Hi, Mike! As of today 2/3/15, market shows a 7.71 Months of Housing Supply (Listing/Absorption Rate) for the 94533 zip code, prices up to $299,999. This means that there is about 7-8 months worth of housing inventory for this specific market.
With the new 3% down payment loan programs of Fannie and Freddie and the recent FHA mortgage premium reduction, we can expect more buyers to qualify and come on board. With these favorable buying conditions, the housing market should be busy as more Millennials can get into their first home. Further, the returning home buyers (those who had a foreclosure or short sale in the last three years) have the opportunity to become homeowners again with an FHA mortgage and for Veterans, only 2 years to be able to buy again (of course, given all qualifying measures are in place). Lenders can go into more details.
So let's see how the market plays out with these dynamics...I have a feeling it is going to be an exciting year!
Hope that helps!
All the best,