San Mateo CA Market Update

San Mateo is the largest of our local cities and has four zip codes that Altos Research follows. For the sake of simplicity I am focusing on their combined report but I'll talk about each zip a little bit as I go along. San Mateo like the other cities I've written about this week is a Cool Buyer's Market but there are two exceptions, 94401 and 94404, both Cold Buyer's. This is the first time we have seen anything at the cold buyers level.

The median price for the entire city is $784,444. Almost half of the houses on the market have seen price reductions and the average days on the market is 59. As we look at each zip code in San Mateo we begin to see a different picture.

94401 has a median price of $667,994 and 54% of the homes on the market have seen price reductions. Altos tells us it is a Cold Buyer's Market with homes on the market an average of 73 days.

94402 has a median price of $969,000, the average days on the market is 39 and 40% of the homes listed in the zip code have seen price reductions. It is a Cool Buyer's Market.

94403 has a median price of $799,500 and 36% of the homes on the market have seen price reductions. The average days on market at 62. It, too, is a Cool Buyer's Market.

Last is 94404, the shared zip with Foster City, but this part of San Mateo has nothing to compare with San Mateo. The median price last week was $780,000, with 28 days average on the market and is a Cold Buyer's Market, too.

So what does this all mean? The Market Action Index has been trending down lately, while inventory is climbing. These trends imply a weakening market.

Prices have eased down a bit and Altos Research believes that there will be a persistent down-shift in the market Action Index before we see prices deviate from these levels. Local conditions are currently quite strong in the Buyer's Market zone - below 30. The 90-day Market Action Index stands at 20 over all for the city, 14 for zip 94401, 22 for zip 94402, 20 for 94403, and 7 for 94404.

What this all means is that we have a good inventory of homes for qualified buyers, there's money to lend and it's a good time to buy a home for your family or yourself. Will the market continue dropping? Who knows. If it does it does, but if it doesn't and you haven't jumped in to buy your home you will regret it. We are here to help you, just ask.