2016 Continues to Impress
Early 2016 market reports are indicating another impressive real estate year. Is it the tech boom or the housing supply – who knows – we think it is a little bit of both! According to a recent report from Realtor.com, which determines the top 20 most in-demand housing markets in the nations, San Francisco metro area ranked No. 1 and San Jose scored the No. 2 spot. What does that mean for those of us sandwiched in the middle? We think 2016 will likely be a similar story of high demand, low inventory and lots of action.
In San Mateo County, according to MLS, the median home price for a single family home over the $1 million mark is $2,225,000. For homes single family homes under $1 million, a median price was listed at $810,000. With the national average of homes being on the market for an average of 100 days, in our target cities (San Carlos, Belmont, Redwood City, San Mateo and Burlingame) the average days on market is closer to 10! Week after week, realtors and buyers are praying for inventory yet few homes trickle onto the market only to be snatched up within the first one to two weeks.
We have been lucky enough to be able to represent both a buyer and seller in the month of January with both properties being in San Carlos.
Our lucky buyer purchased an amazing home on Alma in San Carlos in a multiple offer situation. Our sellers on Wildwood had 10 offers to choose from in just eight days and sold for significantly over asking... with the list price being $2,249,000. What we are seeing is a huge demand, especially in the $2m+ range. We are also fortunate to have three new listings coming on the market in the next few weeks. Two larger homes in San Carlos and a condo in Redwood Shores. Please let us know if you or anyone you know are looking so we can do our best to help!
So while we anticipate a very lively Spring, we are keeping busy with all the action happening in the Mid-Peninsula right now. We continue to battle with a lower stock of inventory than we have buyers. However, those buyers continue to ratchet up the sold prices of homes as they are bidding amongst multiple other hopefuls.
With a stock market that looks like it could give us a few bumps in our otherwise pretty stable road, we might begin to see people making the decision to sell. That will help us keep our buyers happy!
Let’s see what February might bring!