Month-over-Month Changes

In August 2023, the San Mateo real estate market experienced some shifts compared to July 2023:

  • Homes Sold: 45 homes were sold, marking a 17% decrease from 54 sales the previous month.
  • Median Sale Price: Decreased by 9% from $1,987,500 in July 2023 to $1,800,000 in August 2023.
  • Days on Market (DOM): Remained the same at 10 days from 10 in July 2023.
  • Percentage of List Price Received: Sellers received 105% of their asking price, up from 103% in July 2023.

Analysis

The month-over-month data indicates a softening in the market. The decline in homes sold and the decrease in median sale price suggest that demand may be stabilizing. However, sellers are still receiving above their asking price, indicating a strong market.

Year-over-Year Comparison

Comparing August 2023 to August 2022, the following changes were noted:

  • Homes Sold: Decreased by 21%, from 57 to 45.
  • Homes Listed: Decreased by 26%, from 62 to 46.
  • Median Sale Price: Decreased from $1.97M to $1.8M.
  • Median Days on Market: Decreased from 13 to 10.
  • Percentage of List Price Received: Increased from 100% to 105%.
  • Months of Inventory: Decreased from 1.2 to 0.9.
Analysis

Year-over-year, the market has seen a decrease in the number of homes sold and listed, but sellers are receiving a higher percentage of their asking price. This suggests a seller’s market where inventory is tight, but demand remains strong.

Price Points and Quadrants

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

  • Top Quadrant: 12 homes sold, Median Sale Price: $2,745,000, Median DOM: 9, Avg. $/Sq.Ft.: $1,107.
  • Second Quadrant: 11 homes sold, Median Sale Price: $1,970,000, Median DOM: 10, Avg. $/Sq.Ft.: $1,213.
  • Third Quadrant: 11 homes sold, Median Sale Price: $1,600,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,143.
  • Bottom Quadrant: 11 homes sold, Median Sale Price: $1,250,000, Median DOM: 12, Avg. $/Sq.Ft.: $1,051.

Analysis

The data shows that 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 August 2023 showed a decrease in homes sold compared to the previous month and year-over-year. The stable DOM and the increase in the percentage of list price received 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.