San Mateo County Real Estate Recap – August 2020.

September 4, 2020

Another Billion Dollar Month.

2020 is a year that most people can't wait to be over. If there's a glimmer of good news to report, it's that we've got two thirds of this horrendous year in our rear view mirror and all of these viruses, wildfires, and elections will hopefully be behind us soon.

Residential real estate in San Mateo County continued its strong mid-summer run in August, taking advantage of pent up demand and the fact that almost nobody is traveling anywhere. Total sales of single-family homes and condos eclipsed the $1B mark for the second consecutive month, and the first time ever for any August on record. This is consistent with the “shift” in the calendar that we've been experiencing all year after the shelter in place halted the market back in March.

The nearly $1.1B in sales in August absolutely crushed the figure for the same month in 2019, which shouldn't come as a big surprise because July and August are not traditionally strong sales months. Note that the curve in July and August of 2020 is almost identical to the curve in May and June of 2019, which is consistent with the time warp that we're experiencing in this market.

Year to date, San Mateo County has registered about $5.8B in total residential real estate sales, which is a decrease of 7.1% from nearly $6.3B during the same period in 2019. So while sales numbers are indeed respectable given the challenging conditions, the market is still off the pace from just last year.

Prices Remain High.

The average sales price of residential real estate in San Mateo County is certainly not down from last year. Last month was the highest recorded average sales price for any August at just over $2M, which is an incredible 21% above August of 2019, and simply smashing any August on record.

The notion that the average price for ANY residential property in San Mateo County is now over $2M is simply astounding.

The Final Third.

In a traditional year with no pandemics, fires, and other assorted scourges, we would expect to have two more solid months of home sales in September and October, followed by the traditional seasonal slow-down in November and December. But like many things that have happened this year, accurate predictions are hard to come by.

Based on the inventory and continued brisk sales activity in the local market, September is looking to be another strong month in the market as buyers look to take advantage of low interest rates and a desire to find more space to shelter in place. Be sure to check in at the end of the month for the next monthly recap!

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