April 16th, 2023: What Prices Are Currently Selling In The Bay Area And The City Of San Mateo?
Is it a HOT seller's market again?
San Mateo year over year + quarterly stats by neighborhood
Is now a good time to buy or sell?
OFF MARKET PROPERTIES:
(San Mateo) 3 bedroom, 2 bath, 2-car garage in Baywood Knolls
(Santa Cruz) 4 bedroom, 5 bath, 1-car garage on oversized lot, renovated throughout. Easy access to beaches, shopping, downtown, and back to the Bay Area
(Redwood Shores) 4 bedroom, 3 bath, 2-car garage with multiple upgrades and amenities
FREE WINE TASTING:
New Zealand wine tasting party Wednesday, 4/19/2023 at 5 pm
The focus is Tankersley Estate Pinot Noir, a signature wine not to be missed
David Harlow, the manager shall be presenting the wines
Contact Kevin for details via text or call 650.451.8763
After a week vacation to see family in Florida (and Disney), our little man got hit by a crazy long fever and lots of coughing. He didn't want to eat or drink anything. Low blood oxygen levels led to a visit to the ER then ICU.
He's now out of the hospital and recovering (Praise The Lord!) with lots of medications throughout the day. Thank you all for your thoughts, prayers, and help with lunches and pick ups. We really appreciate it.
Is it a HOT seller's market again?
The term "hot seller's market" refers to the average home sitting on the market for 30 days or less. So how many recently sold and how many went for above asking?
The first table below shows the number of homes that received offers and went into contract, i.e. pending and the second table shows the number of completely closed sales within the last 30 days and what the average percent over or under asking occurred at a price point. If you'd like more specific data for your city or neighborhood, feel free to reach out to me directly.
Which of the Bay Area counties are experiencing a HOT seller's market?
Alameda (except condos above $1.8M and single family homes above $4.3M)
Contra Costa (except single family homes above $3.3M)
San Francisco (except townhouses, condos above $3.8M, single family homes above $5.3M)
San Mateo (except single family homes above $4.3M)
Santa Clara (except condos above $2.3M)
All five counties show offer prices going above list prices in the last 30 days as well as days on market being very short.
San Mateo real estate (year over year)
Comparing the month of March in 2023 to 2022, we can see...
Less inventory has been sold and listed
Condos and townhouses saw a median sales price increase while single family homes saw a price decrease
Average price per square foot has decreased
Days on market has crept up but still a hot seller's market
Homes are going for slightly above asking while condos are slightly below
San Mateo Real Estate Quarterly Stats
Q1 of 2022 was near the peak of housing pricing so in comparison, Q1 of 2023 shows a lot of declines. Interesting take-aways...
Less homes were sold in San Mateo in Q1 2023
Suburbs that saw price INCREASES in Q1 2023 were Hillsdale, Beresford, Baywood / Parrott Park, North Shoreview, Hayward Park, and Los Prados
Single family home values dropped but condos' values actually increased
More cash buyers for single family homes and condos
Condos in West San Mateo saw their average sales price go up
West San Mateo
East San Mateo
Year to date, rates peaked again in early March and have come down to an average 6.39% for a 30-year fixed mortgage.
The stock market in general is doing well and the technology sector (QQQ) has been outpacing the markets.
At KPeterson.realty, we know not every lender is created equal and we work with lenders who's rates today are around 4.5% for 10/1 ARMS. Our lenders also may value your RSUs better than others. Reach out and tap into our network.
Advice for our buyers
Is now a good time to buy?
Yes!! Although the market is heating up again, sellers are still entertaining concessions, below asking prices, and contingencies if your offers are strong.
When will be THE BEST time to buy (i.e. market bottom)?
It is hard to know when the bottom is and once we do, it has probably passed us. The real questions are do you have a family need and is this a long-term purchase? If the answer is yes to both of these questions, then it is a VERY good time to buy. For those of you who are speculating, remember that when the market turns, it turns quickly and with the market down 15% to 20% now, it is not a bad time to get in.
How Can We Help?
We work with the best lenders who are able to beat the current interest rates (some as low as 4.5% on a 10/1 ARM).
Click "Search For Homes" to search for homes based on your specific financial situation before you contact a lender.
Investing or not sure which areas to look in? Click "Explore Markets" to analyze a city by Days On Market, average home price, price per square foot, average number of bedrooms / bathrooms / square feet in YOUR price point.
Once you are ready to move from Research -> Actively Looking, please give me a call.
Advice for our sellers
Is now a good time to sell?
If your family has a need and you've owned your home for more than 2 years, best time to list will be in the Spring. However, preparing your home and marketing it in a challenging market takes (precious) time. Start those conversations with your realtor now!
How Can We Help?
We have a $0 down / 0% renovation program in which you don't need to pay back for 1 year, giving you flexibility on when to sell. The goal is for every $1 spent on renovations will net a $2 to $4 return on investment. Every family has a unique real estate scenario based on their needs and circumstances. Feel free to schedule a consultation with me today.
Click "What's My Home Worth" to find out the rough value of your home and automatically monitor it monthly. It also shows you various options for your equity (refi, home equity line or loan, etc).
If you'd like a more specific valuation of your home, give me a call.
Missed A Newsletter?
Check out our last few or peruse all of them at https://www.kpeterson.realty/blog
Apr 6th: What happened to the Bay Area real estate in March?
Mar 16th: What Happened To Bay Area Real Estate in February?
Feb 23rd: Which Bay Area Cities Are Selling In Under 20 Days?
Feb 14th: What Is Selling (Year To Date) In The Bay Area And Mid-Peninsula?
Feb 6th: What Happened To Bay Area Real Estate In January?
Jan 30th: Layoffs + Bay Areas Experiencing Biggest Price Drops And Gains
Jan 22nd: Which Bay Area Cities Are Selling In Under 30 Days?
Jan 16th: Is The Market Showing Signs Of Waking Up?
Jan 9th: Bay Area Monthly Update + 2023 Outlook
Dec 26: San Mateo & Santa Clara County City Comparisons
Dec 18th: Did The FED Just Kill The Bay Area Real Estate Market?
Dec 10th: What Happened To My Home Value? (San Mateo, Foster City, Redwood Shores)