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March 2023 Pacifica & San Mateo County Real Estate Market Update

Dated: April 26 2023

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March 2023 Pacifica & San Mateo County Real Estate Market Update

It’s April 2023, the spring real estate market is in full swing and it’s a lot hotter than you probably thought it was! We’re experiencing a lot more multiple-offer situations, homes selling slightly above list price, and in just a matter of weeks again. 

With new listings down 40% compared to this time last year, there are less homes available for buyers to pick from and it’s really changing the way buyers need to approach purchasing a home in this market. Passively looking for a home is not an option, because many homes are selling within weeks again and you’ll have to be ready to act pretty fast if you see something that you like.  

With low inventory on the market and home buyers’ confidence improving, it's putting upward pressure on home prices and it appears the window of opportunity to purchase homes at a discounted price is slowly closing. 

If you’re a buyer waiting on the sidelines for lower prices or more inventory to find your perfect home, you might be waiting a long time. I know we all want lower prices but unfortunately inventory is projected to be low for the next couple of years with many homeowners locked into interest rates below 4%. 

Our advice for those of you in this position is rather than wait, let us help you identify homes with a little more flexibility on price. 

Despite what the media might be saying, the real estate market is recovering in 2023, with the median price of single-family homes in Pacifica at $1,380,000 up from up $1,270,000 in February, however still down from a peak of $1,600,000 in June 2022.

If you’re a buyer in this market the good news is that home prices are down from their peak, but the bad news is that if inventory remains low, and interest rates come down, it’s likely competition picks up which could put further upward pressure on home prices.

If you need help navigating the Pacifica or San Mateo County real estate market, please reach out. Our team is happy to help.

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