February 2022 Update 🏠

What a difference a year makes. This time last year, for the sake of safety, we sat outside in the pouring rain with our loved ones to celebrate the Asian Lunar New Year. February 2022 felt safe enough for us to gather inside and celebrate the fun and meaningful holiday. We felt very fortunate and very excited. Speaking of excited, we are also counting the moments until the spring real estate market begins in earnest!

Jack London Square is a hip urban niche of Oakland that has great modern waterfront condos, cool bars and fantastic restaurants. Check out this neighborhood video to introduce you to the community. I have a 1 bedroom + Den condo and a 2B+2B condo coming up soon. Please let me know if you are interested in exploring living in Jack London Square and I would be happy to take you for a tour. Please call me if you or someone you know wants to buy or sell, please call me at 925.900.5288 📞

Thanks for joining me for the Estate Planning Webinar with Kelly Balamuth. I feel it’s such valuable knowledge she is sharing because it’s an important conversation to have with your loved ones. If you missed it, check out this video. Feel free to share with your friends and family as well since there is no better time than the present to prepare your family for the future.

Pending Listings

9 Villa Ct, South San Francisco
9villact.com
3 bedrooms | 2.5 bath | 1,910 sq ft

A beautiful split-level condo that lives like a single-family home w/ 3 spacious bedrooms and 2.5 bath, 1910 sq living area. New interior, exterior paint, new carpeting throughout the home. Open floor plan w/ separate dining room, breakfast nook, kitchen, living room w/ stone fireplace + separate laundry room on the main level. Private quarters are all located upstairs. The primary bedroom has a walk-in closet + en suite bathroom. The unit has enough space for an office, guest room, bonus covered patio upstairs could be used as a home gym + ample storage space, and attached 2 car garage. The well-maintained outdoor deck has plenty of room to entertain or barbecue or even add an ADU in the yard. The new private fenced-in yard is perfect for kids or pets or to start a garden next to the apple tree. Low HOA dues of $200/month. Conveniently located in the hub of town w/ easy access to major freeways, schools, medical facilities, golf course, shops, restaurants, and walking distance to the BART.

380 Vallejo Dr. Millbrae
2 bedrooms | 2 bath | 1,400 sq ft

Congratulations! To my buyers who are in contract for her first home with her first bid! Such an auspicious day to get into escrow. These clients were referred to me by past clients who gave me glowing reviews. I was afraid I wouldn’t live up to such praise. Luckily, after just one tour together, she found her dream home and we made it happen! Woohoo!!

Market Update

After low levels in November and December, January new inventory started to increase — but it’s still lower than usual. In fact, it is the lowest new inventory for the month of January since 2016. Active inventory started to increase, as well, and I expect February numbers to push a large rebound into the spring season.

Reflecting the last remnants of leftover inventory from 2021, pending sales are a bit higher than we normally see during this time of year.

In a bit of good news for buyers, the average sales price has dropped 11% since November, driven primarily by a drop in single-family home prices: While they have jumped around a bit, single-family home prices are still 16% below their height in June 2021. Condos dropped starkly in January, but that is probably more due to holiday and winter seasonality.

January tends to be the highest month for days on market, so the average of 33 days last month is normal on an annual basis. The high value is mostly driven by condo data.

Single-family homes have fairly high overbids, at 17% on average. Condos in January were going for just below their listing prices.

In January, 54% of properties sold over listing, which is down from a high in November of 72%. Condos are down to just 36% of properties selling over asking. We usually see a bounce in months supply in January, but this year, it remained lower than normal — around 2 months.

Price per square foot has remained level for both single-family houses and condos despite average prices decreasing. This likely is because smaller properties were selling at a higher price per square foot. Additionally, since days on market is up, some of the longer-sitting properties — especially condos — were selling.