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Real Estate Monsoon Hits the Peninsula

The last few months we've heard everything from "phantom inventory" to Face Book's stock holders cornering the market, not so, just low inventory

In January to early March this year, Real Estate sales were at a snails pace.

Suddenly in late March to early April  Real Estate sales were like a tropical monsoon, destroying homebuyers' dream for purchasing their first home.

From a condo priced in the low 400k to a single family home in the upper 900k range, late March to early April was truly the start of a nightmare roller-coaster ride for many people trying to purchase their first home.

Lets focus on a property request for something as simple as a 2 bedroom 2 bath condo. 

Late March on Sea Spray Lane in Foster City a 2 bedroom 2 bath condo was listed for 413,900k and sold April 1st, with multiple offers for 435k

At Plaza West on W 20th in San Mateo, three condos sold for under 400k the first couple of months this year. One was sold for as low as 375k. One languished on the market for months.

Fast forward to April. Once again a 2 bedroom 2 bath condo came onto the market for slightly over 400k at Plaza West. What happened next is this: According to the listing agent there were 8 offers presented in just a few days. All of offers were well above asking price, and it sold for 435k. HUH? 

 The fact is this: Buyers usually come out to look at homes early spring. With excruciatingly low inventory the Real Estate market turned into a three ring circus.

My own Clients that wanted to purchase in that very complex and wrote an offer over asking. (They didn't get it) The problem is now is there are very few homes/condos on the market now and we now have this feeding frenzy.

South San Francisco and most of the north peninsula are seeing multiple offers too.

PS: Face Book has nothing to do with this market

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

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