Foster City, San Mateo, Redwood City, and San Carlos Real Estate Markets Snapshot for February 3rd, 2017

Vicki Moore
Published on February 3, 2017

Foster City, San Mateo, Redwood City, and San Carlos Real Estate Markets Snapshot for February 3rd, 2017

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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

:

2011 2012 2013 2014 2015 2016 2017
Jan 431 310 141 94 79 80 61
Feb 476 278 152 131 100 111
March 478 273 147 133 106 116
April 500 273 183 154 127 159
May 532 274 196 175 113 164
June 517 262 186 191 132 182
July 492 267 190 146 146 179
Aug 470 269 176 138 160 158
Sept 474 236 180 168 169 173
Oct 487 251 165 130 140 155
Nov 423 212 107 83 104 84
Dec 328 148 73 58 57 46
Yr Totals 5608 3053 1896 1601 1433 1607

 

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.

Sales down for 2016 but improve in 2017

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.

 

housing affordability in California by 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.

 

January 2011 2012 2013 2014 2015 2016 2017
Foster City 19 18 7 4 4 6 6
Redwood City 178 124 66 44 30 33 26
San Carlos 56 37 17 11 9 9 8
San Mateo 171 131 51 35 36 29 21

 

So why aren’t Mid Silicon Valley home owners moving?

Baby boomers not moving because

Other reasons for the housing shortage:

 

more single family units are now rentals

California in need of more housing constructions

Holiday leftovers

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.

 


vicki-moore-realtor-150x150Thanks for taking the time to read this article. Feel free to leave a comment in the message box below, or to share this article on social media with someone who might benefit from it. I appreciate your time and am always open to questions, suggestions and ideas from our readers. Feel free to contact me by phone at 650-888-9268 or anytime at vicki@callvicki.com

 

I help home buyers and sellers in Mid Silicon Valley focusing on the cities of  Foster City Homes and Condos For SaleRedwood City Homes and Condos For SaleRedwood Shores Homes and Condos For SaleSan Carlos Homes and Condos For SaleSan Mateo Homes and Condos For Sale.

If there’s anything I can do to help you, please let me know.

Thank you, talk soon!
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