I sense a change in the air -- and it's not rain

I sense a change--and it's not the much-needed rain we've been awaiting.

Rain Clouds forming

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.

 

--- Come for a visit; Stay for a lifetime!

Lottie Kendall, Realtor®

Today | Sotheby's International Realty

San Carlos, California, 94070

CA BRE#01215160; 650-465-4547

Lottie@LottieKendall.com;

www.LottieKendall.com

www.SFCondosForMe.com

 

 

Comment balloon 8 commentsLottie Kendall • October 14 2015 08:24PM

Comments

Thanks for sharing your market update...It is always nice hearing about other areas....

Posted by Kristin Johnston - REALTOR®, Giving Back With Each Home Sold! (RE/MAX Realty Center ) about 2 years ago

It seems like the market is settling a bit and that can be great news for buyers that got tired of all the vying and competing for properties.

Posted by Debbie Reynolds, Your Dedicated Clarksville TN Real Estate Agent (Platinum Properties) about 2 years ago

Good morning, Lottie -- I agree there are some subtle(and not so) subtle changes occurring and it takes an involved, knowledgeable, local Realtor(like yourself) to keep clients informed.   Smart post.  

And let's hope the Rain Gods(or Goddesses) are hearing our plea.  

Posted by Michael Jacobs, Los Angeles Pasadena Area Real Estate 818.516.4393 (Coldwell Banker Residential Brokerage) about 2 years ago

That's good news.  Not really seeing that here yet, but one can only hope.

Posted by Jane Peters, Connecting you to the L.A. real estate market (Home Jane Realty) about 2 years ago

The economy is always in a state of flux, going up and down like a sound wave. This is the natural course of things. 

Posted by Captain Wayne - Rowlett Real Estate School, Rowlett Real Estate School / Owner and Instructor (REcampus Fully Accredited Florida ONLINE & Classroom Training in Destin, Pensacola Florida) about 2 years ago

Lottie,

We are seeing signs here, it poured while we were away for a day, and a day and a half of travel.  Ron seat mate on the plane today, was from Brazil, and they already have evidence of El Niño.  A

Posted by Ron and Alexandra Seigel, Luxury Real Estate Branding and Marketing (Napa Consultants) about 2 years ago

Lottie buyers should take advantage of the market you are beginning to see before it goes back to what it was.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) about 2 years ago

This for sharing these market conditions. Home sellers and home buyers will be in good hands when they use your professional real estate services.

Posted by Roy Kelley, Roy and Dolores Kelley Photographs (Realty Group Referrals) about 2 years ago

Participate