The San Mateo County home sale activity shows a year over year decline in home sale activity between May 2022 and May 2023. 

The comparison sheds light on the changes in new inventory, sold properties, average days on the market (DOM), average sale price, median sale price, the median price per square foot, percentage of list price received, sale volume, average home square footage, average lot square footage, and months of inventory.

• New Inventory: In May 2023, there was a significant decrease of 22% in new inventory compared to May 2022. This decline indicates a decrease in newly listed properties during the period.
• Inventory: The overall inventory available for sale also experienced a decline of 14% from May 2022 to May 2023. This decrease suggests fewer properties on the market during the latter period.
• Sold Properties: The number of properties sold in May 2023 decreased by 38% compared to May 2022. This substantial decline indicates decreased buyer activity in the market and suggests a potentially slower sales cycle during the later period.
• Average DOM: The average number of days on the market increased by 26% in May 2023 compared to May 2022. This rise suggests that properties took longer to sell during the later period, indicating a decrease in buyer demand and a continued detachment from reality for sellers pricing their homes.
• Median Sale Price: The median sale price experienced a decrease of 10% from May 2022 to May 2023.
• Average Home Square Footage: The average home size, measured in square feet, experienced only a minor decrease of 2% from May 2022 to May 2023. While the homes sold were 2% smaller in 2023,  they were down10% in value, which could be interpreted that home values are down 8% YOY. 
• Median Price per Square Foot: The median price per square foot decreased by 14% in May 2023 compared to May 2022. 
• Percentage of List Price Received: Sellers received 9% less of their asking price in May 2023 compared to May 2022, as indicated by a 9% decrease in the percentage of list price received. This decline suggests a potentially more negotiable market, with buyers having more leverage this year over last.
• Sale Volume: The total sale volume in May 2023 decreased significantly by 63% compared to May 2022. This decrease reflects a substantial reduction in the total value of properties sold during the later period.
• Average Lot Square Footage: May 2023 saw a considerable decrease of 33% in the average lot size compared to May 2022. This decline suggests a potential shift towards smaller lots or an increase in properties with smaller land parcels during the latter period.
• Months of Inventory: The months of inventory, which indicates how long it would take to sell all available properties at the current sales pace, increased by 27% from May 2022 to May 2023. This suggests a shift towards a more balanced or potentially buyer-favored market with a higher supply of properties relative to demand during the later period.

In summary, the housing market in May 2023 exhibited several notable differences compared to May 2022. New inventory, sold properties, average sale price, median sale price, median price per square foot, and sale volume decreased. With fewer homes being listed and fewer selling, the market remains more balanced than in recent memory.

The average days on the market increased, suggesting a potentially slower sales cycle. Additionally, the months of inventory increased, indicating a shift towards a more balanced market with higher supply relative to demand.

It is essential to note that the provided statistics are specific to the given timeframe and location. Further analysis and consideration of additional factors are necessary to understand the local housing marke dynamics comprehensively.

For example, when we comnpare month over month, sales and prices have picked up in 2023, just still not high as they were during the same period in 2022, as the Case-Shiller MSA report for the Bay Area illustrates.

If this trajectorty continues, we expect by October 2023, YOY homes values will be higher than in 2022.

Please feel free to reach out if you have any questions or need more information.

Drew & Christine Morgan are REALTORS/NOTARY PUBLIC in Belmont, CA. with more than 30 years of experience helping sellers and buyers in their community. As Diamond recipients, Drew and Christine ranked in the top 50 RE/MAX agents nationwide and the top 3 in Northern California.  They may be reached at (650) 508.1441 or emailed at info@morganhomes.com.

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The information contained in this article is educational and intended for informational purposes only. It does not constitute real estate, tax, insurance or legal advice or substitute for advice specific to your situation. Always consult an appropriate professional familiar with your scenario.