Single Family Residential home in San Mateo County:
Median Sale Price was $1,480,000 (previously $1,540,000 in December)
Median Days on Market was 31 (previously 26 days in December)
Sale Price to List Price Ratio was 98.8% (previously 99.2% in December)
Price/SqFt Ratio was $1,037 (previously $1,048 in December)
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By: Kevin Pickett
What We Are Seeing In The Market
"The secret of getting ahead is getting started." - Mark Twain
After what felt like a very slow 4th Quarter 2022, and a slow first six weeks of 2023, our spring market is about to begin.
Historically, the bulk of our listing inventory will now come on the market from March - May, before slowing down for the summer months.
We will need the first wave of listings to sell before we can really crunch the numbers and see what the market is doing.
Here's what I think will happen:
- There will be demand for new listings in the coming months. We've already seen an uptick in buyer activity at our open houses and broker tours. Buyers are watching the market.
- Multiple offers and preemptive offers will happen. We're beginning to see pent-up demand in the market. Buyers that weren't able to view much inventory in the past few months are now ready to strike on the inventory that comes on the market during our buying season.
- Buyers will be reluctant to offer prices that are significantly over the list price to purchase a new home. We've seen this in several situations recently. We recently had a listing in San Mateo that received five offers, and sold about 3% over asking. We also recently received multiple offers on a condo listing in San Francisco that will close at our original asking price.
If you're planning to buy or sell in the next few weeks or months, please get in touch with us now so we can help educate you about your micro-market as market conditions begin to change.
As always, we're never too busy for your referrals of family and friends!
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Webinar Event
The Pickett Real Estate Group is hosting a free webinar to help share the value of a Trust in Estate Planning.
Our guest speaker is Anna Baciocco, an Associate at Dudnick, Detwiler, Rivin, & Stikker LLP. She is an expert in Trust & Estate Planning and has personally set up the Trust for Caitlin & Richie Beanan at the Pickett Real Estate Group.
Join us for a zoom webinar on Wednesday February 22nd, 5-6pm to learn more about Trusts, how to protect your assets, and avoid the headache of probate.
We will also have time for a Q&A with Anna to help answer your estate planning questions!
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