The majority of communities in the Peninsula have been experiencing historically low inventories. Overall, annual inventory is down about 35% from 10 years ago. Besides the economy doing well and interest rates being very low, one of the driving factors for rising home prices has been the lack of inventory.
Brittan Heights has also been experiencing the same phenomena. About 10 years ago it was typical to have 35 to 40 condos put on the market each year for sale. For the past few years the numbers have been more in the mid-20s. This is a significant decline in the percentage of available inventory at Brittan Heights – inline with the 35% decline seen in San Mateo County. Whereas before you typically had more homes put on the market each year than were sold, today almost every single property that is put up for sale is sold relatively quickly.
It remains a great to time be to be a seller, but tough days for buyers!