Agents are walking all over the office asking, “Do you have any listings coming up?” We’re running into the same situation as we have for the past several years – except it’s worse: No houses to sell.
The number of listings for January Mid Silicon Valley is down to 82 from 95 last year. It wouldn’t matter as much if it was down 13 new listings from 195. But a difference of 13 at this rate is awful.
According to the economist for the California Association of Realtors, she’s expecting more inventory this year than last. I hope she’s right. 22 Parrott Court in San Mateo had 13 offers. So now, 12 buyers are back on the hunt for a house.
Look at the number of sales: Down significantly compared to 2016. Buyers – and realtors – are in for a stressful year if this doesn’t ease up.
The Super Bowl typically marks the start of the Spring selling season – at least that’s what we tell ourselves. We really get going March/April. We should see more houses come up for sale in Mid Silicon Valley; I’m doubtful it will be enough to satisfy the demand.
When houses in San Carlos’ White Oaks neighborhood hit $1 mil we shook our heads in amazement. Don’t look now, they’re $2 million.
The Chinese cash buyers have declined because government restrictions on getting money out of the country have tightened. So that’s taken some buyers out of the market. And interest rates are expected to increase. That rate increase will knock some home buyers out of the market. Because the houses are so ridiculously expensive even a small increase will kill it for a lot of people.
The majority of the houses in Mid Silicon Valley are selling for between $1.2 million and 1.6. If Punxsutawney Phil was a home buyer he’d bury his head in frustration and never come out to see the light of day. Ever.
I help home buyers and sellers in Mid Silicon Valley focusing on the cities of Foster City Homes and Condos For Sale, Redwood City Homes and Condos For Sale, Redwood Shores Homes and Condos For Sale, San Carlos Homes and Condos For Sale, San Mateo Homes and Condos For Sale.
As always, if you have any specific questions about the market or if you need help buying and/or selling real estate in the Mid Silicon Valley area, let us know; we would love to hear from you. If you’re interested in buying a home, put on your shoulder pads and helmet and get out there.