Baywood and Aragon Neighborhoods Real Estate - April 2012
Sales Way Down Due to Lack of InventoryThrough the first four months of 2012 there have been 10 homes sold in the San Mateo neighborhoods of Aragon, Baywood, and Baywood Knolls, down from 20 homes sold in the same period last year.
Sales are down sharply because there are just not a lot of homes out there for sale, not a lack of buyer demand. At the end of April 2012 there were three unsold homes on the market, down from ten left on the market at the same point in April 2011. Sellers have listed only 12 homes in the first four months of 2012. For comparison, 28 homes came on the market in the first four months of 2011. Fewer homes means that buyers have more competition for each listing. This is leading to multiple offers and offers above asking prices.
In fact, in 2012 on average, sellers are getting bids higher than their asking prices. The ratio of sales price to list price has averaged over 101%, which suggests that buyers are bidding above asking prices on a regular basis. The sales price to list price measure can sometimes be misleading, especially when homes are pulled off the market and then re-listed at a different (usually lower) price. However, the effect is usually to bring the ratio closer to 100% (as re-listed homes are sold closer to their new listing price), instead of over 100%. When the ratio goes over 100% it is often a precursor to rising prices.
Listings that do come onto the market are selling very quickly. The average home sold in 2012 has done so in just 11 days! Low inventory and short listing times means that buyers need to react quickly to new listings, or risk missing out on a property.
Thinking of buying or selling a home in Aragon, Baywood, or Baywood Knolls?If you're interested in learning more about the Aragon, Baywood, or Baywood Knolls real estate market, considering selling your home, or thinking about moving to Aragon, Baywood, or Baywood Knolls, please drop me a line and I'd love to connect with you.
By The Numbers - Aragon/Baywood Real Estate for April 2012
|Current Month||YTD Total or Average|
|April 2011||April 2012||Jan - Apr 2011||Jan - Apr 2012|
|Days on Market||14||15||27||11|
|Months of Supply||1.7||3.0||1.2||1.2|