Energy is high in the Silicon Valley and San Mateo County, and nowhere is it seen more clearly than in the housing market.
# 1 Los Altos
# 2 Newport Beach (SoCal)
# 3 Saratoga
# 4 Menlo Park
# 5 Palo Alto
# 6 Los Gatos
An article in today's issue of Silicon Valley/San Jose Business Journal, "San Jose Leads Nation in High-End Housing" tells us that 5 of the 6 highest-cost housing markets in the country for 4-bedroom, 2-bath homes are in this area.
#10 San Carlos
#13 San Francisco
These local cities were not far behind.
Being a high-cost area might not be good news, if properties weren't selling. However, the cost is not deterring buyers.
We're seeing homes eagerly snatched up before they hit the MLS. Overbids are more than common--in these cities they are the norm. Multiple offers abound.
- A townhouse I recently listed in the City of Santa Clara sold after 8 days on the market, 11 offers, and about 13% over list.
- A buyer of mine who is closing next week on a single-family house in Redwood City competed with 3 others and paid over 12% above asking.
- A duplex in Redwood City, closing today my buyers hope, sold within days of coming on the market with 2 offers.
- Other buyers of mine have lost out in multiple offers (12 and 11 in number) in Belmont and San Mateo; they offered 9% and 12% over asking--the best they could do. They are still looking to buy a San Carlos, Belmont or San Mateo home.
Sellers, if you're wondering if it's a good time to sell your San Mateo County or Silicon Valley property, wonder no more and give me a call today. With proper pricing, proper preparation, and great advertising I think you'll be pleased with the result.
Energy is definitely high in San Mateo County and the Silicon Valley.