The effects of tight inventory continue to dominate our San Mateo County real estate market, with fewer home sales last month than at any time in the past three years. Buyer motivation remains strong, and properties that are correctly priced and well-presented are getting a greater number of offers than we’ve seen for a while.
Though prices have been bouncing around a bit, they’re holding fairly steady compared with last year. In spite of the softening we’re seeing in other major markets in the country, our local Bay Area market has not seen that same decline. The very limited supply and consistently strong demand has insulated our market from much of the fluctuation that other areas are experiencing.
Activity is starting to pick up as we enter into the early Spring season, which is typically busy with more properties coming on the market and more home sales. The sales cycle remains pretty fast – the median number of days on market is still only 21 days. Overbidding is largely a thing of the past, with most properties selling at, or modestly above their asking price.
Download the complete document here: pam-tyson-san-mateo-ca-real-estate-2020_February_KWPE_Market_Report