The May home sales numbers are in and Pending Sales had the worst decline since the pandemic shutdown in California. On a more local number level, San Mateo County had a drop in sales of –7.8% compared from April 2022 to May 2022. Is this of concern? It can be since the List to Price ratio has dropped—what Sellers are asking and what their homes are actually selling for. But consider this, if you have been a homeowner for at least 5 years, and would like to sell, your Return On Investment (ROI) is good, you can now buy at a lower cost in terms of sales price and as a buyer, less competition (fewer multiple offers), more houses for sale and contingencies to buy are back in place.
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