2014: A Year for the Record Books.
The real estate market in San Carlos, as well as everywhere on the San Francisco Peninsula, will be one that goes down in the record books. Fueled by a robust economy, a booming stock market, and low interest rates, the local real estate market started out of the chutes absolutely on fire and never cooled off the entire year. The exponential job growth in the tech sector brought many new home buyers to the local market, which exacerbated an already critical imbalance between the demand for homes and the available inventory. When you add the unprecedented buying power that buyers wielded this year, you had the perfect storm which absolutely blew the roof off the market.
Even the most bullish of predictions that were made for 2014 market a year ago were surpassed with relative ease. A year ago, I published some predictions about how the market might behave in 2014. While many of the things I predicted turned out to be true, there were several predictions that I was simply wrong about:
“If these prices were to continue on the same trajectory, at this time next year the average price for a home in San Carlos would top $1,500,000, at an average of $828/square foot. The average price of a 3-bedroom home, which is the bread-and-butter of the San Carlos housing stock, would hit $1,445,000. And remember, these are only average values. Many homes would thus have to sell for even higher. Is this where market will be at this time next year? I’m betting that it won’t…” — White Oaks Blog, Dec 2013
“There will be significantly more listings in 2014 than in 2013.” — White Oaks Blog, Dec 2013
“Interest rates will rise in 2014.” — White Oaks Blog, Dec 2013
The reason for detailing last year’s predictions above was not to highlight the fact that I was about as accurate as the average weather forecaster, but more to call attention to a couple of key surprising factors that served to push the local market to stratospheric heights. In the charts below, we’ll discuss all of these elements in more detail.
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