Competition Heats Up

Some of the nice ones were getting taken so fast I didn’t have a chance. It’s very, very competitive.

A perspective buyer’s recent comments.

The diminished inventory that we’ve been writing about lead many to ask, “Where are the houses?”

Yes, where are they?

February’s home sales hit a 6 year low around the Bay Area.

Sales of single-family homes have dropped 10.5 percent on average around the Bay Area. Noteworthy declines include Contra Costa and Alameda counties with dips of 15.3 and 19.5 percent respectively.

Also take note that the median price for a single-family home in Santa Clara County is $724,000, up 15.8% from a year ago. In Alameda County, it’s $500,000 and up 24.4%. Contra Costa County is up $31.5%.

We are seeing the effects on price as supply remains low.

Buyers are bidding up the prices for what is available.

In Cupertino and Sunnyvale we’re seeing homes get up to $300,000 above the asking price.

Things are going very quickly. The last home, we offered above the list price, but had multiple offers.

Jeremy and Megan Brotherton, Dublin – on being swamped with offers.

On another they’re making an offer on, the seller’s agent said they’re anticipating six to eight offers.

As prices rise, the number of homes sold for below $500,000 are in decline (down 30%).

Summary

Things are going very quickly. The competition is strong. Let Skyrise Real Estate Group help you stay ahead. Contact us today.