In terms of supply and demand the market is steady (quite hot) with a little inventory coming to market.  Prices have been moving upward quite rapidly, this price trend may be a result of improved quality (newer, larger homes) of the homes being listed.  Multiple offers are the norm for nicely updated homes.

Belmont

The market continues to get hotter. More sales demand and fewer homes listed have contributed to a relatively long run of increasing prices. Current supply and demand levels show no sign of prices changing from their current trend.

Redwood City

Home sales have been exceeding new inventory for several weeks.  While still a Buyer’s market, prices seem to have responded by moving upward. If the demand trends continue, expect prices to keep marching upward, especially once we see a Seller’s Market.

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A mild increase in new inventory this week, Belmont and Redwood City had a decent amount of homes to view.  As usual, in San Carlos not many new single family homes coming to market.   Later this week I’ll post a market update.

Great lower Redwood city location!  Large spacious home with an open floorplan ready for new owners.  A perfect entertainers house with gourmet kitchen that includes a huge island with granite counter space galore.  Over-sized rooms throughout.  Just off Edgewood Road, close access to Highway 101!

110 Stratford St, Redwood City, CA 94062 (MLS # 81217994)

Prestigious Edgewood Park location. Short, quiet street. Beautifully remodeled Craftsman home with delightful grantie kitchen, unique custom preparation island, ample counter space, designer cabinets and pantry. Open to a large family room and steps away from the formal dining room. Large master suite with 2 walk-in closets, sitting area, fireplace and lavish bath. Ground floor bedroom & bath.

Property Type(s): Residential, Detached Single Family

Last Updated	5/14/2012	Tract	n/a
Year Built	1923	Community	High School Acres Etc.
Garage Spaces	n/a	County	n/a
Total Parking	n/a	Walk Score ®	58

Additional Details

Features

Location

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Listing provided by John Shroyer, Today Sothebys International Realty

(view all details for MLS #81217994)

Looking for new construction  San Carlos?  Look no further!  This wonderful craftsman in one of San Carlos best neighborhoods is stunning throughout!  Built with no detail left out, custom woodwork, high-end finishes and large White Oak lot!  This will not last and my guess it will get multiple offers!

Open this Saturday and Sunday…

We're sorry, but we couldn't find MLS # 81216929 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

Simply click on the radio button of the day you’ll be out looking (below the green “View Results” banner) scroll down to add any parameters such as beds, baths or pricing to fine tune your search.

Another week with not much new to the market.  Several new listings at various price points should offer new inventory to view this weekend.

This week’s pick is a recent remodel in northern San Carlos (Devonshire Canyon) .  Nestled on the downhill side of Beverly the home terraces down the slope in a unique manner.  Wonderful tall ceilings, warm hardwoods in many rooms, gourmet kitchen and  lux master suite are just a few of the features this showpiece offers.  Lush backyard with bocce ball court will offer endless entertaining on warm San Carlos evenings.

111 Beverly Dr, San Carlos, CA 94070 (MLS # 81215917)

This stunning custom home is located in the heart of Devonshire Canyon. Highlighted by a grand formal entry with towering ceilings, three large bedrooms, a luxurious master suite, an office, a park-like backyard, a Bocce Ball court and a spacious great room that must be seen in person to be truly appreciated.

Property Type(s): Residential, Detached Single Family

Last Updated	5/7/2012	Tract	n/a
Year Built	1942	Community	Beverly Terrace Etc.
Garage Spaces	n/a	County	n/a
Total Parking	n/a	Walk Score ®	37

Additional Details

Features

Location

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Listing provided by Bob Bredel, Today Sothebys International Realty

(view all details for MLS #81215917)

Some buyers have been caught off guard recently with the heated up market.  It was just a few months ago when the market was just slowly bouncing around.  Now it’s an all out seller’s market (in most cases) with multiple offers and overbidding.  I’ve hear of several properties going well into the six figures over the asking price and open houses with 100 plus groups coming through!  It is quite hard on buyer’s in this market, especially those who need to get settled before school or those who just sold a property and are out looking for something before they become homeless.

In a quote from Realtor Online/Wall Street Journal ”We’re writing a record number of offers, but we’re not seeing a record number of closings and that’s because it’s so competitive,” Glenn Kelman, chief executive of Redfin Corp., told The Wall Street Journal.  As I have blogged about in the past, one of the reasons for the heated market is – “Many housing markets are seeing a drastic decrease in the number of homes listed for-sale, leaving home buyers with fewer options and more bidding on the same house. Housing analysts say the shortage in supply is from sellers unwilling to take much less for their home than what they originally paid for it and pulling their homes off the market. Also, a surge in investors has made the market more competitive, as investors snatch up homes in bulk in all-cash deals.

“The bidding wars caused by tight inventory provide the latest evidence that housing demand is starting to pick up after a six-year-long slump,” The Wall Street Journal reports.”

Where will the San Carlos, Belmont and Redwood City market head from here? It will be interesting to see if we experience the early summer slow-down.

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It was just a several months ago when buyers would have “us” Realtors draft offers up to six figures under the asking price of a property.  Sometimes the buyer got the property, but in today’s sellers market the pendulum has swung.  It’s a full-on multiple offer market in most areas.  Even if a home gets only one offer it’s usually close to the asking price if not spot on.  Sellers are aware in today’s market that at some point if they do not get several offers right out of the gate, a buyer will eventually find their property and buy it.  This area is starved for inventory and as with almost any commodity if supply is low and demand is great their’s upward pressure on prices.

Another way to look at the market, Realtors use comparable sold homes to price a property. Looking at a past set of comparable homes will determine an asking price, however every time a home is sold with multiple offers driving the price up it will push future comparables upward resulting in higher asking and selling prices.

Is it a good time to buy?

Good article from Realtor Magazine

Sorry…This post is two days late, time got away from me.  The market remains quite active.  This week there were more new listings coming to market than in the past few weeks.  The challenge is buyer’s are absorbing more homes than new listings coming to the marketplace, so we are seeing limited housing inventory available.  There is a cause and effect, see my next posting.

This weeks best of tour is a great Emerald Hills traditional with southern views…The home sits

We're sorry, but we couldn't find MLS # 81214787 in our database. This property may be a new listing or possibly taken off the market. Please check back again.

Simply click on the radio button of the day you’ll be out looking (below the green “View Results” banner) scroll down to add any parameters such as beds, baths or pricing to fine tune your search.