The price of any item is determined by the supply of that item, as well as the market demand. The National Association of REALTORS (NAR) surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions” for the REALTORS Confidence Index.
The latest edition sheds some light on the relationship between Seller Traffic (supply) and Buyer Traffic (demand) based on the opinion of those working the markets every day.
The map below was created after asking realtors the question: “How would you rate buyer traffic in your area?”
The darker the blue, the stronger the demand for homes in that area. Only six states had a weak demand level.
Keep in mind, this is a nationwide survey. They’re breaking the info down by state, not by county, market or neighborhood. California has hundreds of markets all going at different paces. If this was focused on the San Mateo home sales market, Mid Silicon Valley would be – forget about dark blue – it would be black!
The Index also asked realtors: “How would you rate seller traffic in your area?”
As you can see from the map below, the majority of the country has weak Seller Traffic, meaning there are far fewer homes on the market than what is needed to satisfy the buyers who are out looking for their dream homes.
Looking at the maps above, it is not hard to see why prices are appreciating in many areas of the country. Until the supply of homes for sale starts to meet the buyer demand, prices will continue to increase. The fewer the houses, the faster the increase. If you are debating listing your home for sale, let’s get together to help you capitalize on the demand in the market now!
Let’s get specific to San Mateo homes for sale
|Street No||Street Name||List Price||Days on Market||San Mateo Neighborhood|
|235||Kingston||$1,299,999||58||North Shoreview / Dore Cavanaugh|
|1632||York||$948,000||1||North Shoreview / Dore Cavanaugh|
|818||Idaho||$1,498,000||18||Bowie Estate Etc.|
|908||Humboldt||$1,275,000||39||Bowie Estate Etc.|
|631||Harrow||$1,238,000||12||19th Avenue Park / Sunnybrae|
|402||Poinsetia||$1,383,000||5||San Mateo Village/Glendale Village|
|69||Poinsettia||$998,000||11||San Mateo Village/Glendale Village|
|152||Sylvan||$1,098,000||4||Park Western Subdivision/Hillsdale|
|312||Portola||$1,895,000||55||Beresford Manor Etc.|
|1952||Timberlane||$1,750,000||102||Baywood Park Etc.|
Today, there are 18 homes for sale in all of San Mateo.
There are 27 homes under contract.
Those numbers are telling us that there are not enough homes for sale to satisfy the buyers out there in the San Mateo home sales market: There are more under contract than are available for sale. It’s not a huge difference unless you’re a buyer trying to purchase a home.
If you follow our guidelines in preparing your San Mateo home for sale, there’s no need to wait until Spring when everyone else is going to sell their house. There will be more inventory and more competition for you.
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