Dramatic Rebound for San Mateo County Real Estate Market
Median house price hits new quarterly high. 
July 2020 Report 
Despite the ongoing health and economic crisis precipitated by COVID-19, the real estate market made a dramatic recovery from the steep declines in March and April. The median house sales price hit a new high in Q2, and high-end homes, in particular, have seen extremely strong demand – in fact, this applies to virtually every market in the Bay Area. More affluent buyers – the demographic least affected by COVID-19, unemployment, and also having the greatest financial resources – have been jumping back into the market to a greater degree than other segments. 
The first chart below illustrates the big rebound in buyer demand, as the number of listings accepting offers in June 2020 rose higher on a year-over-year basis. Of course, closed-sales volume – a lagging indicator – was hammered in Q2 by shelter in place. 
Demand for luxury homes has been very high, as reflected in the next 2 charts.
This has certainly been one factor in the rise in the median house sales price in Q2. 
The number of active listings on the market has also bounced back,
and is now slightly above the level seen last year. 
Three angles on San Mateo County house values: quarterly median sales price and average dollar per square foot values,
and a longer-term perspective. 
Around the Bay Area, condo markets have not performed quite as well as house markets,
in either market demand or median sales price trends.
Average days on market were the same on a year-over-year basis (and relatively low).
Overbidding asking price has become less common. Part of this is due to changes in home showing rules,
which make multiple offers less likely. 
Below is a breakdown of home sales by city and bedroom count.  
The Bay Area markets with the largest year-over-year increases in the number of listings accepting offers in June 2020 were the 4 outer Bay Area counties of Monterey (up 61%), Santa Cruz (58%), Sonoma (47%) and Napa (37%). They also have among the lowest population densities in the Bay Area. The more urban counties saw more modest y-o-y increases: San Francisco (6%) and Alameda (7%). San Mateo County was between those 2 poles. 

Source: Compass

It is impossible to know how median and average value statistics apply to any particular home without a specific comparative market analysis. These analyses were made in good faith with data from sources deemed reliable, but may contain errors and are subject to revision. It is not our intent to convince you of a particular position, but to attempt to provide straightforward data and analysis, so you can make your own informed decisions. Median and average statistics are enormous generalities: There are hundreds of different markets in San Francisco and the Bay Area, each with its own unique dynamics. Median prices and average dollar per square foot values can be and often are affected by other factors besides changes in fair market value. Longer term trends are much more meaningful than short-term.

Compass is a real estate broker licensed by the State of California, DRE 01527235. Equal Housing Opportunity. This report has been prepared solely for information purposes. The information herein is based on or derived from information generally available to the public and/or from sources believed to be reliable. No representation or warranty can be given with respect to the accuracy or completeness of the information. Compass disclaims any and all liability relating to this report, including without limitation any express or implied representations or warranties for statements contained in, and omissions from, the report. Nothing contained herein is intended to be or should be read as any regulatory, legal, tax, accounting or other advice and Compass does not provide such advice. All opinions are subject to change without notice. Compass makes no representation regarding the accuracy of any statements regarding any references to the laws, statutes or regulations of any state are those of the author(s). Past performance is no guarantee of future results.