Month-over-Month Changes

The San Mateo real estate market experienced some changes in July 2023 compared to June 2023. Here’s a summary:

  • Homes Sold: 53 homes were sold, an 18% increase from 45 sales the previous month.
  • Median Sale Price: There was a 10% increase, from $1,800,000 in June to $1,975,000 in July.
  • Days on Market (DOM): The DOM rose to 10 from 9 in June.
  • Percentage of List Price Received: Sellers received 103% of their asking price, a decrease from 104% in June.

These changes suggest a market that remains competitive, with more properties selling quickly and at higher prices.

Year-over-Year Comparison

Comparing July 2023 to July 2022, the following year-over-year changes were noted:

  • Homes Sold: Increased by 10%, from 48 to 53.
  • Homes Listed: Decreased by 33%, from 76 to 51.
  • Median Sale Price: Increased by 1%, from $1.95M to $1.97M.
  • Average Dollar per Square Foot: Decreased by 9%, from $1240 to $1124.
  • Median Days on Market: Decreased by 17%, from 12 to 10.
  • Months of Inventory: Decreased by 40%, from 1.5 to 0.9.

These statistics indicate a market with more sales but fewer listings compared to the previous year, with slightly higher prices and quicker sales.

Price Points and Quadrants

The July 2023 sales details were broken down by quadrants:

  • Top Quadrant: 14 homes sold, Median Sale Price: $2,854,000, Median DOM: 12, Avg. $/Sq.Ft.: $1,100.
  • Second Quadrant: 13 homes sold, Median Sale Price: $2,221,000, Median DOM: 13, Avg. $/Sq.Ft.: $1,159.
  • Third Quadrant: 13 homes sold, Median Sale Price: $1,620,000, Median DOM: 6, Avg. $/Sq.Ft.: $1,031.
  • Bottom Quadrant: 13 homes sold, Median Sale Price: $1,330,000, Median DOM: 10, Avg. $/Sq.Ft.: $1,019.

These details provide insights into the segments of the market that are most active, with an even distribution across the quadrants.

Conclusion

The San Mateo market in July 2023 showed an increase in sales and prices compared to both the previous month and year. The breakdown by quadrants offers valuable insights for buyers and sellers, highlighting the competitive nature of the market.

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

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