Month-over-Month Changes

In October 2023, the San Mateo real estate market experienced notable changes compared to September 2023:

  • Homes Sold: There was a significant increase in sales with 43 homes sold, marking a 23% increase from the previous month.
  • Median Sale Price: The median sale price rose by 4%, from $1,935,000 in September 2023 to $2,016,500 in October 2023.
  • Days on Market (DOM): The DOM decreased to 8 days in October, down from 10 days in September 2023.
  • Percentage of List Price Received: Sellers received 103% of their asking price, a slight decrease from 106% in September 2023.

Analysis:

The month-over-month data indicates a robust market in San Mateo, with a significant increase in homes sold and a steady rise in median sale prices. The decrease in DOM and high percentage of list price received suggest a strong seller’s market with persistent demand.

Year-over-Year Comparison

Comparing October 2023 to October 2022, the following changes were observed:

  • Homes Sold: Increased by 23%, from 35 to 43.
  • Median Sale Price: Rose from $1.87M to $2.02M, a 8% increase.
  • Days on Market: Decreased from 11 to 8 days.
  • Percentage of List Price Received: Increased slightly from 101% to 103%.
  • Months of Inventory: Remained stable at 1.3.
  • Average Dollar per Sq. Ft.: Increased by 6%, from $1,124 to $1,195.

Analysis:

Year-over-year, San Mateo’s real estate market shows a healthy growth in sales and median sale prices, along with a faster sales cycle. The consistent months of inventory and increased percentage of list price received indicate a balanced market with healthy demand.

Price Points and Quadrants

The sales details for October 2023 were broken down by quadrants:

  • Top Quadrant: 11 homes sold, Median Sale Price: $2,950,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,318.
  • Second Quadrant: 11 homes sold, Median Sale Price: $2,150,000, Median DOM: 18, Avg. $/Sq.Ft.: $1,132.
  • Third Quadrant: 11 homes sold, Median Sale Price: $1,738,888, Median DOM: 11, Avg. $/Sq.Ft.: $1,183.
  • Bottom Quadrant: 10 homes sold, Median Sale Price: $1,327,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,042.

Analysis:

The quadrant data reveals a diverse market in San Mateo, with all quadrants showing activity. The top quadrant leads in terms of sale price and speed, indicating a strong market for high-end properties. The balanced activity across all quadrants suggests a healthy market catering to a wide range of price points.

Conclusion

The San Mateo real estate market in October 2023 demonstrated a vibrant and dynamic environment. The increase in homes sold month-over-month and year-over-year, coupled with rising sale prices and a quick sales cycle, reflects a strong market. The diverse activity across different price quadrants offers opportunities for a variety of buyers and sellers.

 

Data provided by MLSListings and is deemed reliable but not guaranteed.