This is a San Mateo Real Estate Market Report for July 2012. ?Housing inventory continues to be the lowest we?ve seen in quite some time. ?I haven?t worked so hard since 2005 ? 12 hour days, 7 days a week.
Buyers are getting slammed. ?There?s so little inventory there are multiple offers ? and I mean lots ? on any house that?s priced even remotely close to where it should be.
Example?can?t name names because its still in the contract process: ?A 3 bedroom, 2 bath home in San Mateo just sold for $136,000 over its asking price.
We sold 512 W Hillsdale on Friday with 8 buyers fighting for it. ? ? ? ? ? ? ? ? ? ?
We were going to write an offer on Friday for a client interested?in a San Mateo condo but when they found out there were 11 offers?they said forget it.
In February I wrote,?Where?s all the houses for sale in San Mateo?? ?And then in March?this post about the lack, not only in San Mateo, but other parts of the country.
Where do we go from here? ?This month should be the slowest of the year but it?s not going to be. ? The real estate market in San Mateo typically hits the brakes in the Summer. ?But I don?t see that happening with inventory levels being so low. ?There?s a backlog of buyers. ?Interest rates ? although they went up a little ? are still super low.
Shadow inventory has been the source of many arguments. ?In August of last year, I was lambasted for my opinion that there isn?t any. ?It?s been, what, three years now and the flood of houses still hasn?t shown up. ?The banks have said all along that they weren?t holding any inventory and they?re still saying it.
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