Peninsula Real Estate Market Update
The number of home sales in Q1 2016 declined 5% since a year ago. The supply of homes continues to be very tight, at only 1.2 months of supply. The median price of homes sold in San Mateo County rose 3% to $983,000. In Santa Clara County, the median price rose 8% to $843,000.
The market has continued to prove that inventory is the key to sales. Available listed properties have remained constrained, and well cared for homes that are priced appropriately receive lots of attention, with serious buyers willing to stretch their budgets to successfully complete a purchase. With the constraints on foreign economies, there is less pressure from non-resident buyers, and although there is activity across all price ranges, the most sought after properties seems to be in the starter to mid-level price points in most communities.For details about your own town, go to www.apr.com/market-reports.If you are thinking about moving this year, it will be vital to work closely with an experienced agent to navigate this challenging market. We will be happy to help you.