Out There in the Real World

Now I wonder what I could get for this little house? So what if it’s a dog house…it would probably sell for $500,000 around here! So, I saw a friend of mine post on Facebook today that there were only 8 houses on the market in San Carlos today and it gave me pause. We all whine about how little inventory there is out there right now but I really wondered what it looks like from the ground. I think of these price ranges as being fairly typical of what buyers look for. If you’re qualified up to $625,000 you’re really not looking at houses listed for $925,000. Each range to me represents a certain subgroup in which buyers tend to be in…in my experience. Also, I topped it out at 1 million dollars just for fun. So I checked and here’s what I discovered.

In San Mateo, Belmont, Foster City, Redwood Shores and San Carlos there’s exactly 3 single family homes on the market for under $625,000. All of them in San Mateo actually.

In the range from $625,000 to $750,000 there’s 11 houses. 10 of them in San Mateo and 1 in Belmont.

In the range from $750,000 to $900,000 there’s 7 houses for sale. 5 in San Mateo and 2 in Belmont.

Finally, in the range between $900,000 and 1 million there are 8 houses for sale. 5 in San Mateo, one each in Belmont, Foster City and Redwood Shores.

So what do we have here. We have a big problem. Since 39 offers were made on that house on Hiller a few weeks ago we know there’s at least 38 buyers interested in houses under $625,000. Of course there’s WAY more than that but 39 parties had the courage to jump at Hiller. At least 38 parties are now looking at the 3 houses for sale in 5 different communities. It’s surreal isn’t it? Realistically there’s probably 100 parties looking at those 3 houses. Likewise, there were 27 offers on a house on Wooster in Belmont last week that was priced at $728,000. 26 of them are looking at the remaining houses and those are mostly the over $750,000 group…where there’s 7 listings in these 5 towns. It’s also worth mentioning that there isn’t anything on the market at all in San Carlos under $1,000,000.

Can you see the picture here? This is like the beanie baby or first I phone release. It’s phenomenal how many buyers are out there and how little inventory there is.

Comments

  1. C’mon, Jim…quit whining about the low inventory!! Seriously though, this is a great post on truly how bad the situation is right now for buyers. Nice work.

    CG

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