Time to pack away the swimsuits and start packing school lunches. Summer is over and we are ready for the fall real estate season!
But first, a look at Q3…
This was a very predictable quarter. After a robust tail end of the Q2 market in June, things slowed down in July and August and then got a bit of a lift in September. New listings are an indicator of the market, so let’s take a look, June–September 2013:
This follows a trend I’ve seen again and again in our local market over the past 20 years: A big spring market, followed by fatigue in the mid-late summer and a new selling season in the fall.
Some Q3 stats:
- In Q3 we saw just 19 closed sales, compared to 43 closed sales in Q2
- Days on Market in Q3 was 25, slightly down from 18 in Q2, but still indicating very quick sales
- Pricing, however, didn’t move at all, with a median closed sale price of 1,250,000 in both Q3 and Q2
- Interestingly, the median “For Sale” prices were $1,190,000 indicating that homes are selling for a little over asking
Predictions for Q4:
As I’m writing this, we are only 11 days into Q4 and already we have nine new properties on the market. It looks like we will have a strong fall market. Interest rates are still low. Buyer demand is high. Inventory is picking up again and buyers aren’t afraid to jump in.
For sellers: You’re still riding the wave of the high prices of the spring market, although the bidding may not be as frenzied now. Prices are holding steady and it’s still a great time to sell.
For buyers: Inventory is probably going to get better and there will be less competition in Q4. If you find a house you love and can afford, this is a time to go for it.
* Menlo Park East of El Camino Real includes the area located between El Camino, Encinal Avenue, 101, and San Francisquito Creek. This area includes the following neighborhoods: Linfield Oaks, Felton Gables, Park Forest, Seminary/Vintage, Menlo Oaks, The Willows, Suburban Park, Flood Triangle, Lorelei Manor, and North Fair Oaks.