Special offer
Home > Blogs > Lottie Kendall > Lottie Kendall REALTOR® DRE#01215160 650-465-4547
bookmark_border

Are we starting to see a market shift?

By
Real Estate Agent with Compass CA DRE# 01215160

San Carlos Hills home for saleThe residential real estate market in San Mateo County and the Silicon Valley has been strongly favoring sellers since 2012-2013.

Since then prices have risen dramatically, multiple offers have been the norm on almost every listing (except the extreme high end), and buyers outnumber available homes by a wide margin.

This last month, however, I've been wondering if a shift has begun, or is the market just taking a breath as summer arrives?

It's too early to tell, but these are some interesting numbers for single family homes that I pulled for my newsletter readers.

Notice how inventory in every city has grown since November. Notice how many homes have experienced price decreases.

 

Chart-active listings, price reductions

Are we starting to see a shift in the residential market in San Mateo County and the Silicon Valley? Time will tell.

Show All Comments
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Are those agents in Redwood City and Palo Alto buying their listings ?

Jun 22, 2016 04:01 AM
Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
Retired New Hampshire Home Stager

I just heard from an agent in my area that a "correction" is coming in the next year or two. It's all like another language to me.  LOL

Jun 22, 2016 04:21 AM
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Hi Lottie -- while we are still experiencing a sellers market in my market, there is a somewhat subtle shift occuring too.  Increased inventory in certain pockets, a rise in the number of price reductions(and sometimes quite quickly) and some homes even selling less than list price(imagine, right?).   

Jun 22, 2016 04:21 AM
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

I don't know, Michael J. Perry, but when an opportunity arises, I do!

Sharon Tara - like most anything, the pendulum swings from one extreme to another; trying to determine where we are in a cycle is always interesting.

Hi Michael Jacobs - in your area, too, huh? Anecdotally I haven't noticed a shift in the condo/townhouse market, but I plan to take a closer look. I'll report what I see.

Jun 22, 2016 04:50 AM
Jane Peters
Home Jane Realty - Los Angeles, CA
Los Angeles real estate concierge services

That is interesting. Could be a result of sellers trying to cash in on the rising prices and then over-pricing their homes, which is often the case here.

Jun 22, 2016 05:32 AM
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

We're seeing some of that, Jane Peters, but I don't think that explains the number of reductions we're seeing. I'll be tracking this all summer and see what the trend might be.

Jun 22, 2016 09:54 AM
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Lottie

There a number of markets that experiencing a shift . . . . and we may see the shift until after the elections.

Good luck and success.

Lou Ludwig

Jun 22, 2016 01:28 PM
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

I hadn't figured how elections might impact our local housing market, Lou Ludwig I know the stock market hates uncertainty, but housing? 

Jun 22, 2016 02:19 PM
Troy Erickson AZ Realtor (602) 295-6807
HomeSmart - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Lottie - This is interesting. I will have to check the stats in my area to see if we are experiencing the same thing. After all, home prices cannot continue to increase forever can they?

Jun 22, 2016 07:00 PM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Home buyers and sellers in the area will appreciate this information.

Jun 22, 2016 08:58 PM
Laura Allen, Lake Tahoe - Truckee Real Estate for Sale TahoeLauraRealEstate.com
Coldwell Banker Realty, Tahoe City, CA (530) 414-1260 - Tahoe City, CA
Tahoe Real Estate Agent Helping Buyers and Sellers

Lottie Kendall - I'm with you, is the market shifting, or is this what happens in a Presidential election year and the DJIA in a limited trading range.  Uncertain times!

Jun 23, 2016 02:31 PM
Anonymous
Maryanne Winchester

Our economic situation is certainly different than you experience in Silicon Valley but one certain across all markets; when inventory increases, prices see pressure especially if the inventory is good. The word has been out for quite awhile that inventory is low and prices are on the rise so smart sellers have invested in their homes and put them out there to grab their gains. We are also seeing cash come out of the market to invest in 2nd/3rd homes since those prices have not seemed to increase as quickly as our Atlanta residential market. Good bargains around the lakes and coastal islands of SC.

Jun 23, 2016 10:59 PM
#12
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Good morning, Troy Erickson - I'll be checking stats more closely in the months to come. It will be interesting to see if the condo/townhouse market is seeing the same.

Gita Bantwal - part of the value I bring clients/customers is a sense of what's going on in the marketplace. Now, more than ever, it's important for sellers not to overprice.

Hi Laura Allen, Lake Tahoe - Truckee Real Estate for Sale www.TahoeLauraLuxuryHomes.com - our uncertain times just got more uncertain today!

 

Jun 24, 2016 01:18 AM
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Hello Maryanne Winchester - I bet those investors who have recently purchased 2nd homes in your area (or any area) are glad they pulled some money out of the stock markets!

 

Jun 24, 2016 01:20 AM
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Lottie

One of the biggest shift we are seeing an increase of listing coming onto the market.

Good luck and success.

Lou Ludwig

Jun 26, 2016 01:05 PM
Anonymous
Carolyn Francis

I am feeling a shift here in Sarasota. Some very desirable homes are taking longer to sell...and having to drop prices. Usually in Sept/Oct there is an increase in listings in the area due to incoming snowbirds...buyers are waiting for more choices in homes, and I have several sellers planning to list in the fall. It will be an interesting year!!

Jun 26, 2016 11:46 PM
#16
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Is an increase in listings at this time of year typical for your area, Lou Ludwig ?

Hello Carolyn Francis - 2016 is shaping up to be a very interesting real estate year in many areas. Thanks for the update about the Sarasota area.

Jun 27, 2016 03:19 AM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

I'm noticing a lot of price reductions in my area lately. I think a shift is in the immediate future.

Jun 30, 2016 02:47 AM
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Interesting; others have weighed in, saying similar, Patricia Feager 

Jun 30, 2016 04:09 AM
Back to Top
Rainmaker
1,951,949

Lottie Kendall

Helping make your real estate dreams a reality
Profile
Blog
smartphone(650) 465-4547
Contact The Author

Service Areas

  • San Francisco, CA
  • San Mateo County, CA
  • San Francisco, CA
  • Santa Clara County, CA

Real Estate Resources

Recent Posts

View more Recent Posts   arrow_forwards

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?