Current Market Buzz
Many folks have reached out to us wondering what the Real Estate market has been up to during SIP. The great news is things are selling, the real estate market is stable and we are here to answer any questions and guide you through these times.
Since Shelter in Place on 3/16/20, over 150 properties (this includes single family homes, townhouses, and condos) have sold or went pending in San Mateo County. While these numbers are significantly down from last year, these numbers show a strong market considering the restrictions that are placed on real estate right now. The number one factor that is driving the lower number of real estate transactions is not driven by the economy or uncertainty of the future like you may have thought. The reason our numbers are significantly lower is that currently, we are only allowed to market and sell vacant homes with significant restrictions and guidelines to follow.
That being said, Dwell Realtors Inc., which has about 20 active agents, is successfully putting between 3-5 homes in contract each week since SIP was put in place. Our team's productivity in particular has been tracking to about 1 transaction per week which we are very proud of. We have also seen a surge in activity via phone calls and emails from past and future clients who have realized that with SIP their needs for a home have changed. Our data suggests that we will see a strong buyer demand for larger homes with dedicated home offices and more outdoor space especially.
You may be wondering how we are able to put transactions together while following the health and safety guidelines dictated by our county and state. First and foremost, we are being extremely cautious and the safety of our clients and families is our number one priority. The guidelines (at least for this week) allow for us to show homes that are vacant to pre-approved buyers who have an essential need to buy or sell during this time. But before we even get to that step, we are fortunate to have the technology in place to allowing our clients to virtually walk through homes and outdoor spaces before deciding if it is worth going to out see a home in person. We also have flipped the process where we do all our due diligence on a home (such as reviewing property and pest inspections) in advance. This way if we feel with an extremely high level of confidence that a particular house is a match with a buyer before we even make take the leap to show it in person.
As with all businesses, as rules and regulations change, we are adapting and evolving our plans and strategies. We have our fingers on the pulse of the market and would be happy to answer any questions you may have. Please feel free to reach out to us at any time. We would love to hear from you.
Here are some of the homes we have put in contract since SIP:
1481 Crestview Dr, San Carlos
4 bed | 2.5 bath | 2950 home | 10,048 lot
Sales price $2,800,000
1840 Robin Whipple Way, Belmont
2 bed | 2 bath | 1390 home | 5500 lot
Sales price $1,762,500
1029 Paloma Ave, Burlingame
4 bed | 5 bath | 2877 home | 5750 lot
Sales price $3,260,000
744 Crompton Rd, Redwood City
3 bed | 2 bath | 1850 home | 9000 lot
Pending
700 Best Ct, San Carlos
4 bed | 3.5 bath | 4040 home | 12,721 lot
Pending
Here are some homes that are active listings or coming soon:
33 Iris St, Redwood City
5 bed | 5 bath | 4682 home | 9100 lot
Offered at $4,350,000
Cedar St, San Carlos
2 bed | 2 bath |1180 home | 4800 lot
Expected list price $1,600,000
Humboldt St, San Mateo
1 bed | 1 bath | 693 home
Expected list price $675,000
Park Ave, San Carlos
4 bed | 3 bath | 2400 home | 6600 lot
Expected list price $2,850,000
Hudson, Redwood City
4 bed | 3 bath | 3246 home | 6500 lot
Expected list price $3,000,000
Oakview Dr, San Carlos
3 bed | 2 bath | 1680 home | 5700 lot
Expected list price $1,775,000
Eucalyptus, San Carlos
4 bed | 3.5 bath | 2826 home | 5000 lot
Expected list price $3,100,000