Is there a seasonal trend in our neighborhood? Or more accurately a “reverse seasonal trend”?
Well, “closed sales” in the neighborhood, during the month of December, was a statistic that bucked a trend head on. Listings and sales are supposed to dwindle during the holiday months across all real estate markets, right? Not here. December brought the neighborhood (11) sold properties of which seven (7) were single family and four (4) were condominium units. No other month of the year posted this many sales, with the second highest being nine (9) closed sales during the months of March and July each, down to eight (8) sales in May and June each, and so on. The least number of sales were posted in January, 2015, when only 3 properties exchanged hands. The eleven sales posted this past December were also the highest when compared to the prior five years’ December sales, which averaged 8 sales.
So why is this observation so important? This clear evidence tells us consumers (buyers and sellers) in our amazing neighborhood are proceeding with their plans, either to buy or sell, as dictated by the wants and needs of their lives and families, instead of having to “time” their move to a Spring or Summer selling season. Clearly there is no absolute “best” month or market to buy and/or sell in. And definitely no better time to act than when your needs dictate it. And even during this holiday, December season, ten (10) of the eleven (11) properties were sold above list price, and one of them at twenty (20) percent over list…repeat… in December!
How about now? What is going on today in our market? There are currently only two active listings. Both are “overpriced” single family homes (SFH’s). And there are only two properties under contract, both are condominium units. The “Active” SFH properties are priced in the high $1.5MM’s and have been sitting on the market for an uncharacteristic, extremely long 65 and 78 days. This could actually pose a good opportunity for negotiating down, for those buyers who feel compelled to offer “under” list price. There are at least two “off market” single family homes that are “Coming Soon”. One is on 27th Avenue and the other on W. 25th Avenue. Both offer a great opportunity to visit and get in before the rest of the crowd.
The new inventory scenario is not looking too promising so far. In the twenty (20) days of January only one (1) (condominium) listing has hit the market, which means less volume of sales in February. The first listing of 2016 was a 2 bed. 2 bath unit on W. 20th Avenue listed for $699K. It actually went on the market on January 8th, after the New Year’s left over champagne was barely put away. But it only took ten days to sell and will close in early February.
Last year at this time only two (2) listings had been posted, but there were six (6) total new listings by the end of the month. The anticipation of upcoming, increasing mortgage rates and prospective loss of purchasing power(as the Fed did begin the rate hike process) may motivate home owners and buyers to make a move sooner rather than later. Let’s see what happens next!
*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.
Please call me if you need any assistance in Beresford, Hillsdale or any of the San Mateo area neighborhoods. I’d be more than happy to discuss the current market’s activity, show homes from the current inventory and help you with your real estate needs. You can always reach me at 650.759.7885 or firstname.lastname@example.org