Although some economists were expecting a slowdown in the real estate market, the spring selling season has begun in earnest with fast sales, lots of buyers at open houses, multiple offers, continuing price appreciation, etc. Below is a summary of the recent market activity for San Mateo and Santa Clara Counties.
San Mateo County
In February, San Mateo County saw the median sold price of a single-family home increased from $1,410,330 in January to $1,607,500 in February, a 14% increase. From January to February, Days on Market (DOM) decreased from 12 to 11. The median sales price for condos/townhomes increased 28% from $724,444 in January to $930,500 in February. The DOM remained the same at 9 days.
Santa Clara County
Median sales prices for single-family homes in Santa Clara County increased 18% from $1,169,500 in January to $1,385,000 in February. The Days on Market for the same period stayed flat at 9 days. Condo/townhouse median sales prices increased 10% from $752,000 in January to $825,769 in February. Median DOM increased slightly from 8 days to 9 days from January to February.
It’s Always Best to Start Early
It’s never too early to start working with a real estate agent.
Buyers often go to an open house and then want to buy the home only to realize they don’t have lender approval, are unsure how to write a winning offer in the current market conditions, don’t know the neighborhood well, or have their money tied-up in long-term assets like 401Ks.
Sellers want to sell now, yet are uncertain about the preparations needed to best market their home, where they’ll move, how to manage the move, and are unfamiliar with matters such as taxes, trusts, etc.
A Realtor will guide you through your options, develop a customized plan, and offer a manageable timeline to achieve your goals. Working with a Realtor weeks or even months before you act provides the time to think through your situation to ensure you create the outcome you want. It’s also generally best to work with a full-time professional, who is much more active in the real estate market, proactive, and able to provide more focused customer service than a part-time agent.
We have several seminars throughout the year to help provide information about different topics related to real estate purchases, sales, or ownership in general. In our next seminar on May 2nd, we will be discussing real estate investing. If you or anyone you know are interested in joining us for that seminar, please see the details below.