For over a year now, we've had a very strong sellers' market in the Silicon Valley and San Mateo County. Well-paying high tech jobs are growing in numbers, new businesses are being created, others are expanding.
Looking at the chart below (numbers taken from our multiple listing service) you'll see that the number of sales are down in almost all communities shown. That is indicative of our extreme shortage of listings rather than lack of buyers - people enjoy living here and aren't putting their homes on the market. For example, today there are 14 single family homes listed for sale in all of San Carlos, 17 in Belmont, 15 in Mountain View, 24 in Palo Alto.
But take a look at the median sales prices for first quarter 2013 compared with the same period in 2012. Hefty increases wouldn't you say? Median price increase in San Carlos almost 28%; Palo Alto roughly 33%; and Menlo Park topping out with a 40% increase!
If you are a buyer today in the Silicon Valley and San Mateo County, you need a strategy to successfully compete in this market. There are various ways to make your offer stand out from the rest, so don't be discouraged. Call me if I can help.