Published August 18, 2022

The Pickett Post - August 2022 Newsletter

Name: Pickett Real Estate | Christie's International Real Estate Sereno
Address: 330 Primrose Road, Burlingame, 9, 94010, 1
Telephone: (415) 283-7919

Written by Kevin Pickett

THE PICKETT POST

August 2022 Newsletter

Market Update by the Numbers

A look back at July 2022...

Single Family Residential home in San Mateo County:

Average Sale Price was $2,368,730 (down 160k from June)
Average Days on Market was 20 (previously 14 days in June)
Average Sale Price to List Price Ratio was 103.7% (previously 109% June)

What We Are Seeing in the Market

An Opportunistic Time For Buyers!

"When others are fearful, be greedy. When others are greedy, be fearful." - Warren Buffet

The end of the summer is here, and the market has slowed down dramatically. After a ferociously competitive first quarter of 2022, many buyers are on the sidelines while the federal reserve raises interest rates to slow inflation. This is where the opportunity lies for buyers.

You can see from the graph below that the amount of homes for sale in the summer (June/ July/ August) is more than double the amount of homes that were for sale in the first quarter of this year (January/ February/ March). If you're a buyer in the San Mateo or San Francisco market right now you have a lot of options of listings to choose from. See the rapid increase of listings available below.

With the increased inventory of homes for sale comes less competition and lower prices. You will notice from the graph below that just a few months ago, if you were a buyer in our market, you would need to offer 113%-115% of the asking price to be competitive. This figure has reduced significantly, and homes are regularly selling at or below their asking prices, but who knows how long this will last?

Summer is typically a slow time, but we rarely see a level of inventory that's double what we saw in the spring, in the summer.

If you know of someone who's looking to purchase in this market, they shouldn't wait. Our country's economic fundamentals are still strong. Unemployment rates in the Bay Area are hovering around 2% which is remarkably low. Interest rates are still good with jumbo rates still in the low to mid 4% range.

As always, we're never too busy for your referrals! Please call us with any questions and thank you for your continued support!

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Client Success - July 2022