It's January 2012, and there’s nothing left to buy!

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Real Estate Agent with Wende Schoof 01198641

It’s January 7, 2012.  Unemployment rates are the lowest they have been in almost 3 years. The mortgage interest rates are at all time lows.  There are more buyers ready to buy than there have been since 2008.  So, what’s the problem now?  There are almost no homes available to buy!

Yep, the interest and unemployment rates aren’t the only factors that are notably low.  Listings here on the San Francisco Peninsula are few in numbers, too.  Here’s a sampling of what we’re experiencing in 3 of my favorite peninsula cities.

In Menlo Park, the number of available homes on the Multiple Listing Service for sale is currently 31, 22 if Menlo Park homeyou subtract the condominiums and townhouses. That’s less than 2 dozen single residences in all price ranges, the highest being $3,999,999 and the lowest being $279,900.  Of the 31, a mere 3 new listings were added this week.  And the number of active listings has been trending down.   According to Clarus Market Metrics, December, 2011 inventory (52 homes) decreased by 46% from December, 2010 (96 homes).

Atherton homeAtherton is experiencing even less with 17 homes, all single, detached residences, currently available for sale, and 1 new listing being added to the inventory in the past week. Prices range from $24,000,000 down to $988,000.  Atherton registered a 32% decrease in inventory last month, with only 28 homes for sale in December, 2011, compared to 41 homes in December, 2010.

Redwood City, usually offering the most homes to choose from, continues that role with a total of 91 properties for sale, ranging in price between $3,450,000 to $235,000.  11 of the 91 are condominiums or town houses, and there have been a total of 14 new listings in the new year.  The Redwood City December decrease in inventory reflects a drop of 29%, based on 165 homes for sale in December, 2011, compared to 234 homes in December, 2010.  

Where did all the homes go, you might be asking?  Most of them sold.  Some didn’t and cycled off the market, either to be sold at another time or to face the auction block at foreclosure sale (though around here, that remains a rare occurence for properties valued over $700,000).  Currently, the majority of the standing inventory is old, with average Days on the Market for the 3 cities above reported at 73 in December, 2011.  That’s up a bit from the previous December when it was 68 days.  Over the past few years there has also been a growing trend, particularly in the higher end market, of sellers keeping their listings private.  In other words, there are some homes that are being sold by word of mouth in the realtor community and not being listed on the Multiple Listing Service.

Will it get better, you might be wondering?  Yes!  Traditionally, the new year marks the low point of our inventory.  Redwood City HomeIn talking with my clients and other agents, I know of several homes that will be coming on the market for sale in the next few months.  Spring holds the promise of being a busy time for home sales this year.  

If you’re considering buying a home, get ready!  There will be many more to choose from, and having your preapproval and down payment in hand now will give you the advantage when the right home comes along.  If you’re thinking of selling a home, now is the time to get started!  You can be at the forefront and get a great price with some thoughtful preparation.  

What should I do, you might be thinking?  Call me, and I’ll help you get a jump on the San Francisco Peninsula real estate market now!

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For Real Estate Today, It's Wende By The Bay

 

Wende Schoof San Francisco Peninsula Realtor

Wende Schoof is a Keller Williams agent ready to help you with your residential real estate needs in the heart of the San Francisco Peninsula.

Primary locales: Redwood City, Menlo Park, Atherton, Woodside, Portola Valley, San Carlos and surrounding cities

visit my website www.WendeByTheBay.com
call me direct at (650) 504-0219

keller williams realty

 

 

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Rainmaker
1,516,262
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Fifteen Years Experience in Brevard County

We have fewer listings here but the economic uncertainty still weighs heavily on the local central Florida market!

Jan 07, 2012 02:02 AM #1
Rainer
58,977
J S
McMurray, PA

Inventory is really low in the Pittsburgh region as well.  I have a feeling this spring is going to be crazy.  We didn't have a bad winter at all so I don't know what sellers are waiting for!  List today - gone tomorrow.  Thanks for the post

Jan 07, 2012 02:02 AM #2
Rainmaker
2,456,324
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

The market is welcoming buyers with open arms...Now is the time everyone looks back on and says that wished they would have....NOW IS THE TIME

Jan 07, 2012 02:05 AM #3
Rainer
111,016
Leslie G. Rojohn
MoonDancer Realty - Sylva, NC
GRI, ABR ~ MoonDancer Realty

Send them down to Sylva, Dillsboro, Whittier, Bryson City, North Carolina.  Beautiful mountains and lots of great inventory.

Jan 07, 2012 02:09 AM #4
Rainer
169,728
Menlo Park Real Estate and Homes for Sale
Wende Schoof - Menlo Park, CA
WendeByTheBay.com - 650.504.0219 - SF Peninsula

Gary, the optimism here is picking up!  I hope the same happens in Florida this year.

Jan 07, 2012 02:12 AM #5
Rainer
169,728
Menlo Park Real Estate and Homes for Sale
Wende Schoof - Menlo Park, CA
WendeByTheBay.com - 650.504.0219 - SF Peninsula

Julie, it sounds like we're experiencing the same type of market.  What a great time to sell and buy!

Jan 07, 2012 02:13 AM #6
Rainer
169,728
Menlo Park Real Estate and Homes for Sale
Wende Schoof - Menlo Park, CA
WendeByTheBay.com - 650.504.0219 - SF Peninsula

Richie, you're absolutely right!  It's a great time!

Jan 07, 2012 02:15 AM #7
Rainer
169,728
Menlo Park Real Estate and Homes for Sale
Wende Schoof - Menlo Park, CA
WendeByTheBay.com - 650.504.0219 - SF Peninsula

Leslie, I think that might be a long commute for people who work here.  LOL  North Carolina is one of my favorite states, after California. 

Jan 07, 2012 02:17 AM #8
Ambassador
1,154,258
Bryan Robertson
Los Altos, CA

Inventory levels are so low I'm reaching out to expireds as far back as a year to find things worth showing to clients.  This is a great time to be a seller in the  SF Bay Area!

Jan 07, 2012 03:04 AM #9
Rainer
169,728
Menlo Park Real Estate and Homes for Sale
Wende Schoof - Menlo Park, CA
WendeByTheBay.com - 650.504.0219 - SF Peninsula

Bryan, it's definitely a great time for sellers who didn't have success selling in the last few years to "get back on the horse".  Buyers should be looking for great, proactive realtors like you to work with!

Jan 08, 2012 08:30 AM #10
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Rainer
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