In The Trenches With Lizi & Aimee: May 2023

The San Mateo County Single Family Home Real Estate Market continues to thrive as a robust sellers' market. With limited inventory, the price per square foot of homes sold has been consistently rising due to high demand and insufficient supply (refer to the chart below for detailed insights).

The San Mateo County Condo & Townhome Real Estate Market is also experiencing a sellers' market, characterized by a scarcity of available inventory (see chart below for further details). However, it is worth noting that this market differs from the single-family home market, as the price per square foot has yet to show signs of significant growth. As a result, this presents a favorable opportunity for buyers to acquire properties at comparatively lower prices.

As interest rates decline, we anticipate a surge in new buyers entering the market, driving up prices.

For Home Buyers, we advise assessing your individual circumstances and determining whether it is more prudent to wait for home prices to increase while benefiting from lower mortgage rates or to make a purchase now and consider refinancing (transitioning to a new loan with reduced rates) when mortgage rates decrease.

Homeowners contemplating selling their properties have a unique chance to capitalize on the current buyer demand and low inventory. Alternatively, it is advisable to formulate a well-prepared plan to seize the opportunity once rates begin to decrease. If you are selling your current home and intend to purchase a new one, it is crucial to factor in the purchase side of the equation when making your decision.

The entire San Mateo County is currently experiencing a sellers' market, indicating favorable conditions for individuals looking to sell their properties. A Market Index over 30, indicates the point when the market shifts the power into the hands of the sellers. Among these cities, Daly City, South San Francisco, Belmont, Redwood City, and San Mateo stand out as the most in-demand locations. The demand for homes in these cities far surpasses the available supply, creating a highly competitive market environment, resulting in a Market Index far exceeding 30.

Our comprehensive market data covers all local cities and is regularly updated on a weekly basis. To stay informed, you can easily sign up for our reports by visiting the provided link or by visiting our website weekly for the information.

As always, we are eager to assist you with all your real estate needs, providing you with exceptional service and guidance.