After seeing a price dip in the first quarter of the year, the Mid-Peninsula bounced back to not only significantly outpace last quarter’s price, but to set a record for the county marking the tenth consecutive quarter in which the Mid-Peninsula has topped $1.5 million. The average sales price of $1.79 million was 15 percent above Q1’s $1.56 million and 3 percent higher than the year-over-year price of $1.74 million—the previous record high. Many sellers who were waiting on the sidelines in the winter joined a strong spring market as 1,301 homes sold in San Mateo County during the second quarter, up 83 percent from Q1 and 6 percent from Q2 2016. This high demand also set a rapid pace of movement where homes sold in an average of 20 DOM. If the third-quarter trends are anything to go by, sellers should expect the strong market to continue.
AVERAGE SALES PRICE BY CITY – THE TOP 10 Hillsborough saw its average sales price impacted by a $29.850-million sale in Q2, pushing the average sales price up to $5.02 million, up 22 percent from $4.1 million in Q2 2016. However, the Mid-Peninsula’s highest average sales price this quarter belonged to Atherton at $5.953 million, which also accounted for seven of the top 10 highest priced sales in Q2.
SALES PRICE CHANGE
Mirroring the trends of the previous quarter, several San Mateo County sellers priced boldly in Q2. For some it paid off as those that required no price change netted 9 percent on top of initial listing, up from 6 percent the previous year. However, there was a 13 percent loss on asking price for others who tested the market, making it the largest drop among all seven counties.