The Market Continues to Recover and We Have Found Financing Programs To Help
Buyer demand continued to rebound from the depths of the mid-winter slowdown: The number of listings going into contract and overbidding percentages continued to climb, and days-on-market to drop as the spring selling season gains traction. Buyers generally shrugged off the local banking crisis, the main effect of which, so far, has been a significant drop in interest rates in the weeks after SVB collapsed.
But though conditions have improved considerably, the market remains significantly weaker on a year-over-year basis, and across the Bay Area, median house sales prices have declined. However, it's worth remembering that the market in Ql 2022 was severely overheated, and approaching the peak of a historic, 10-year boom. This will distort many year-over-year comparisons.
The number of new listings coming on market continues to be extremely low, as many potential sellers hold off from listing their homes due to the doubling of interest rates since early 2022: This constitutes a huge factor in market dynamics and is undoubtedly holding back sales activity.
This March had the lowest new listings in San Mateo County in 25 years of March data.
There are currently more buyers than new listings for sale and homes are selling off-market, increasing the spread between supply and demand. If you have been considering selling, this would be a great time to get a plan together. For those looking to move-up to a larger home, or those looking to down-size out of a larger home, we have found lender resources for you to help make your move possible.
We are hosting an In The Trenches with Lizi & Aimee Live Talk on May 31st at Il Fornaio in Burlingame to share outside the box financing solutions for move-up and downsizing buyers. Please let us know if you are interesting in attending.
