Q4 2015 Market Update – Menlo Park East of El Camino

Inventory, Inventory, Inventory! It’s déjà vu all over again. With prices at record highs, it seems counterintuitive that the inventory of homes for sale are at record lows. Why aren’t more homeowners cashing out?

There are many reasons homeowners are not selling: price increases have made moving up unaffordable; it’s often less expensive to renovate than to move up; longtime homeowners with equity are pushing off the capital gains tax bite, and it’s tough to do contingent deals in these fast-moving market conditions.

Looking back on 2015, we ended the year with the highest average sales price in the last two years. 2 year average sales price. Days on market numbers have remained low–in the 30-day range. Days on Market With the lack of inventory making the Number of closed sales plummet, it’s tough for buyers to find properties. However, for sellers the good news continues and will continue until more houses come on the market.

 

 

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