When it comes to the real estate market, the San Francisco Peninsula has been a hot topic as of late. With fluctuating seasonal markets and an increasing population, decoding the area’s housing can be tricky. It all comes down to one thing: is it a buyer’s or a seller’s market?
A seller’s market, or a market that is highly competitive, often results in higher home prices, a fast turnover rate for listings, and a low number of homes for sale. A buyer’s market tends to be less competitive with more inventory and lower prices. As for which one the Peninsula is, crunching the numbers has left some people confused.
Over the summer, the median home price in the larger Bay Area was down. This includes Alameda, Contra Costa, Marin, Napa, San Francisco, San Mateo, Santa Clara, Solano, and Sonoma. However, you have to keep in mind this median takes nine counties near the San Francisco Bay into account and doesn’t specifically focus on the Peninsula.
In reality, five of those counties reported an increase in median sales from last year, including San Mateo homes for sale. San Carlos had only 11 home listings in July, which spawned multiple offers and drove the seller’s market.
Because so much of the real estate market relies on supply and demand, there will always be competition for areas with highly rated schools, plentiful career opportunities, and a high quality of life. And there’s no doubt the San Francisco Peninsula has plenty of that.
According to Redfin, San Francisco real estate is some of the hottest in the nation. The Redfin Compete Score ranks market areas on a scale of 0 to 100 to show how competitive a real estate area is, and over 70 cities in the Bay Area have scores over 90.
The San Francisco Peninsula cherishes its eclectic personality. That means that there is a new experience waiting around every street corner. Every block offers something different. Additionally, this results in prices as well as supply and demand that can fluctuate drastically between cities, neighborhoods, and even streets.
Right now, there has been a shift away from a seller’s market at large, but in the Peninsula, things have settled into a neutral zone rather than fully transitioning into a buyer’s market. Softening prices can improve choices for potential buyers, but the area still leads the nation with record pricing.
For more information on San Carlos homes for sale or San Mateo real estate, don’t hesitate to contact me today.