Hot Market – Are Buyers Burning Out?
Home buyers have faced a red-hot real estate market for more than two years. It has been common in past hot markets for buyers to become “fatigued” after an extended time of difficult hot market conditions (low inventory, multiple offers, and highly over-asking offers). Some Realtors have indicated to us that they are starting to experience more home buyers backing away from multiple offers and/or becoming more selective. This may indicate they are becoming cautious as a result of “market fatigue”. We will keep you apprised of whether this is a continuing trend or only a short-lived lull in the market. Meanwhile, multiple offers are still the norm due to low inventory. This is also reflected in the few closed home sales in during the month of February.
In the charts below, you’ll find 15 years of data for market activity and median sales price for the month of February for Palo Alto, Los Altos, Los Altos Hills, Menlo Park and Mountain View. You can’t find this level of historical data all in one place anywhere else, so if you have any questions or wish to get more info about your community, don’t hesitate to contact us.