Riette Fallant - May 2023 Market Report | Peninsula Estates by California Concierge

May 2023 Copyright by KW Advisors 2023

Peninsula Estates area

San Mateo County

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San Mateo City

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Burlingame City

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Hillsborough City

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San Bruno City

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Daly City

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San Carlos City

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Millbrae City

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South San Francisco City

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Foster City

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Pacifica City

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What’syourhome reallyworthintoday’s market?

That's really the question you should be asking yourself.

Our market is incredibly diverse, and rapidly changing. Values vary not just by neighborhood, but by street. Your home isn't necessarily worth what your neighbors’ home is. At the end of the day, it’s the current market that sets the value of your home.

So, do you know what your home is worth in today's market?

Contact me for a confidential, no obligation assessment of your home's value.

Icanhelp...

HowHomeownersWinWhen TheyDownsize

Downsizing has long been a popular option when homeowners reach retirement age. But there are plenty of other life changes that could make downsizing worthwhile. Homeowners who have experienced a change in their lives or no longer feel like their house fits their needs may benefit from downsizing too. U.S. News explains:

“Downsizing is somewhat common among older people and retirees who no longer have children living at home. But these days, younger people are also looking to downsize to save money on housing . . .”

And when inflation has made most things significantly more expensive, saving money where you can has a lot of appeal. So, if you’re thinking about ways to budget differently, it could be worthwhile to take your home into consideration.

When you think about cutting down on your spending, odds are you think of frequent purchases, like groceries and other goods. But when you downsize your house, you often end up downsizing the bills that come with it, like your mortgage payment, energy costs, and maintenance requirements. Realtor.com shares:

“A smaller home typically means lower bills and less upkeep. Then there’s the potential windfall that comes from selling your larger home and buying something smaller.”

That windfall is thanks to your home equity. If you’ve been in your house for a while, odds are you’ve developed a considerable amount of equity. Your home equity is an asset you can use to help you buy a home that better suits your needs today.

And when you’re ready to make a move, your team of real estate experts will be your guides through every step of the process. That includes setting the right price for your house when you sell, finding the best location and size for your next home, and understanding what you can afford at today’s mortgage rate.

What This Means for You

If you’re thinking about downsizing, ask yourself these questions:

Do the original reasons I bought my current house still stand, or have my needs changed since then?

Do I really need and want the space I have right now, or could somewhere smaller be a better fit?

What are my housing expenses right now, and how much do I want to try to save by downsizing?

Once you know the answers to these questions, meet with a real estate advisor to get an answer to this one: What are my options in the market right now? A local housing market professional can walk you through how much equity you have in your house and how it positions you to win when you downsize.

Bottom Line

If you’re looking to save money, downsizing your home could be a great help toward your goal. Talk with a real estate agent about your goals in the housing market this year.

Source: Keeping Current Matters

SanMateo County

What's in the San Mateo County data?

There are 651 single-family homes for sale, providing 1.5 months of inventory. There are 331 new listings, and 193 homes sold at a median sale price of $1.9m. The median overbid percentage was 97 4%, with an average of 21 days on the market.

There are 226 condo and townhome units for sale, providing 1.6 months of inventory. There are 107 new listings, and 54 units sold at a median sale price of $857k. The median overbid percentage was 101.2%, with an average of 32 days on the market

SFH Single-Family Homes

331 New Listings

193 Sold Listings

1.5 Months of Inventory

$1.9M Median Sale Price

97.4% Median Sale vs List

21 Avg Days on Market

The data includes all single-family homes, townhome, and condominium sales in San Mateo County, San Mateo City, Burlingame City, Hillsborough City, San Bruno City, Daly City, San Carlos City, Millbrae City, South San Francisco City, Foster City, and Pacifica City sourced from Broker Metrics on May 5th. Data from sources deemed reliable may contain errors and be subject to revision. © 2023. All rights reserved. Each Office Is Independently Owned and Operated. DRE# 01906450.

107 New Listings

Townhomes

54 Sold Listings

1.6 Months of Inventory

$857K Median Sale Price

101.2% Median Sale vs List

32 Avg Days on Market

CONDO Condo &

Last

Last 12 months,

April2022 May2022 June2022 July2022August2022September2022October2022November2022December2022January2023February2023 March2023 April2023 1250 1000 750 500 250 0 April2022 May2022 June2022 July2022August2022September2022October2022November2022December2022January2023February2023 March2023 April2023 400 300 200 100 0 SanMateoCounty APRIL 2022 - APRIL 2023

Homes

Single-Family

year-over-year.

& Townhomes

12 months,

Condos

year-over-year LISTINGS FOR SALE SOLD LISTINGS

Median SalesPrice

Single-Family Homes

The median sales price has decreased from $2 4m in April 2022, to $1 9m as of April 2023

Condos

The median sales price has decreased from $1.1m in April 2022, to $857k as of April 2023.

Overbids

Single-Family Homes

The overbid percentage has decreased from 109 1% in April 2022, to 97 4% a year later

Condos & Townhomes

The overbid percentage has decreased from 107.2% in April 2022, to 101.2% a year later.

Single-Family

The average time spent on the market increased from 13 days last April 2022, to 21 days as of April 2023

Condos

The average time spent on the market increased from 18 days in April 2022, to 32 days as of April 2023

April2022May2022June2022July2022August2022September2022October2022November2022December2022January2023February2023March2023April2023 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $0 April2022May2022June2022 July2022August2022September2022October2022November2022December2022January2023February2023March2023April2023 50 40 30 20 10 0 April2022May2022June2022 July2022August2022September2022October2022November2022December2022January2023February2023March2023April2023 125% 100% 75% 50% 25% 0%

Townhomes

AVGDays OntheMarket

Townhomes

Homes

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SanMateo City

What's in the San Mateo City data?

There are 65 single-family homes for sale, providing 0.8 months of inventory. There are 41 new listings, and 22 homes sold at a median sale price of $2m. The median overbid percentage was 98 3%, with an average of 13 days on the market

There are currently 83 condo and townhome units for sale, providing 2.1 months of inventory. There are 31 new listings, and 16 units sold at a median sale price of $728k. The median overbid percentage was 98.8%, with an average of 29 days on the market.