Sunday, November 18, 2007

Going, going, gone!

Inventory Update
Inventory is down to 39 single-family homes which is a steep decline from two weeks ago. Expect to see the number continue to drop and listing agents advise their clients to wait until 2008 to sell and buyers anxious to move before the holidays snap up whatever is left.

Multiple offers are still the rule in Los Altos with the homes on La Prenda and Spencer getting several offers over the asking price. This bidding strength, while hard on buyers, shows how strong the local market is and how unlikely we are to see any serious price erosion in the "Under $2 million" bracket.

More New Construction
Framing is moving along nicely on the new 7000 square foot home going up on Glen Alto. This project is on the fast track and should be done in time for the hot 2008 season. The home features expansive living space with efficient use of yard space and underground parking.

Open House Traffic
The number of people coming through open houses in the area is still strong indicating that there are a lot of buyers. Surprisingly, about half of the people I've met have been new to the market - meaning they've starting looking within the last month or so.

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