The Mid-Peninsula ended this year with an average sales price of $1.788 million, up 8 percent from the previous year. Not only was this the highest fourth quarter average for the area, it followed closely behind the $1.797 million record high set in Q2 2017. Overall sales volume for San Mateo County remained relatively flat year-over-year with 1,125 total homes sold for the quarter.
Mid-Peninsula homes sold quicker here than anywhere else in the Bay Area, averaging just 21 DOM. This rate was 30 percent faster than what occurred in Q4 2016. Atherton once again had the highest price point for the county, likely boosted by the sale of an $18.95 million estate, but its $5.48 million average this quarter was actually down 44 percent from the previous year.
AVERAGE SALES PRICE BY CITY – THE TOP 10
The City of San Mateo saw the biggest year-over-year gains in average sales price with its $1.721 million up 25 percent. Redwood Shores followed behind with a 17 percent increase in average sales price to reach $1.926 million. To some surprise, Burlingame’s $2.12 million average was a 4 percent drop from Q4 2016.
SALES PRICE CHANGE
San Mateo County sellers who priced boldly were able to reap the rewards this quarter as homes requiring no price change sold for 10 percent over asking. Properties that came on the market priced too high experienced a 9 percent loss on final sales price versus original ask.