The Mid-Peninsula’s average sales price reached $1.924 million this quarter, setting a new 10-year record high for the area. San Mateo County’s average price point rose 23 percent from the previous year, 8 percent from the previous quarter, and 7 percent from the previous record of $1.797 million set in Q2 2017. The Mid-Peninsula had a total of 769 homes sold this quarter. While this figure was an 8 percent increase from Q1 2017 it also resulted in a 32 percent drop from Q4 2017.
San Mateo County saw faster turn-around times this quarter than it has in a while. Homes sold on average after just 19 DOM, moving along 26 percent faster than the year before, and 10 percent quicker than Q4 2017. The $1-2 million price category accounted for 55 percent of all homes sold in the Mid-Peninsula for Q1 2018.
AVERAGE SALES PRICE BY CITY – THE TOP 10 Atherton topped the list with an average sales price of $7.73 million in Q1, a 34 percent jump year-over-year. Hillsborough posted a $6.199 million average sales price, up 38 percent over the $4.482 million in Q1 2017.
SALES PRICE CHANGE
Properties that required no price change netted 13 percent on top of the initial asking price. Alternatively, price reductions were felt the hardest in the Mid-Peninsula, selling for 13 percent under the original list price.