San Mateo County Real Estate Market Update

April 2026 Report, with market data through March

Buyer Demand Continues to Strengthen

Moving deeper into spring, San Mateo County’s housing market continued to gain momentum. The narrative slide indicates that, despite negative economic effects tied to the Iran war-including rising interest rates, volatile financial markets, soaring oil and gas prices, and concerns about inflation-Bay Area real estate saw relatively little impact in March. The effects that did occur appeared to weigh more heavily on less expensive markets that are more sensitive to rate increases.

The report also suggests that some sellers may have delayed listing while waiting for greater economic clarity. Even so, there was no reaction comparable to the tariff-shock slowdown seen the prior year. As of April 8, with the ceasefire announcement, the report notes that virtually all economic indicators were turning in more positive directions.

New Listings Increased, but Supply Still Lagged Demand

The new-listings chart shows that the number of new listings in March 2026 continued to rise and was up about 4% year over year.

The chart also reinforces the usual seasonal pattern:

• New listings typically climb through spring
• Decline in mid-summer
• Rebound in September
• Fall sharply in December

Although supply is increasing seasonally, the narrative slide makes clear that listings for sale did not keep pace with buyer demand. That imbalance continues to support competitive conditions.

Sales Volume Rose Again in March

The monthly sales volume chart states that the number of sales in March 2026 continued to climb and rose about 7% year over year.

Because monthly sales mostly reflect offers accepted in the prior month, this rise points to stronger contract activity as the market moved out of the slow winter period and into spring. The narrative slide further notes that:

• Listings going into contract increased significantly month over month and year over year
• Total sales increased
• Luxury home sales also climbed significantly

This suggests broad strengthening across multiple measures of activity, with particular support at the higher end of the market.

Houses Continue to Outperform Condos

The updated value-trends chart through March 2026 continues to show a wide and persistent gap between house and condo values.

• House values remain substantially higher than condo values on a median dollar-per-square-foot basis.
• Condo values continue to lag, even as both segments show seasonal movement.
• The longer-term trend remains much stronger for houses.

This aligns with the narrative statement that house markets remained considerably stronger than condo markets, and that affluent markets continued to run hotter than less expensive ones.

Market Pressure Is Building

• The number of listings going into contract increased significantly
• Total sales rose
• Luxury home sales rose
• Available listings did not keep pace
• Absorption rate increased
• Overbidding increased
• Listings sold faster

This combination of rising demand and insufficient supply is described as potentially leading to greater price appreciation in the second quarter.

Conclusion

Based on these images alone, San Mateo County entered April 2026 with a market that was continuing to strengthen despite macroeconomic disruptions. March saw more listings come to market and more sales close, but supply still lagged buyer demand. As a result, competition intensified, overbidding increased, homes sold faster, and the market appeared poised for additional price pressure moving further into spring.

The data also shows a familiar divide: houses continue to perform much better than condos, and affluent market segments remain the most resilient and competitive. Even with recent geopolitical and inflation-related concerns, the overall direction shown in these slides is one of ongoing market acceleration rather than retreat.