Foster City, San Mateo, Redwood City, and San Carlos Real Estate Markets Snapshot for February 3rd, 2017
Focusing on the cities of Foster City, San Mateo, Redwood City, and San Carlos real estate markets
The pattern of declining inventory that started in 2012’s Mid Silicon Valley real estate market is continuing at the start of 2017. There was a slight bump in the homes listed for sale in 2016, but that doesn’t show up in January.
Total number of homes for sale in
Foster City, San Mateo, Redwood City, and San Carlos real estate markets
And we’re seeing what you’d expect with lower housing inventory: multiple offers; not double digits in most cases but we are seeing the strain of having low inventory. According to California Association of Realtors economist Leslie Appleton-Young, that shortage is going to ease somewhat for the state real estate market. In the meantime, it’s certainly making it difficult for home buyers out in the Foster City, San Mateo, Redwood City, and San Carlos real estate markets today.
It isn’t just the price of housing that is expected to increase. Interest rates are expected to increase and will create more of an affordability issue. San Mateo County is at the bottom of the affordability level, only second to San Francisco County.
The low inventory is much more apparent when you break the numbers down by city. The decline in the number of homes for sale since 2011 is significant.
So why aren’t Mid Silicon Valley home owners moving?
Other reasons for the housing shortage:
Although houses like 22 Parrott Court, San Mateo and 611 Hillcrest, Redwood City are looking at half a dozen or more offers today, there are still a few homes on the market from the holidays – not many. Several have gone under contract and then popped back on the market. There have been price reductions as well.
In past articles I’ve talked about the fact that there may not be anything wrong with these houses. They’re definitely worth looking into. You might find a seller willing to negotiate.
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