A Time for Celebration and Reflection
The holidays are now very imminent and I hope that your plans are going well and that you'll be getting that all-important chance to take a well-earned break in the coming days, at the end of an extremely hectic year.
This is, of course, an ideal time to look back at what has happened in our local real estate market in 2017.
The most remarkable aspect is that we are ending this year on a real high, with so many record breaking sales in recent months here at The Nicoli Group.
Right now our market is classified as being the hottest in the entire nation. That's unbelievably great news for sellers in that it has led to unprecedented sold prices above list in many instances.
For buyers, of course, this is not as ideal as it means much reduced choices.
The flip side of this, however, is that such a shortage of available homes for sale means those buyers who have purchased are very likely to be seeing significant immediate equity increases. Now that is a win-win!
So while it would be better if supply levels were more generous, it has set up a situation where anyone considering selling is arguably being presented with a unique opportunity for a fantastic return, even in the storied real estate history in our area.
There's such great momentum in the market at the moment and the old, incorrect, arguments about this season not being a good time to sell simply don't apply. Buyers just cannot afford to take their feet off the gas to find the ideal property.
Earlier this week I took a look at recently published November statistics for both Santa Clara and San Mateo counties and they both demonstrate strong year-on-year average sold price per square foot growth in both regions - 20.7% in Santa Clara and 10.5% in San Mateo.
What also intrigued me was that the average sold price had increased by over 6% in both counties in just a month!
Surely it says everything about our experiences in the market this year that we are ending it on such a high note. I think it would also be fair to say that we’ve witnessed unheard of levels of buyer sentiment in 2017.
At the same time, I think it can also be said that sellers have never had a clearer path to achieving stunning returns. Quite a year!
Next week, I'll take a look at what might be in store for us in 2018. For now however, I'd like to take this opportunity to wish you and your family the very happiest of holidays!