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San Mateo County Real Estate Market Update – October 2018

October 18 2018
October 18 2018

The market data is starting to reflect what we’ve been seeing over the past several months. Rising interest rates combined with buyers sensing a market shift has caused inventory levels to shoot up by 50% over last month. The number of new listings to come on the market last month hit a three-year high, while the number of sales is meaningfully lower. With the Fed widely expected to raise interest rates again before the end of the year, buyers are seeing their buying power go down.

It’s not all bad news out there. More strong economic news came from the Federal Reserve Bank’s September Beige Book economic report which shows continuing strong job and wage growth in the San Francisco region. It notes that the real estate market activity has continued to expand, in spite of higher interest rates, and the low inventory coupled with strong demand has pushed prices and rents higher.

The important thing to keep the complete picture in mind. Yes, demand is softening. Inventory and interest rates are rising. However, prices of both single family homes and condos are continuing to rise. They’re just rising at gradually reducing rates. Buyers looking to time the market may not be successful.

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