The median sale price for single family homes and condos/townhouses continues to fluctuate. In spite of the volatility, prices are still holding steady compared with last year.
It’s important to keep in mind that while the prices are the same as last year, the market in San Mateo County is behaving quite differently. The psychology is changing. Though inventory is still extremely low (favoring sellers), buyers are more cautious. We are seeing more buyers able to get contingent purchase offers accepted and into contract.
That the market is shifting is a given. How this change plays out in a given neighborhood and price point can vary greatly. Buyers, sellers and investors all need to have a solid understanding of their hyperlocal market in order to make the most informed decisions given their individual circumstances.
Continued low interest rates are benefitting both new home buyers and existing homeowners who are looking to refinance their existing loans.
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