San Mateo County Market Update - January 2024

San Mateo County Real Estate: A Market on the Move, but Where's it Headed?

The San Mateo County real estate market experienced a fascinating shift in December 2023, defying some expectations and setting the stage for an intriguing 2024. While the broader picture paints a narrative of slowing markets nationwide, San Mateo County seems to be charting its own course.

Inventory Shortage Could Spark Bidding Wars

One of the defining features of the current market is the dramatic decrease in available properties. While activity has slowed, the limited amount of inventory has propped up prices. Compared to just three months ago, the number of active listings has gone from 1,657 to 1,341, a significant drop of almost 20%. This scarcity of supply is a factor we have seen creating fierce competition among buyers in the past, making multiple offers and bidding wars a frequent occurrence.

Anecdotal Buzz and Hard Data

The lack of inventory isn't just a feeling – the data backs it up. The first two weeks of January saw a 25% increase in pending properties compared to the same period last year. My own open houses have been busier than ever, with engaged and serious buyers showing strong interest. This surge in activity is a clear indication that the San Mateo County market is far from stagnant.

Interest Rates: A Wild Card

While rising interest rates have cooled some markets, their impact in San Mateo County appears to be muted. Buyers, it seems, are determined to secure their dream property, even with slightly higher borrowing costs. News and announcements around rates remain a crucial factor, but for now, San Mateo County remains and incredibly desirable market, and there are still active buyers purchasing homes.

What Does This Mean for You?

If you're considering buying or selling in San Mateo County, pay close attention! The market is shifting into gear for a fast-paced market with exciting opportunities and competitive dynamics. Stay informed by working with a seasoned local agent, like The Pickett Real Estate Group, and be prepared to move quickly in this ever-evolving landscape.

San Mateo County Rolling 3-Month Data

Our rolling 3-Month Data helps to identify trends in data over time, by smoothing out short-term fluctuations, it becomes easier to discern long-term patterns and changes in the data. Below, our data is based on averages for Single-family homes in San Mateo County over the last 90 days (Oct-Nov 2023). This data was gathered on January 15, 2024.

Thinking of selling? 

I'd love to discuss your home's value and positioning in the current market. Call or text Kevin at 415.283.7919 or email Kevin at Kevin@PickettRealEstateGroup.com

San Mateo County Market Report