They say a picture is worth a thousand words.
A Market Action index at 30 indicates a balanced market.
Above 30 is a sellers' market.
Below 30 is a buyers' market.
On the San Francisco Peninsula in the cities of San Carlos, Redwood City, Menlo Park, and Palo Alto; we were in a sellers market until about July 1, 2007. Very strong sellers market in 2005 cooling somewhat in 2006 but staying biased towards sellers until about Fall 2007 when the index dropped quickly below 30 into the 20 range and now all 4 cities are between 15 and 20.
From the shape of the graph, we appear to have hit a level point.
Are we near the bottom? Or is this just a temporary pause before we continue down?
I can tell you in the $700K to $900K, homes do seem to be selling.
I have two active qualified buyer clients in this price range - one looking San Mateo Belmont San Carlos and the other looking in Cupertino Sunnyvale - and many homes I want to show them are sold before we get there.
Is market picking up with spring quickly approaching?
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