San Mateo County home prices remain high despite recent dip

Our very own Wilson Leung was recently featured by the San Mateo Daily Journal on the current housing market.

Corey Browning of the San Mateo Daily Journal had asked on September 2, 2021 questions about where the market is:

“Most of the buyers are people that are migrating from San Francisco from smaller condos or apartments they have,” said San Mateo Realtor® Wilson Leung, who said many buyers have or are expecting children.

But while the lending environment may be desirable, inventory levels are not.

Locally, inventory levels were down by 16% year over year in July, with just 507 homes available in the county compared with 708 in the same month last year.

“Typically inventory is highest in San Mateo County in September and October,” Leung said, who added that this year inventory will likely remain constrained, and the most recent tapering housing costs are more likely the result of fewer buyers pursuing property.

“A lot of new construction is not for sale, it’s for rent, and it’s also commercial,” Leung said. “So I would expect continued increase in value.

“Will it increase as much as we’ve seen this past year? Hard to say, but I do believe it’s an upward trajectory,” he said.

Here is the full article:

https://www.smdailyjournal.com/news/local/san-mateo-county-home-prices-remain-high-despite-recent-dip/article_ad703180-0ba0-11ec-aa9a-9b4d0dfdb7ff.html