Hold onto your hats! Based on recent data, a turning point might be upon us in the San Mateo County real estate market. While the time frame is brief, the trends are unmistakable: sellers are gaining the upper hand.

Why the sudden change? Let's dive into the details and explore what this means for you as a buyer.

Surging Demand:

• Increased Open House Activity: Both our team and fellow agents report significantly higher open house attendance, indicating strong buyer interest.
• Increased mortgage application rates: over the last two weeks, mortgage applications rates have increased from the first week of the year.
• Multiple Offers on Homes: Properties that might have received a few offers before are now attracting multiple bids, highlighting intense competition. This echoes your experience with 25 offers on a single house!
• Dozens of Similar Cases: This isn't isolated; similar trends are occurring throughout the county, suggesting a broader market shift.

Supporting Indicators:

• Faster Absorption Rate: Properties are selling quicker, reflected in shorter time on market and rising pending and closed sales rates.
• Shrinking Inventory Levels: Contrary to expectations, new listings haven't surged to meet the demand, further tightening the supply chain.

The Conclusion:

These combined factors suggest our market is transitioning back to a strong seller's market. Based on short-term data, the trend is consistent and aligns with anecdotal evidence.

Advice for Buyers:

• Be Prepared: Get pre-approved for a mortgage, have your finances in order, and act quickly when you find a suitable property.
• Don't Wait: The longer you wait, the more intense the competition becomes. Consider making competitive offers to secure your dream home.
• Seek Expert Guidance: Partnering with a knowledgeable real estate agent can be invaluable in navigating this dynamic market and securing the best deals.

Remember, this is just the beginning. Stay informed about market updates and adjust your strategy accordingly. By being proactive and well-prepared, you can navigate this changing market and achieve your real estate goals.

For Sellers:

The buyer frenzy is back, with multiple offers returning. Now's the time to capitalize on this surging demand. Price your home competitively, present it impeccably, and leverage the expertise of a trusted agent to navigate multiple offers and secure the best possible deal. This market is primed for sellers, so don't miss your chance to shine!

For Buyers:

Increased open houses, multiple offers, and fast-selling properties point towards a seller's market. Get pre-approved, act fast on dream homes, and consider competitive offers. Partner with a savvy agent to navigate this dynamic market and make informed decisions. Stay updated and adjust your strategy to secure your dream home.

Contact us today to discuss your specific situation and develop a personalized strategy to achieve your real estate goals.

Market Report February 2024

Here's the latest February 2024 Market Update showing year-over-year data. The data includes all Single-family homes, condos & Townhomes in the California Area sourced from MLS Listings for the period from January 2023 thru January 2024. This may include preliminary data and may vary from the time this data was gathered. All data is deemed reliable but not guaranteed. Content from this article is courtesy of Keeping Current Matters.