Welcome back to the monthly market update from the Polyak Real Estate Group! Now that December stats have been released we were able to take a look at 2016 as a whole, and the market largely met expectation. I believed that home values would take a slight dip but largely remain stable and that is precisely what happened. In 2016, homes in San Mateo County were on the market for an average of 27 days, compared to an average of 24 days in 2015. Despite the slowdown, we are still clearly in a hot market, as 27 days handily beats the national average of 89 days.
If you take a look at the data tables below, you may notice that the median sale price in 2016 was actually higher than 2015, $1.3 million to $1.25 million. What is important to notice, however, is that houses on average sold for 8% over asking price in 2015, compared to 5% in 2016. This goes to show that price by itself isn’t a foolproof indicator of market strength and that a price increase doesn’t necessarily correlate to market growth. But these counter balances do serve to further prove the overall stability of the market.
All of this is to say that if you are ready to buy or sell right now, you should expect the values of property to remain stable throughout 2017. While seasonal trends should always be taken into account (slightly higher sale prices in summer, lower in winter), don’t expect huge deviations from the recent norm in 2017. Should you have any questions or want to discuss market trends further, don’t hesitate to reach out!