Happy New Year from the Kulda Group! We have been getting a lot of questions recently on how the real estate industry closed out in 2019 and what we can expect to see in 2020. Over the past 6 years, dating back to 2014, we have seen a continuous decline in inventory accompanied with a constant increase in price.
In 2014, San Mateo County saw 6,474 residential listings sold. The median sale price for those listings sold in 2014 was $875,000. Last year in 2019, there were 5,494 residential listings sold in San Mateo County. This is a 15% decrease in the amount of sold properties over the past 6 years. The median sale price in 2019 for those listings was $1,375,000 – a 57% increase from 2014. So what does this mean?
Buyers will experience a cost of waiting which is evident from the 57% increase in median sale price over the past 6 years. However, according to our preferred lender Michael Haigh with Supreme Lending, rates are staying low. They are currently in the mid to high 3’s. He has also informed us that we can expect rates to remain steady through 2020 as the current administration attempts to keep rates low through the election year. Buyers also experienced a bit of a reprieve in the rise of prices in San Mateo County in 2019 as the median sale price dropped 2% from 2018 to 2019.
For sellers in 2019, if they priced their home right, days on market averaged around 1 month. They also saw a sale to list price ratio of 103%, meaning that homes sold around 3% over asking when priced right for their market.
Buyer Seminar Coming Soon – Contact Us
Please stay tuned for information about our buyer’s seminar that we’ll be holding in March. If you or anyone you know is interested in buying or selling or would like more information on the market, give us a call at 650-560-8663 or stop by our office at 200 San Mateo Road in Half Moon Bay. We look forward to helping you with your real estate needs!