With the clocks springing forward, the buzz of the Spring selling season is definitely upon us. As expected, more homes are for sale, but there still aren't enough to keep up with all the buyers out there. The hot spot in the market? Entry-level homes. But "entry-level" clearly means different things depending on which city. One thing that's pretty clear, though, is that lots of homes on the Peninsula are getting multiple offers, sometimes 20 or more, and they're selling for way over the asking price.

Taking a quick look at what's been happening in San Mateo  and Santa Clara Counties, the numbers tell a pretty interesting story for homes that went into contract AND closed escrow between January 1 and March 8:

San Mateo County

• 2023: 361 homes sold; 39% for more than list price 
• 2024: 432 homes sold; 52% sold for more than list price 
• In both years, 91% of the homes that sold over list price were listed for less than $3 million. 

Santa Clara County

• 2023: 810 homes sold; 48% for more than list price 
• 2024: 1,015 homes sold; 68% for more than list price 
• In 2023, 95% of the homes that sold over list price were listed for less than $3 million and in 2024, it is 93%. 

That's quite a jump in both the activity and the number of homes that are selling for more than expected. So, what's the takeaway from all this? The market has shifted quite a bit from last year. If you're thinking about selling, now is an excellent time to jump in and if your home is in the higher end of the market, there is still great demand there and we anticipate that sector to only get stronger. If you're looking to buy, having someone who knows the ropes and can help you stand out in this market is key. We have that experience, for both sellers and buyers, and are ready to assist you. Please reach out to us any time.