San Mateo County Market Update
I wanted to give an update on the market and have provided some detailed info below. Naturally, I've been having a lot of conversations about the market the last few months, and gratefully, the market has been incredibly strong here on the peninsula. Homes in good condition on pretty streets have been flying off the shelves. Each year for the last few years, I wonder to myself is this the year when the market will chill out a little bit and prices flatten and remain stable. As I've shared previously, I thought that moment was in March of this year, but surprisingly, in April the market began heating up, and hasn't slowed down since. Prices are up about 8% year over year. A majority of the homes I've sold the last few months have been in multiple offers, whether representing both our buyers and sellers. Sure, I've had a few where our buyers purchased under asking, but that's more the exception than the norm, and were in cases where the home was ambitiously priced. Interest rates are still at insanely low rates: 30 year fixed for jumbo money is around 2.75%!