What stands out in Millbrae real estate? The average size of houses sold in Millbrae has changed surprisingly little during the last 25 years. However, the third quarter of 2023, as of August 18, is showing a sharp spike upward in the average size.
This spike seems to be more than just normal variability in an average. Eight cities in San Mateo County show a similar spike. The county average has been affected.
The eight cities in San Mateo County are Foster City, Menlo Park, Millbrae, Pacifica, Portola Valley, San Carlos, San Mateo, and Woodside. Palo Alto, at the border of San Mateo County, shows a similar spike.
With no recent significant economic changes nor changes in government policies, the fact that the affected cities are closer to San Francisco than other Silicon Valley cities seems to be the only common thing. Historically, San Mateo County was dominated by San Francisco newspapers, while Santa Clara County was dominated by San Jose newspapers. Perhaps the constant negative news surrounding San Francisco is making San Mateo residents reconsider where they want to spend their future. Homeowners whose children are no longer at home and those approaching retirement may have decided to sell. Price per sq. ft. has not climbed, so it does not appear that increasing demand from buyers is what is behind the change.
