The Mid-Peninsula’s high demand and constrained supply led to another quarter of comfortable gains for sellers coupled with limited market movement. The $1.569 million average sale here was up 3 percent year-over-year, and marked the ninth consecutive quarter in which the Mid-Peninsula has topped $1.5 million. As many sellers waited on the sidelines for what looks to be a promising Q2 2017, only 709 homes sold across San Mateo County. This marked the lowest quarterly sales volume tally since 2011. The rapid pace of average 26 DOM further exemplified what a tight and in-demand market we have at hand. While pricing will stay high, buyers should expect a much wider array of options as spring kicks into gear.
AVERAGE SALES PRICE BY CITY – THE TOP 10
While in previous years Burlingame at times saw single-family homes averaging $1,000 per square foot, these were anomalies. It is now the norm: For the first four months in 2017, the average price per square foot of a single-family home has been at or above $1,000. Furthermore, Burlingame saw its average home sales price rise 6 percent year-over-year. Another impressive figure was the city of San Mateo’s 16 percent gain in average sales price from Q1 2016.
SALES PRICE CHANGE
Several San Mateo County sellers priced boldly during the first quarter of 2017. While those who required no price change netted 5 percent on top of initial listing, the 14 percent loss on asking price for those who tested the market was the largest drop-off amongst all seven counties. A comfort sign to potential sellers is that April saw the average list-to-sell ratio rise to 109 percent.