Published October 3, 2023
San Mateo County Market Update - September 2023
Our fall market is just starting.
The fall market typically means more inventory and more activity, and while we have seen more inventory the activity hasn’t followed. Activity has remained steady with prices slowly moving upwards, and homes receiving offers pushing the average overbid to 103.5%.
Our data is based on averages for Single-family homes in San Mateo County over the last 90 days (Jul-Sept 2023). This data was gathered on October 3, 2023.
The Bay Area real estate market has been stabilizing in recent months, with slowing sales and homes staying on the market longer, all with slowly increasing inventory. This is due to a number of factors, including rising interest rates, inflation, and a limited supply of homes for sale that meet current buyer affordability.
Slower economic growth and cooling inflation will bring down mortgage interest rates in 2024 and create a more favorable market environment to spur California home sales next year, according to a housing and economic forecast released today by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).
What does this mean for buyers and sellers?
What buyers need to know is this means there is more inventory to choose from, less competition for homes that are available, and homes are on the market longer giving you more time to make decisions. It also means that sellers may be more willing to negotiate on price, especially if their home has been on the market for a while.
What sellers need to know is this means it may take longer to sell your home. However, if your home is priced competitively and stands out from other listings, you should still be able to sell your home for a good price and in a faster amount of time.
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
