SF Peninsula

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SF Peninsula — If only we had more inventory. That is the word of the day in every price point and in every price range.  This even includes condos. Easton Addition in Burlingame, ever popular, is seeing some new inventory, beautifully prepared coming on the market. The price point in many cases is $2.2-3 million, which rivals Hillsborough.  Multiple offers continue to be the norm. Buyers are coming in the door to open house and immediately asking for disclosure packages and offer date. There’s also brisk activity in the move-down market. Homes that are freshened, staged, and priced competitively are receiving multiple offers. Some activity is starting in 3 million plus homes. High end Burlingame is hot. There are currently 60 active and 17 pending listings in Hillsborough. Sales activity has definitely picked up.  Over $5 mill. is less active and over $10 mill. is not moving very well. We are beginning to get more showings in this price point with cash buyers even flying in from out of the area. Hopefully this indicates new movement in the upper end.  In Menlo Park, the local market is extremely busy. Both agents and clients are running to keep up with the sales and trying to keep tabs on the listings, which come on and off the market like a light switch. We have not seen a slowdown since Facebook’s face plant but our manager feels it in the air. Inventory is still sparse – actually at an historic low – in Palo Alto and surrounding communities. Agents are still seeing multiple offers on almost every listing. However, for the past 7-10 days, we’ve seen a slight drop in the number of offers in those multiple offer situations. Well-priced homes are selling very quickly. Woodside has been very active and agents are finally seeing a few bigger sales.  All price levels are moving pretty well.  They still have a lot of shadow inventory – big listings that would sell “for the right price.”  Redwood City inventory is extremely low, particularly in San Carlos.  One home in the White Oaks area listed by another CB office had 11 offers.  The home was in original condition (1950s) but had “good bones.”  It was listed at $995,000 and went approximately $200,000 over asking.  Many  buyers are starting to express frustration but for now they remain in the market.

 

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