Month-over-Month Changes

In February 2024, the San Mateo real estate market witnessed significant changes compared to January 2024:

  • Homes Sold: There was a dramatic increase in homes sold, with 32 homes sold in February, up 191% from only 11 sales in January.
  • Median Sale Price: Experienced a slight decrease, moving from $2,000,000 in January to $1,987,500 in February, marking a 1% drop.
  • Days on Market (DOM): The average days on market decreased to 8 days in February from 9 days in January, indicating a quicker turnover.
  • Percentage of List Price Received: Sellers received an average of 107% of their asking price in February, an improvement from 104% in January.

Analysis

The month-over-month data shows a robust acceleration in sales volume, suggesting a surge in market activity. Despite a marginal decline in median sale prices, the reduction in DOM and the increase in the percentage of list price received indicate a competitive market where buyers are willing to pay above asking prices, reflecting a strong seller’s advantage.

Year-over-Year Comparison

Comparing February 2024 to February 2023 reveals notable changes:

  • Homes Sold: Increased by 28%, from 25 homes sold in February 2023 to 32 in February 2024.
  • Median Sale Price: Rose from $1.76M in February 2023 to $1.99M in February 2024.
  • Days on Market: Remained relatively stable with a slight decrease from 9 days in February 2023 to 8 days in February 2024.
  • Percentage of List Price Received: Improved from 104% in February 2023 to 107% in February 2024.
  • Months of Inventory: Showed a reduction from 1.3 months in February 2023 to 0.9 months in February 2024, indicating a tighter market.

Analysis

Year-over-year, San Mateo’s market dynamics demonstrate a growing demand, evidenced by the increase in homes sold and the higher median sale price. The consistent or slightly improved DOM underscores a quick-moving market, further highlighted by the higher percentage of list price received. The decrease in months of inventory suggests a market leaning towards sellers, where available properties are quickly absorbed.

Price Points and Quadrants

The February 2024 sales details by quadrants in San Mateo are as follows:

  • Top Quadrant: Median Sale Price: $3,244,444, Median DOM: 8, Avg. $/Sq.Ft.: $1,307.
  • Second Quadrant: Median Sale Price: $2,050,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,141.
  • Third Quadrant: Median Sale Price: $1,871,250, Median DOM: 8, Avg. $/Sq.Ft.: $1,118.
  • Bottom Quadrant: Median Sale Price: $1,437,500, Median DOM: 10, Avg. $/Sq.Ft.: $977.

Analysis

This breakdown highlights a market where the top and second quadrants are driving significant activity, with high median sale prices and relatively low days on the market. It suggests a strong demand for higher-priced homes, with buyers willing to pay premium prices per square foot, indicating a healthy and dynamic market across different price segments.

Conclusion

The San Mateo real estate market in February 2024 showed vibrant activity, with a noticeable increase in homes sold month-over-month and significant year-over-year growth. Despite a slight month-over-month dip in median sale prices, the year-over-year increase and the robust percentage of list price received indicate a strong market. The detailed quadrant analysis offers insightful perspectives for both buyers and sellers, underscoring a competitive landscape, especially in the higher price brackets.

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