Spring is in full swing as witnessed by 60 new listings for the Friday Tour alone! I presented an offer this week on a Saratoga home listed at $2.4m. It had 7 offers and final price went $2.7m+ — showing that the market is still very competitive and 10%+ over list price offers is still happening with regularity no matter the price point. The inventory is finally coming on market now due to better weather so let’s get out there and find something great! We had a very good reception at this week’s Broker Tour for our Vanderbilt listing. Make sure you come see me during the open house this weekend!
Happy Easter from an Easterday! You may have noticed the lack of new Eichler listings this week, I’m sure due in part to the Easter weekend. I know that most of you believe that in this seller’s market every house is sold in just days with multiple offers, however, it seems the Lennox Eichler is still on market after 23 days. So the market has rejected it at $2.2m, which shows us there is a sense to this market and you can’t get away with throwing just anything out there.
Our housing market is still very healthy. Last week we had 8 offers on our Brahms Sunnyvale townhouse listing, 2 of which were all cash. The White Plains fixer upper in the Highlands had 5 offers this week. While we are “balancing” back from a heavy sellers market, it is best characterized as a very healthy market. Buyers have a good chance to get what they want with slightly less competition than we had a year ago, and sellers have a solid market to get very respectable offers.
We just put 151 Brahms Way (a Sunnyvale Townhouse) on the market so I’ll be hosting open house this weekend if you want to stop by and chat about the market. 56 new listings just for the Friday tour alone so as you can see, the nice weather is finally bringing out some sellers. The raise in interest rates might have some buyers jumping into action so it will be interesting. I have seen so many new apartment complexes under construction these last couple years finally now coming available, so that may keep a damper on rental rates (supply/demand). I am seeing some softness in single family home rental rates, should see if that makes buyers complacent for a while or if they realize it’s just plain more affordable to own!
Solid activity continues to be the trend as our Spring selling season gets underway. All the Sunnyvale Eichlers that flooded the market around Remington and Hollenbeck are now Pending. The others sold well over list price and, as predicted, the totally tricked out Edmonton listing set a new record for Sunnyvale, going over $2.6m! It’s also quite a surprise (and annoying) that we do not have any Highlands Eichler’s yet to come on the market this year! Some have sold off-market so we cannot say that nothing has sold, but I feel demand is building. We’re only a couple months away from the Eichler Home Tour (May 6 and 7) showcasing this incredible community. Eichler Homes Realty is proud to be a sponsor of this event. The Highlands neighborhood of San Mateo has the largest contiguous collection of Eichler homes in the nation. The Home Tour is a fabulous opportunity to preview ten Eichler homes. In fact, I will be hosting one of these homes. Tickets are on sale now at www.eichlerhometour.org Hurry – this event is expected to sell out. All proceeds from this event go to the San Mateo Highlands Elementary PTA.
Since I get so many questions at open houses and in the days following, I decided to post a comment about our recent open house weekend at 619 W Remington. The weather was terrible, but that did not discourage people from coming out to see this home. At least 50 groups through each day even in the rain. It was a unique opportunity for buyers because they got to see 585 W Remington, a complete fixer at $1.348m that needs to be gutted and rebuilt, and compare it to our Remington all done at $1.528m. Yes, there are now 4 Active Eichler listings on Remington — who could have predicted!? So, buyers have choices for the first time in a long time. Each of these homes represent a different price/condition offering. But it’s hard to argue that both of these are the best options for an entry level Eichler in Sunnyvale. Most people were first time buyers, attracted to the Eichler aesthetic, schools, and price. But I have to tell you, of all the questions and comments I had, there was one person who asked if it was easy to take out the big glass windows and just fill it with solid wall. Uh… -Mark
It’s finally Spring! Well that’s what we believe here as our Bay Area Spring starts right after the Super Bowl. 34 new listings on market for the Friday tour is the highest this year so there is your proof! Interesting to note is that several of the new listings this week are re-lists of homes that did not sell last year — that’s right, there are many homes in Palo Alto and Los Altos Hills that did not sell last year.