The Bay Area housing supply is down from the previous years!
In San Mateo County, home inventories remain low and supply is tight as of March 2016, the total number of properties including single family homes, condos and townhouse for sale in March 2016 was down to 1,058 from 1,145 in March 2015, and 1,545 in March 2014. The number of properties went under contract in March 2016 was 539, down from 581 in 2015 and 612 in 2014. The number of properties sold in March 2016 was 408, down from 479 in March 2015 and 480 in March 2014.
In San Mateo county, single family home average sales price in March 2016 was $2,450,996 , up from $2,189,539 in March 2015 and up from $1,989,819 in March 2014. The total number of single family homes for sale was 818 units in March 2016, down from 896 units in March 2015 , down from 1,215 in March 2014. The total number of single family homes went under contract with a average sales price of $1,782,360 in March 2016, up from $1,555,474 in March 2015 and up from $1,458,642 in March 2014. The average home sold price per sq ft was $865 in March 2016, up from $785 per sq ft in March 2015 and $700 per sq ft in March 2014.
If you are thinking of selling your home, now is the time to capitalize on current market conditions. If you are thinking of buying a home, it is time to find out the best way to approach today’s market. Please contact Henry Chu so that he can put his winning strategies to work for you!