I sense a change--and it's not the much-needed rain we've been awaiting.
For buyers in our San Francisco Peninsula area and the Silicon Valley, it might be just as welcome as rain. It's not a flood, nor a steady downpour. It's not widespread. Just a sprinkle.
But ---I've seen a few recent condo sales with the sale price at or slightly below asking.
I've noticed this primarily in the City of San Mateo, but it isn't isolated to just that town.
This isn't dramatic, and it's too early to tell if it's the start of El Niño or just an isolated sprinkle, but take a look. These are numbers for condos and townhouses in various towns that have sold and closed escrow since 9/1/15:
- San Mateo: 19 sales, 5 under asking; 1 at ask price
- Foster City: 14 sales, 2 under asking
- San Carlos: 5 sales, 1 under asking
- Redwood City/Redwood Shores: 6 sales, 1 under asking
- Palo Alto: 3 sales, all 3 under asking
- Mountain View: 10 sales, none under asking
- Sunnyvale: 16 sales, two under asking
I strongly encourage my buyers to take advantage of this marketplace. While it most definitely remains a sellers' market, this is the first sign that buyers of condos and townhouses on the San Francisco Peninsula might be able to buy that home for which they've been yearning.