San Mateo County Real Estate Recap – September 2020.
October 6, 2020
A Record Month.
San Mateo County set an all time record for residential real estate volume in September — not just for a September, but for ANY month on record. $1.116B of residential real estate traded hands in the County in September, narrowly eclipsing the previous record that was set just two months ago. It also represents the third consecutive month of sales in excess of $1B for the County as the housing market scrambles to catch up with the pent up demand from the COVID-19 pandemic and resulting shutdown.
September of 2020 also marks the month when 2020 actually caught up with the sales figures posted in 2019. The shelter in place earlier this year had a crippling effect on the local real estate market, as homes could barely be sold for nearly 2 months. Consequently, the overall sales volume in the County fell far behind last year's number — until this month. $6.929B of real estate has sold in the County through September of 2020, finally surpassing last year's figure of $6.893B for the same period.
Home Prices Remain High.
The average price of a single-family home or condo in San Mateo County remained very high again in the month of September, although it is slightly down from August. Still, the average price for any residential unit in San Mateo County is still hovering at an unbelievable $2,000,000 – probably far out of the reach of many buyers.
Rock-bottom mortgage interest rates, a surprisingly resilient stock market, and a suddenly transitional population can be thanked for the impressive sales figures and stubbornly high prices in San Mateo County. And the show doesn't end here — expect that similarly strong numbers will be posted again in about 30 days when we recap the month of October, which is already off to a roaring start.
3/4 of this crazy year is now in the books, but with the Presidential election just a month away, and the holidays right behind that, don't think for a second that the drama is over. We're just starting a new chapter!