Here’s our latest San Mateo County and Santa Clara County market update.
Today we’re sharing all the stats from our 2021 first-quarter real estate market. One piece of great news is that we’re seeing more active inventory across the board. We saw a very active first quarter.
Inventory has increased by 21% in San Mateo County. Pendings have risen by 127%; buyers are snapping up homes quickly. One of our latest listings received seven offers in 10 days for $555,000 over list price. In San Mateo County, the active inventory of condos and townhomes is holding steady, but pendings have gone up by 77%.
In Santa Clara County, inventory has increased by 41%, and pendings have risen 96%. We’re seeing a few more condos and townhomes coming onto the market, and pendings have gone up by 74%.
Low interest rates are driving all this demand; people want to get an excellent rate on a 30-year fixed loan. Buyers are looking for larger homes, more space, more privacy, bigger backyards, and we’ve seen an especially large increase in the desire for home office space. These spaces are more crucial than ever as people continue to work from home and many children still can’t go back to in-person learning. High demand will continue through the spring and summer as people make huge decisions about their lives and where they want to live them.
Reach out via phone or email if you have specific market questions or need any assistance. We would love to be your real estate resource.