In the past decade, San Mateo County median single family home sold prices recovered from a devastating decline in the financial and housing markets to rise 102% -from $730,000 to $1,475,000. Condo/Townhome sold prices rose 114%, from $440,000 to $945,000. These increases compare to the median household income increase over the same time period of 57% – from approximately $70,000 to $110,000.** 2009 mortgage rates were just above 5%, compared to 3.5% today.
Single family home inventory was higher – 3.5 months for single family homes vs. 0.9 months today. Likewise, condo inventory was about five times what it is today, from 3.8 months to 0.7 months. The closing year of the decade, 2019, also had strong median sold price growth: 5.0% and 7.0%, respectively, for single family home and condos/townhomes. Today, the question everyone is asking: what to expect in 2020? All signs remain strong that real estate prices will continue to rise due to the following factors: low interest rates, low inventory, strong buyer demand and an exceptionally strong job market.
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