Month-over-Month Changes

In September 2023, the San Mateo real estate market experienced several changes compared to August 2023:

  • Homes Sold: 34 homes were sold, marking a 28% decrease from 47 sales the previous month.
  • Median Sale Price: Increased by 11% from $1,800,000 in August 2023 to $1,992,500 in September 2023.
  • Days on Market (DOM): Dropped to 9 days from 10 days in August 2023.
  • Percentage of List Price Received: Sellers received 106% of their asking price, up from 105% in August 2023.

Analysis

The month-over-month data indicates a market contraction in terms of homes sold, but an increase in median sale prices. The slight drop in DOM and an increase in the percentage of list price received suggest that while the market may be tightening, it remains favorable for sellers.

Year-over-Year Comparison

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

  • Homes Sold: Decreased by 41%, from 58 to 34.
  • Homes Listed: Increased by 29%, from 45 to 58.
  • Median Sale Price: Increased from $1.72M to $1.99M.
  • Median Days on Market: Decreased from 18 to 9.
  • Percentage of List Price Received: Increased from 101% to 106%.
  • Months of Inventory: Slightly decreased from 1.0 to 0.9.

Analysis

Year-over-year, the market has seen a significant decrease in the number of homes sold but an increase in homes listed. The rise in median sale prices and a faster sales cycle indicate a seller’s market, albeit one with increasing inventory.

Price Points and Quadrants

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

  • Top Quadrant: 9 homes sold, Median Sale Price: $2,700,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,147.
  • Second Quadrant: 9 homes sold, Median Sale Price: $2,200,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,149.
  • Third Quadrant: 8 homes sold, Median Sale Price: $1,550,000, Median DOM: 9, Avg. $/Sq.Ft.: $1,026.
  • Bottom Quadrant: 8 homes sold, Median Sale Price: $1,350,000, Median DOM: 17, Avg. $/Sq.Ft.: $1,159.

Analysis

All quadrants are active, but the top and second quadrants are seeing the most activity. This suggests that higher-priced homes are moving quickly, indicating a strong market for sellers in these price ranges.

Conclusion

The San Mateo market in September 2023 showed a decrease in homes sold compared to the previous month but an increase in homes listed year-over-year. The rise in median sale price year-over-year and the decrease in DOM indicate a strong market, particularly for sellers. The quadrant data provides valuable insights for both buyers and sellers, showing that higher-priced homes are particularly competitive.

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