Our own backyard…
SF Peninsula — All the agents are chasing too few properties with too many buyers, our Burlingame manager reports. All-cash is the word of the day, and contingent free offers. Recently, a buyer’s offer came in two hours after listing and sight unseen on the property! Easter Sunday opens were generally very busy. There is a sense among sellers that with the coming IPO’s, their values are going to go way up and this may be the reason for the tight inventory in some areas. The inventory is getting a bit thin in Hillsborough and the buyers are out there. Over $3 million is still a bit slow but $1.5-2.5 million is competitive with Burlingame, San Mateo Park, and the upper end of Millbrae and San Carlos. That makes Hillsborough very attractive at the entry level. Over the hills, our Half Moon Bay manager says the coast is starting to experience multiple offers on all price ranges – inventory is low. The market is still frenetic, especially for $1 to 2.5 homes in good areas, according to our Menlo Park manager. The Palo Alto market remains strong with most sales multiple offers. There have been some “off market” sales in Portola Valley and Woodside. Our Redwood City manager laments the lack of inventory, especially in San Carlos. Agents are farming to try to get new listings as there still are a lot of buyers on the mid-Peninsula in all price ranges. Our San Mateo Downtown manager says almost every offer has been a multiple offer. No inventory, demand side outweighs the supply side. Appraisers cannot keep up with the rising prices. Home stagers are extremely busy and our San Mateo-El Camino manager anticipates some increased listing inventory. In the local market the active listing inventory is down 38% from last year at this time. March ratified sales are down nearly 8%. March closed escrows up 38%.