The Mid-Peninsula’s $1.66 million average home sale was the second-highest in market history, and a 6 percent gain from the previous year. The 1,104 homes sold in San Mateo County was up 9 percent year-over-year. The average 30 DOM represented just a slightly slower pace for the region than what we’ve seen in previous quarters. Similar to San Francisco’s single-family home market, the Mid-Peninsula’s strong figures this quarter can be attributed in part to pent-up demand leading up to the November elections, and the windfall of high-priced homes that finally moved once economic forecasts regained stability.
AVERAGE SALES PRICE BY CITY – THE TOP 10
Atherton, one of the Bay Area’s most affluent enclaves, continued its pattern of growth—with four sales above the $16 million mark and a 9 percent year-over-year gain. Portola Valley also performed well, with a $13.298 million closing and seven additional sales above $2.5 million.
SALES PRICE CHANGE
Homes that required no price change added 3 percent on top initial list price. When sellers tested the market, just 86 percent of their initial asking price was recovered. This last figure should give buyers some optimism about negotiations in the new year.