Understanding what is happening with the Mid Peninsula real estate market is not an easy task these days. As Realtors centered in San Carlos CA, we have felt a market shift. As we tour homes on Tuesday mornings, other local Mid Peninsula Realtors echo the refrain. Yet, the statistics are confusing, because not all the numbers are bad. We are definitely not in a market free-fall. We would describe the Mid Peninsula real estate market as contracted yet still strong.
After digging into the numbers, here is what we know about single family home sales along the Mid Peninsula (Belmont, Foster City, Redwood City, Redwood Shores, San Carlos, and San Mateo):
1. Year-over-year prices are up
The sold price per square foot on homes sold January 1 through November 30, 2022 increased over the same period in 2021. The increases range from 6% to 10%, which is less than the consistent double-digit increases seen in previous years.
2. Monthly prices are still decreasing in some communities
The monthly sold price per square foot in all the communities studied began to decrease during the second quarter. The slide continued for some communities in November (yet at a slower rate). Belmont real estate prices and San Carlos real estate prices actually increased from October to November.
3. The number of single family homes sold is down
The chart below clearly illustrates that fewer homes have sold in 2022 as compared to 2021. As prices began to drop in May, the number of homes sold dropped off sharply. Some of this is due to sellers holding off on selling, and some of it is homes left on the market without selling.
4. Available inventory is growing
Back in 2021, most everything that came on the market sold right away, so that the number of sold homes in a month was greater than the number of homes still on the market. In June, that pattern reversed, so that each month since there have been more homes left on the market than homes sold.
5. Days on Market are up
Single family homes are definitely taking longer to sell. In March 2022, it only took 8 days on average to sell a single family home in the communities studied. In November, it took 27 days on average (over a 200% increase). Buyers now have more homes to choose from and are definitely on the lookout for a good deal.
6. Sales/list price % is down
In the first quarter of 2022, the average home was selling close to 20% over the asking price. This points to multiple offers and an extremely strong seller’s market. In November, the average home sold for less than 100% of the asking price. This points to a less competitive environment.
Our Mid Peninsula real estate markets are still strong and active. Quality, well-priced homes in good locations are still selling well (some even with multiple offers). Yet, without a buyer frenzy, we are seeing some important shifts. Without multiple offers, we are now seeing buyers write offers with contingencies. After getting into escrow, some of these buyers are then negotiating the price down further through issuing a Request For Repairs.
These conditions call for a skilled listing agent who can manage these complexities and a seller who is willing to adapt to the current market conditions. First and foremost, preparing a home for sale (including attending to deferred maintenance and repairs) and pricing it right is more important than ever. Managing risk by procuring a back-up offer is also key.
We at Veritas Homes are Mid Peninsula market experts and able to help both buyers and sellers find success in any market. Call Val Vandervort at 650-740-6025 to set up an appointment.
To learn about market conditions in San Mateo for first-time homebuyers, read "First Time Home Buyers: The Village San Mateo vs Sunnybrae San Mateo"
Your source for real estate news on the San Francisco Mid Peninsula
Redwood City is at the center of the Mid Peninsula and is a highly desirable community. Blessed with beautiful housing, strong public schools, and a convenient locati… Read more
When it comes time to sell your San Francisco Mid Peninsula home, your first task should be to find an outstanding Realtor. This important professional should have amp… Read more
Calling all shoppers. If you find yourself on the San Francisco Mid Peninsula (a truly beautiful place), make sure that you peruse the shops on Burlingame Avenue in Bu… Read more
Val Vandervort of Veritas Homes continues the discussion with Melanie Luders of Fidelity National Title Escrow. This time they discuss escrow title fees and how they a… Read more
Val Vandervort of Veritas Homes sat down with Melanie Luders of Fidelity National Title Escrow to discuss residential title and escrow in San Mateo County. The purpose… Read more
During my years growing up in San Mateo, I was aware of the Hiller Aviation Museum. I saw it while driving along the 101 freeway. I saw small planes flying in and out … Read more
Understanding what is happening with the Mid Peninsula real estate market is not an easy task these days. As Realtors centered in San Carlos CA, we have felt a market … Read more
Christmas is upon us. If you are like me, I’m busy buying and wrapping Christmas gifts, planning meals, and other such busy holiday activities. Sometimes it gets so bu… Read more
There is no doubt in my mind that San Francisco is one of the most beautiful places on earth. The rugged terrain, beautiful architecture, and gorgeous views are hard t… Read more
House prices in the Bay Area have been slumping over the past six months, and this includes Mid Peninsula real estate. It’s a strange occurrence for us. We are used to… Read more
The California Residential Purchase Agreement is an ever-evolving document central to purchasing residential real estate in the state of California. In addition to a p… Read more
San Mateo is a great place to live. Conveniently located on the Peninsula between San Francisco and San Jose, the city has an active business community, beautiful hous… Read more
New Price! 2708 Babe Ruth Avenue, San Jose 4 Bedrooms | 2 Baths 2,082 sq ft | 6,000 sq ft lot Built in 1976 Offered at $1,698,000 Beautifully remodeled one-story home … Read more
In Escrow! 3349 Brittan Ave #12, San Carlos 3 bedrooms | 2 baths 1,239 Sq Ft (Realist) HOA dues: $693/mo Offered at $948,000 Ideally located amidst a grove of Redwoo… Read more
San Mateo is a suburban center along the San Francisco Peninsula, perched between the Santa Cruz Mountains and the San Francisco Bay. With a variety of housing, strong… Read more
The news has been filled with bad economic news - including residential real estate. Most conversations I participate in include a belief that real estate markets acro… Read more
With Silicon Valley in our back yard, incredible weather, and natural beauty all around, the Bay Area is a great place to live (minus the traffic). The beach is an eas… Read more
The ideal way to meet a great Mid Peninsula Realtor® is to ask trusted friends, neighbors, or work associates for a referral. It is likely that if they had a good expe… Read more
2466 Hallmark Drive, Belmont 4 bedrooms | 3 baths 2,220 Sq Ft (Realist), 12,350 Sq Ft lot (Realist) Built in 1976 Extraordinary potential in a prime location with stu… Read more
New Price! 2634 Sequoia Way, Belmont Offered at $1,998,000 3 Bedrooms, 2 baths 1,805 sq ft (per floor plan drawing), 5,280 sq ft lot (Realist) Nestled in the hills o… Read more
The Big Story Silicon Valley housing market recession? Depends on who you ask. Quick Take: Home prices fell for the first time this year, declining 2.4% month-over-mo… Read more
Liz McGee Min of the Vandervort Group and Veritas Homes, shares insight from August 2022 single family home sales. Looking particularly at Belmont, Foster City, San Ma… Read more
In Escrow! 1160 Elm Street, San Carlos 3 bedrooms | 2 baths 1,350 sq ft (per assessor), 4,800 sq ft lot (per assessor) Built in 1948 Located in the popular Oak Park ne… Read more
To say there is a lot going on in our world and our country would be an understatement. War, COVID, inflation, stock market fluctuations, and rising interest rates are… Read more
“Change is never easy but it’s necessary for growth! Joining Veritas Home is about giving back to the community and providing outstanding services to our clients for t… Read more
One of the blessings of living on the Mid-Peninsula is the prevalence of beautiful architectural homes. We have a lot of them. Whether small or large, a well-designed … Read more
New Price! 2987 Melendy Drive Unit #2, San Carlos Offered at $1,198,000 2 bedrooms | 2 baths 1,570 Sq Ft (per assessor) HOA dues: $417/month Light, bright, and moder… Read more
Even though the summer heat is still upon us, it is officially back-to-school time in the Bay Area. When I was a youngster (decades ago), this rite of passage never oc… Read more
San Carlos Real Estate Just Listed! 132 Winding Way, San Carlos Offered at $1,988,000 3 bedrooms | 1 Bath 1,845 Sq Ft (per floor plan drawing) | 5,073 Sq Ft Lot (per … Read more
You’ve got questions and we can’t wait to answer them.