The San Mateo County real estate market ended the year with sale prices for single-family homes (SFR) up, and condos/townhouses down, +9.2% and -2.9% respectively. This isn’t unexpected. When real estate markets shift or face uncertainty, condos and townhouses will lose their value faster, and recover slower, than single-family homes.
Demand is still very strong, with SFR inventory down 20% from last year’s already low levels. Condo/townhouse inventory is up 39%, but still objectively quite low. The length of time it takes to sell a single-family home is unchanged compared with last year. For SFR, days on market remain extremely short at just 13 days, 29 days for condos/townhouses.
Like many parts of the country, sales were very strong for both property types, up 26% for single-family homes and 18% for condos/townhouses.
With vaccinations starting to make their way into our communities, it remains to be seen if interest in more dense housing (condos and townhouses) picks up. Low-interest rates continue to fuel our strong market.
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