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San Mateo 2026 September Market Update

County and Submarket Guidance Data quality: San Mateo closed 327 single-family and 73 condo sales in August. Single-family data are robust. Condo data (73 closings) are reliable for county-level trends but subject to mix variance across the peninsula's diverse communities. Synchronized tightening: San Mateo's single-family and condo markets both tightened: active inventory down 16% YoY despite 3% increase in new listings. Absorption improved 6 points to 75% for single-family; months of supply fell to 1.3. Days-on-market fell from 30 to 25. Single-family strength: Sales rose 4% YoY to 327. The median rose 5% to $2M, and 61% of sales closed above list, up 9 points YoY. This is a competitive market with limited inventory driving prices and overbid percentages higher. Condo volatility: Condo sales fell 1% YoY to 73. The median held flat at $820K, but individual city metrics vary sharply. Days-on-market improved from 80 to 54—a meaningful improvement. Condo contracts fell 22%, but absorption improved because inventory contracted faster than sales fell. Geographic split: San Mateo spans wealthy mid-peninsula (Atherton, Palo Alto, Los Altos Hills), suburban peninsula (Redwood City, San Mateo proper), and coastal towns (Half Moon Bay). Aggregate medians obscure this structure. Guidance: San Mateo's overall pattern—tightening inventory, rising single-family prices, faster sales—mirrors coastal Bay Area trends. Use city-level data to understand the peninsula's distinct price tiers.