MHMatters_2310_115hw

16 MountainHouseMatters.com
Issue #115 • October 2023
Housing Inventory Shrinking Even More In The Past Month
By Salah Salah
Happy Fall Mountain House Family. I am delighted
to bring you the August/September
market update.
With the seasons changing, many in the market to
buy or sell a home have hopes that the real estate
market is also changing in their favor. You might be
asking what has changed in the market since my last
market update. We are still in a “seller’s market” like
the previous month, but inventory has shrunk by half
from the previous update. There are many buyers still
out there searching for homes. What I have noticed is
that buyers are more patient, they have to absolutely
love the house to move forward with an offer in
most cases. Homes selling over the asking price are
appraised at value based on the transactions in which
I have participated. We currently have 8 homes for
sale in Mountain House compared to 15 during the
last market update. We have 0.39 months of standing
inventory compared to 1.15 last month. We are still
seeing Non-contingent offers, but some offers come
in with some contingencies attached. We are still
witnessing some homes coming on the market with
unrealistic expectations, and they are not selling. That
is a seller and realtor issue, NOT a market issue. This
market can be very confusing for many buyers and
agents. Not all homes are flying off the market well
over the asking price. Homes still need to show well,
be presented to the market in a tasteful fashion, and
be priced realistically to get the attention of serious
buyers. If you have any questions about this article
or our Real Estate market, feel free to contact me
anytime. Remember, choosing a Realtor with vast
experience listing & selling homes in your local
market will put you in the best possible position to
navigate these ever-changing Market conditions..
Why Does Inventory Continue To Stay Low?
We are experiencing a rippling effect from the historic
low-interest rates during the past few years. Homeowners
who purchased or refinanced during that time
are less motivated to sell their current or primary home
because of the low-interest rates they have. Many of
the homes we see hit the market are secondary homes
(rentals) or “life events” that are occurring i.e., an
unfortunate death, separation/ divorce, or work relocation.
The interesting part is that when you run the
numbers, selling, and buying currently do make sense
in many situations. Even though the interest rates are
higher than the historic lows.
Home Values
Our Mountain House home values are continuing
to rise. The best and most accurate way to get your
current home value is to talk with a local agent. Most
homeowners are in utter shock at their current home
values! In our ever-evolving digital age, most homeowners
utilize websites that have algorithms in place
to obtain their current home value. Those sites cannot
even remotely keep up with this current market and
are highly inaccurate in most to all cases. Reaching
out to a local and experienced Realtor is going to be
the best approach for an accurate home value.
What Is a Buyer’s Market?
A buyer’s market refers to a situation in
which changes to the underlying economic
conditions that shape “supply and demand.” It means
that purchasers have an advantage over sellers in price
negotiations. A buyers market occurs when there is
six (6) or more months of Inventory supply available.
What is a Neutral Market?
A Neutral market is when we have three to six (3-6)
months of inventory supply.
What Is a Seller’s Market?
A seller’s market is a market condition characterized
by a shortage of goods available for sale, resulting
in pricing power for the seller. A Seller’s Market is a
term commonly applied to the property market when
low supply meets high demand. A sellers market
equals less than three (3) months of inventory supply.
What Does Months Of Inventory Mean?
Months of inventory takes into account the number
of homes for sale on the market with recently sold
homes and reflects the number of months it would
take to sell all homes currently on the market. You
can calculate months of inventory by dividing the
total number of homes for sale over the number
of homes sold in one month. When months of
inventory are low, it’s a fast-paced market dominated
by buyers and few sellers. When months of
inventory are high, there are generally more homes
on the market (dominated by sellers) with fewer
buyers or sales.
MH Market Update from
August 23 - September 28, 2023
Active Homes Total as of 9/28/23: 8
2 Condos & 6 Single Family Homes -
(All Re-Sale)
Pending Homes 8/23/23 - 9/28/23: 9
(All Re-Sale)
Closed Homes 8/23/23 - 9/28/23: 23
(All Re-Sale)
Sold Over $1 Million 8/23/23 - 9/28/23: 11
(Re-sale)
The highest sold home in Mountain House
To Date $2,000,000.
The Average price per Sqft sold in this time
frame is $418.88
The Highest price per Sqft sold in this time
frame is $511.63
The average number of days on the market
before a home receives an offer in this time
frame is 11 days.
Total number of Million Dollar
homes sold to date: 363
Current months of Inventory supply
available: 0.39 - Less than 1 Month
(Sellers’ Market)
JUST SOLD By Salah Salah |78 N Alta Dena |Altamont Village | 4 Bed | 3 Bath | 3,064 Sqft | 6,416 Sqft Lot |Sale Price
$1,164,786 | SOLD for $65,906 OVER ASKING
Your success is our goal.
Your trust is our asset.
Your satisfaction is our reward!
Harshad Bhimani
Realtor ®
CalBRE# 01960659
mobile: 408.616.0488
harshad.bhimani@gmail.com
www.NandHomes.com
www.Facebook.com/NandHomes
A Tradition Of Trust
Mountain House Resident & Area Expert
Coldwell Banker and the Coldwell Banker logo are service marks of Coldwell Banker Real Estate, LLC. Coldwell Banker Residential
Brokerage is owned by a subsidiary of NRT, LLC. If you have a broker relationship with another agency, this is not intended as a solicitation.
JUST SOLD By Salah Salah | 563 Burk Pl |Wicklund Village | 4 Bed | 2 Bath | 2,004 Sqft | 6,276 Sqft Lot | Sale Price $938,000
| SOLD for $58,500 OVER ASKING
About The Author
Salah Salah is an
award-winning Full-Service
Neighborhood Realtor
and an invested member
of the Mountain House
Community.
Salah prides himself on
his knowledge of local real
estate trends, and strives
to provide the best service
for his clientele.
510-378-6533 Cell/Text
salah@refinedre.com
LIC#02022642
www.RefinedRE.com