Our San Mateo market has undergone a rebalancing act this fall, but buyers and sellers shouldn’t be discouraged.
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Since fall began, our San Mateo County market has undergone a slight rebalancing. What do the latest numbers tell us specifically, though?
Overall, the average days on market for listed homes has increased, and as a result, so has inventory. From January to August, the average days on market for all sold single-family homes was 16 days. Since September, the average for active listings on the market has been 39 days. For pending homes that have contingencies, the average is 41 days. For pending homes without contingencies, the average is 27 days.
These are significant statistics. As you can see, homes are staying on the market longer, and while this is a change of pace compared to the past few years, it’s actually a return to a more normalized buying cycle. The past few years have been stressful for buyers, but now they have more homes to pick from and are facing less competition from other buyers.
In the end, buyers and sellers will complete their respective transactions together.
We’re also seeing a change in the way sellers are pricing their homes. Since homes aren’t being overbid as much as they’ve been in the past, sellers are pricing them closer to their comparable value.
If you’re a seller, you shouldn’t be discouraged if your home sits on the market a bit longer. As interest rates have increased, buyers are more cautious—they want to make sure any house they’re interested in is within their budget and fits their needs. This takes time, but it doesn’t discourage them from buying. In the end, buyers and sellers will complete their respective transactions together.
If you have any more questions about our market or you’re thinking of buying or selling a home in San Mateo County, feel free to get in touch with us. We’d be glad to help you.