DOM: 9, Average $/Sq.Ft.: $1,262
  • Third Quadrant: Homes Sold: 14, Median Sale Price: $2,007,500, Median DOM: 9, Average $/Sq.Ft.: $1,053
  • Bottom Quadrant: Homes Sold: 14, Median Sale Price: $1,467,500, Median DOM: 8, Average $/Sq.Ft.: $1,123

Analysis

The data indicates that the higher-priced homes in the top and second quadrants are seeing significant activity, with competitive median sale prices and relatively low DOM. This suggests a strong market for sellers in these price ranges, driven by high demand for luxury properties. The steady activity across all quadrants, however, highlights a balanced market with opportunities for both buyers and sellers at various price points.

Conclusion

The San Mateo market in May 2024 showed robust activity with a significant increase in homes sold month-over-month and year-over-year. The slight decrease in median sale price month-over-month and the increase year-over-year reflect dynamic market conditions. Sellers continue to benefit from high demand, as evidenced by the high percentage of list price received and the low months of inventory. The detailed analysis of price points and quadrants provides valuable insights, showing strong activity in higher-priced homes.

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