Softening market or the lull before the storm?
As expected, September saw a definite uptick in the number of new listings and a dip in the number of closed sales (due to drop in new listings in the late summer months) for both condos and single family homes in South Millbrae. The numbers are indicating that we’re still in a seller’s market, although there IS a big of movement away from the extreme that we’ve been seeing for almost two years now. On the front lines, there’s a sense that things are “softening” a little bit – not that the prices are coming down but that we’re not seeing as quick of an appreciation in home values and the number of offers (while still competitive in most situations) is more commonly less than 10 rather than the 10, 20+ offers as was common last year and even into the beginning of this year.
To the numbers…
Housing Statistics for South Millbrae (single family homes)
|July 2015||August 2015||September 2015|
|# of New Listings||5||2||10|
|Lowest Priced New Listing||$1,350,000||$1,198,000||$1,198,000|
|Highest Priced New Listing||$2,599,000||$4,500,000||$2,798,000|
|Median Price of New Listings||$1,749,000||$2,849,000||$1,900,000|
|# Active Listings||6||4||9|
|# of Closed Sales||11||7||5|
|Average Days on Market (Closed Sales)||20||34||9|
|Lowest Priced Closed Sale||$1,300,000||$975,000||$1,323,500|
|Mmber Highest Priced Closed Sale||$2,400,000||$2,620,000||$1,920,000|
|Median Closed Sale Price||$1,710,000||$1,400,000||$1,675,000|
So is the market softening or is this just the lull before the storm? In the field, the market right now feels very similar to how it felt like last year, seeming to quiet down a bit. But soon after that, it became quite busy with home prices on an upward surge, so I can’t help but wonder if that’s what we’ll see again. I’m often asked whether I think the real estate market will continue on its rise or whether home prices might start to go down. Wouldn’t it be great if we could predict what the future will bring? Whatever the case, with the decision by the Fed last month not to increase rates, we DO know that the mortgage rates are still looking really good. I’d definitely advise anyone who’s looking to make a move in the near future not to hold off too much longer.
Call me if you need any assistance in Mills Estates, Highlands or elsewhere in Millbrae. I’d be more than happy to discuss the current market’s activity, show homes from the current inventory and help you with any of your real estate needs in the community. You can always reach me at 650.636.3147 or firstname.lastname@example.org
*Not all properties were listed and/or sold by 8z Real Estate. This data is based on content supplied by REcolorado, IRES, PPAR, and/or MLSListings. Content is deemed reliable but not guaranteed. Content may not reflect all real estate activity in the market.