After setting a record average sales price in Q2 2017, some expected the Mid-Peninsula to cool down a bit during the summer months, but the county’s hot streak carried into Q3 instead. This quarter was the 11th consecutive quarter in which the Mid-Peninsula’s average sales price topped the $1.5 million mark.
At $1.627 million, San Mateo County’s average price was not only 9 percent higher than it was in Q3 2016—but was also just 1 percent shy of Q2 2017’s record high at $1.797 million. Fewer homes sold in San Mateo County this quarter than compared to last year. Mid-Peninsula averaged 22 DOM for the 1,131 total homes sold in Q3.
AVERAGE SALES PRICE BY CITY – THE TOP 10
The Mid-Peninsula’s top sale was an $18.8 million estate in Woodside, which had an average sales price of $3.516 million. Atherton, with six of the top 10 highest sales for Q3, also took home the highest average at $6.27 million. Portola Valley’s $3.327 million average saw the largest gain, climbing 24 percent from Q3 2016.
SALES PRICE CHANGE
For the sellers who priced accurately it paid off, as those requiring no price change netted 9 percent on top of their initial asking price. For those who tested what the market was willing to bear, they lost 12 percent from the initial list price, the biggest drop amongst all Bay Area counties.