San Mateo real estate has reached a major milestone. The Property Assessment Roll has increased by 7.9% or $15 billion year-over-year, hitting an all-time high of $206 billion in mid-2017.
The Property Assessment Roll reflects the value of all San Mateo properties as of January 1st each year. It shows new construction, decreases in property value, restoration of the previous year’s values, and changes in property ownership.
With the housing market breaking past the $200 billion mark in assessed value, San Mateo as a premier location in the Bay Area has only been solidified.
Several factors have contributed to soaring property values. These include:
- Business expansion
- Job growth
- New construction
- Increasing real estate prices
San Mateo’s Property Assessment Roll for 2017-18 shows consistent growth across the county – in 20 cities and unincorporated areas, total assessed values increased by as much as 19.75%.
The following cities have taken the lead in percentage growth:
- East Palo Alto – 19.75%
- Menlo Park – 10.52%
- San Carlos – 9.13%
- Redwood City – 8.52%
- Foster City – 8.43%
East Palo Alto’s remarkable growth has been driven largely by new projects entering the market, such as the Woodland Park project transfer. The project features 101 buildings on a 49-acre parcel.
Menlo Park and nearby cities have seen a growing a trend of older houses being purchased to be rehabilitated or demolished and replaced with new construction. This practice has helped push home values up. Robust local employment has also increased the demand for housing.
Unincorporated areas, including the San Francisco International Airport (SFO), saw a 9.46% growth rate.
San Mateo real estate
The housing market consists primarily of single-family homes and condos. Homes stay just 11 days on the market, on average, before getting snapped up. Median home prices climbed 12.8% this year, a testament to the county’s desirability.
While housing inventory is expected to rise nationwide next year, San Mateo and other Bay Area markets might be the exception – which means it will continue to be a tight market, with sellers having the upper hand.
Realtor.com also projects a 0.94% sales increase and a 5.14% price growth in the San Francisco Metropolitan Area for 2018.
Atherton in San Mateo has been hailed by Forbes.com as “The Most Expensive Zip Code in the United States” boasting some of the most coveted luxury properties in the Bay Area. The unincorporated town counts some of Silicon Valley’s most esteemed personalities among its residents.
San Mateo’s finest attractions
- Burlingame Avenue – with its prestigious shops, restaurants and farmer’s market.
- Sugarloaf Nature Area – This dog-friendly park commands views of the San Mateo Bridge and San Francisco.
- La Honda Creek Open Space Preserve – Here you’ll find six miles of hiking and horseback riding trails. It’s also home to deer, bobcats, and other wildlife.
- Coyote Point Park – This park is known for its science center and the Magic Mountain Playground. Brisk walking, jogging, and wind and kite surfing are just some of the activities to enjoy here.
- Filoli Gardens – The gardens at this old estate are open to the public for a nominal fee. Drop by and admire the vivid blooms.
- Foster City Lagoon – This water sports facility offers equipment rental.
- Old Downtown San Mateo – You’ll find an array of shopping and dining options in Old Downtown. Other retail hotspots in the county include El Camino Real and Crystal Springs Shopping Center.
- Sawyer Trail – For the athlete in all of us, this is a great location for the running enthusiast.
Take advantage of San Mateo’s bright real estate prospects. Call Richard Sarro at 415-680-5042 for more information.