2012 has sure been an amazing year in real estate. Unexpected. Crazy. Competitive. Illogical. These are just a few adjectives that come to mind when I think of this year so far. I have to admit, I have enjoyed being as busy as I’ve been so far this year. By the middle of June I will have surpassed my total for all of 2011. As good as it’s been there’s still one particular area that astonishes me more than any other. It’s the incredibly low inventory we’ve experienced.
It’s inexplicable really. Just when I think there’s an uptick and we’re about to shoot upward into what we tend to think are normal ranges…it doesn’t happen. Last month there was 6 condo/townhouses on the market…a historically shockingly low number. It doubled a few weeks later and I thought maybe we were headed back to “normal” ranges. Say 25 to 30. Well…that sure didn’t happen. Today we’re hovering at 8 active units. Oddly enough there are also 8 single family homes on the market right now and two of them came up since yesterday.
What the heck is this? I can hardly believe what I’m seeing when I look at the MLS. I ahve clients that want to buy a house in Redwood Shores. There’s a grand total of 4 active single family listings there and all of 3 active condo/townhouses. Do you suppose there’s more than 23 active buyers in all price ranges looking in Foster City and Redwood Shores? Is it any wonder that there’s multiple offers on everything?
I wish I had an answer for this situation. The simple fact is there’s lots of folks looking for homes around here and nowhere near enough inventory to satisfy the demand. If you’ve been sitting on the fence about putting your home on the market…now’s the time. It’s hard to imagine the supply and demand curve being more favorable to you than it is right now. If you’re a buyer…you’ll learn patience.