Market Monday: San Mateo Real Estate Market Update for November 2023

Welcome to the latest San Mateo real estate market update for November 2023! Each month, we provide a snapshot of the market's key market indicators, including the number of sales, number of listings, median listing price, and median sale price. In this blog post, we will focus on the data for November  2023, so you can make informed decisions about buying, selling, or investing in San Mateo real estate.

Number of Sales:
In November 2023, the San Mateo real estate market saw a total of 33 sales, a 15% decrease compared to the previous month. However, sales are up 14% year over year. Sales typically decline in the fourth quarter as new listings and inventory fall.

Number of Listings:
The total number of listings in San Mateo for November 2023 was 74, representing a 23% decrease from the previous month. Inventory tends to decline from September through January so declining inventory is expected this time of the year.

Median Listing Price: 
The median listing price for homes in San Mateo in November 2023 was $1,999,000, a 4% decrease month over month. These small changes are normal month to month. Year to date, the median list price was up 10%.

Median Sale Price:
For November 2023, the median sales price of homes in San Mateo was $1,675,000, an 18% decrease from the previous month. Year over year, the median sale price was the same as last year. As you can see the median list price and median sale prices differed by $324,000 in November.

Comparing the median sale price to the median listing price provides insight into the negotiation power of buyers and sellers in the current market. If the median sales price is consistently lower than the median listing price, it indicates that buyers generally have more room for negotiation. Conversely, if the median sales price is higher than the median listing price, sellers likely have more leverage in the negotiation process. Comparing the sale price to list price, we can tell that buyers feel they have more negotiating power, which is largely true. Inventory is tight but the average seller in November received 4% less of list price than they did in October.

As we wrap up our San Mateo real estate market update for November 2023, it's essential to remember that the local market is ever changing. Keeping an eye on these key indicators each month helps you make informed decisions about buying, selling, or investing in San Mateo real estate. 

If you have any questions about the current state of the market or need assistance with your real estate needs, please don't hesitate to contact our team of local experts. We're here to help you navigate the San Mateo real estate market with certainty!