Our Local Real Estate Market Has a Spring in its Step
I've been studying the latest real estate statistics (for March) for Santa Clara and San Mateo Counties and it's pleasing to have confirmation that spring has started very well indeed.
We're still seeing seller's market conditions in both counties, with stronger sales in March on both year-on-year and month-to-month comparisons.
March property sales were up by 3.6% in San Mateo and by an even more impressive 9% in Santa Clara, compared with March 2016.
What really caught my attention, however, were the increases in comparison with February, a month that also performed better than the same period last year.
San Mateo saw 62.9% higher sales in March, while Santa Clara wasn't very far behind with a 53.8% improvement on February.
While it is of course true that seasonal factors are at work here, this bodes extremely well for prospects as we head into the months with the traditionally biggest sales activity of the year.
To reinforce that point, pended properties in March were 50% up on the previous month in Santa Clara and by 55.8% in San Mateo.
As I have been reporting in these updates for some time now, inventory of available homes for sale in the area is a continuing concern. These latest statistics paint a contrasting picture of what's currently happening in this respect.
It's at least positive that we saw good improvements on February, with listings up by 18.6% in Santa Clara and a very encouraging 28.7% in San Mateo.
There was more cause for optimism in San Mateo, which actually saw a 3.2% rise in inventory, compared with the previous March. It will be interesting to see if that trend continues further into the spring, as more sellers realize what a great opportunity high demand and low homes supply represents. Perhaps the positivity will also start to spread into Santa Clara, which had contrasting inventory fortunes in March on a year-to-year comparison, experiencing an 18.5% drop.
So what can we take from these rather encouraging latest stats?
There are a few signs that more sellers are looking to list now, which can only be a good thing, reinforcing the argument I have previously made that better choice stimulates improving sales figures, as fewer buyers experience the frustration of not finding a home that's a perfect fit.
As I said earlier, it's still very much a seller's market with all that entails in terms of reduced competition, a greater chance of receiving multiple offers and possibly even exceeding asking price.
And it will also be interesting to see how buyers have responded to the recent mortgage rate falls, when we look at the April statistics in a few weeks.
In the meantime, why not contact us today to discuss how to make the most of what promises to be a very robust market as we head from spring into summer.