More changes in the Silicon Valley real estate market. Check out my latest update to see where the hottest and coolest market areas are. http://ow.ly/eNwV30nKaMA
More changes in the Silicon Valley real
18 Monday Feb 2019
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in18 Monday Feb 2019
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inMore changes in the Silicon Valley real estate market. Check out my latest update to see where the hottest and coolest market areas are. http://ow.ly/eNwV30nKaMA
12 Thursday Jul 2018
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inQuick Market Summary: Is there a slight draft in this room? Well, the markets in general in Santa Clara and San Mateo counties have cooled a bit. Not too much to bring about a buyer’s market but there’s less pressure on buyers as inventory has increased and the amount of activity and traffic for open houses has eroded somewhat. You may recall that the markets earlier in the year were on fire and we still have some “hot spots” we can perhaps lay blame on buyer fatigue as well as the normal cooling off of the markets during summer (after Memorial Day lasting historically until Labor Day). The year over year median in Santa Clara County was up 18.4% to $1,400,000 in June and in San Mateo County the median price was $1,665,000. Inventories are up overall but seem like they are topping which is normal for the summer months. Listings for very high-end priced homes throughout both counties remains sluggish and take quite a bit longer to sell than the recent past. Condo and townhouse median in Santa Clara County has reached $933,000. In Santa Clara County 79.5% of homes that closed escrow in June sold for more than list price inferring multiple offers and a record for this time of year. It was 81% in San Mateo County.
Nuts and Bolts: Inventory or the amount of homes available for purchase in Santa Clara County was 1,045, up from 806 or 29.7% from last year. Sales (accepted offers) were 1,100 down 14.1% from the same month last year.
For San Mateo County, inventory of single family residences stood at 397 in June. Sales (accepted offers) were 431. For both counties, the inventory continues to lag far below the historical average for this time of the year which continues to place pressure on buyers.
Sale price to list price ratio, an important key market condition indicator, shows that for Santa Clara County transactions completed during June this stood at 107.8% and the highest ever for this time of the year. Last year at this time it stood at 105.8%.
The hottest market in Santa Clara County belongs to the Cupertino/Sunnyvale market area (median price of about $2.25 million) at 109.0% which means that the average closed sale has a sale price 9.0% higher than the list price! It also registered the lowest median days on market at just 10 which means half the inventory sells in just a bit over a week and 86% of closings sold above list price! The coolest is the South County (Morgan Hill, Gilroy, San Martin) market area (median price of about $0.935 million) with 103.4% and 40 days of unsold inventory.
Days of unsold inventory moved up a bit and stand at 35 for Santa Clara County and 32 for San Mateo County. This means that for Santa Clara County that the entire inventory, if held static, would sell out in about a month!
San Mateo County’s overall sale price to list price ratio stands at 111.4% with the highest ratio and hottest market area is in the North (Brisbane, Colma, Daly City, Pacifica, San Bruno, South San Francisco) market area (median price of about $1.143 million) at 117.0% with a median days on market of 12. One advantage of this area is its proximity to San Francisco and a heck of a lot less expensive or to rent! The coolest is the San Mateo County Coast (Half Moon Bay, El Granada, Moss Beach, Montara) market area (median price of about $1.260 million).
As always, markets are always changing and the supply and demand in a particular area or even neighborhood can vary. If you would like specific market condition information for your area or neighborhood or a current home valuation, please feel free to call me, your RE/MAX Gold Agent! You are welcome to leave your comments or questions or contact me directly at my website. Check out and “like” my Facebook Business Page (have over 775 likes – help me to reach 1,000!) or follow me on my Twitter Page.Thank you.
15 Friday Jun 2018
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in15 Tuesday May 2018
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in23 Monday Apr 2018
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inQuick Market Summary: The Silicon Valley real estate market is HOT and actually even hotter than the recent past! Year over year the Santa Clara County median price has incredibly accelerated to $1,460,000 up 28.3% and in San Mateo County increased “only” 20.3% to $1,678,000. The hot streak continues — sellers take notice. Supply and demand — low inventory or supply coupled with high demand means higher prices. The Santa Clara County median price for condos/townhouses reached $900,000, up 28.4% from the same month last year. In Santa Clara County 83% of homes that closed escrow in March sold for more than list price inferring multiple offers and a record for this time of year. It was 82% in San Mateo County.
Nuts and Bolts: Inventory or the amount of homes available for purchase in Santa Clara County was 625 down 26.8% from last year at this time. Sales (accepted offers) were 1,227 up from 1,170 up 4.9% from the same month last year. You’d think that sales would be down as much as inventory if you believe what some agents say that sales are limited by the low inventory. They forget that there is another variable to consider — turnover. A faster market or one with a shorter number of days on market easily cancels or mitigates a lower level of inventory. Currently we’re at the fastest market turnover ever!
For San Mateo County, inventory of single family residences stood at 308 in March, down 8.3% from last year. Sales (accepted offers) were 384, down 6.3% from March 2017. For both counties, the inventory continues to lag far below the historical average for this time of the year placing pressure on buyers as evidenced in the predominance of multiple offer situations and heated competition between buyers trying to enter the market.
The hottest market in Santa Clara County belongs to the Cupertino/Sunnyvale market area (median price of about $2.28 million) at 118.6% which means that the average closed sale has a sale price 18.6% higher than the list price! It also registered the lowest median days on market at just 8 which means half the inventory sells in just a bit over a week! The coolest is the Los Gatos/Saratoga market area (median price of about $2.36 million) with 105.2% and 49 days of unsold inventory. Notice that the median price of Cupertino/Sunnyvale is closing in on Los Gatos/Saratoga!
Days of unsold inventory are at a record low of just 17.8 for Santa Clara County and 28 for San Mateo County. This means that for Santa Clara County that the entire inventory, if held static, would sell out in less than 18 days!
San Mateo County’s overall sale price to list price ratio stands at 112.6% with the highest ratio and hottest market area in the Bay Cities (Belmont, Burlingame, Millbrae, San Carlos, San Mateo) market area (median price of about $1.89 million) at 116.6% with a median days on market of 10. One advantage of this area is its proximity to San Francisco and a heck of a lot less expensive! The coolest is the Expensive (Menlo Park, Atherton, Portola Valley, Hillsborough and Woodside) market area, (median price of about $4.08 million).
As always, market dynamics change and the supply and demand relationships can vary by area. If you would like specific market condition information for your area or neighborhood or a current home valuation, please feel free to call me, your Remax Agent! You are welcome to leave your comments or questions or contact me directly at my website. Check out and “like” my Facebook Business Page (have over 750 likes – help me to reach 1,000!) or follow me on my Twitter Page.Thank you.
21 Wednesday Mar 2018
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inTake a look at the chart below from MLSListings.com which shows the Santa Clara County sales price to list price ratio trend since 2001. Any value above 100% is an average that is above list price and infers multiple offers.
22 Thursday Feb 2018
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inQuick Market Summary: With the median price up 25.5% in the last year in Santa Clara County, we’re still in a continued hot streak. Amazing, yes, but that doesn’t mean every single home went up that much. Median price is the middle transaction of those that closed escrow during the month. It’s more accurate to use median prices as an indicator of the overall trend. Supply and demand — low inventory or supply coupled with high demand means higher prices. Basic economic theory. When record low inventory is mixed with a goodly amount of buyer demand, you get higher prices. Median prices continue to set records — in Santa Clara County it was $1,155,000 and $1,550,000 in San Mateo County in January. The Santa Clara County median price for condos/townhouses is $750,000. Demand continues to outstrip supply in Santa Clara County as 73.0% of homes that closed escrow sold for more than list price inferring multiple offers and a record for this time of year. It was 66% in San Mateo County. Will demand increase as we get into early spring — we’ll see but this is what occurs each year almost without fail.
Nuts and Bolts: Inventory or the amount of homes available for purchase in Santa Clara County was 452 down 27% from last year at this time. Sales (accepted offers) were 675 down from 689 or 2.0% from the same month last year. You’d think that sales would be down as much as inventory if you believe that some agents say that sales are limited by inventory. They forget that there is another variable to consider — turnover. A faster market or one with a shorter number of days on market easily cancels or mitigates a lower level of inventory. Think the turnover in the fruit and vegetable portion of the market versus the turnover for packaged goods. Average days on market has dropped to just 17 — lowest ever!
For San Mateo County, inventory of single family residences stood at 197 in January. Sales (accepted offers) were 252. Each of these much lower. For both counties, the inventory continues to lag far below the historical average for this time of the year placing pressure on buyers as evidenced in the predominance of multiple offer situations and heated competition between buyers trying to enter the market.
Sale price to list price ratio, an important key market condition indicator, shows that for Santa Clara County transactions completed during January this ratio stood at 108.5% and the highest ever for this time of year. The all time high of 110.0% was reached in the heady days of the “Dot-com” period in 2000. Last year at this time it stood at 101.4%.
Take a look at the chart below from MLSListings.com which shows the Santa Clara County sales price to list price ratio trend since 2001. Any value above 100% is an average that is above list price and infers multiple offers.
The hottest market in Santa Clara County belongs to the Cupertino/Sunnyvale market area (median price of about $2.28 million) at 116.6% which means that the average closed sale has a sale price 16.6% higher than the list price! It also registered a low median days on market at just 9 which means half the inventory sells in just nine days! The coolest is the South County (Morgan Hill and Gilroy) market area (median price of about $0.85 million) with 100.3% and 30 days of unsold inventory.
Days of unsold inventory are at a record low of just 23 for Santa Clara County and 27 for San Mateo County. This means that for Santa Clara County that the entire inventory, if held static, would sell out in less than 23 days!
Even with the backdrop of the hot market we’re still seeing a cooling off of the high end of the price ranges in the Los Altos/Palo Alto and Los Gatos/Saratoga market areas. These high-priced homes are staying on the market longer than those more closely aligned with the median priced homes in those same areas. Sellers need to be more aggressive with listing a home that has an expected sales price substantially higher than the median in the immediate area.
Take a look at the chart below from MLSListings.com which shows the San Mateo County sales price to list price ratio trend since 2001.
As always, market dynamics change and the supply and demand relationships can vary by area. If you would like specific market condition information for your area or neighborhood or a current home valuation, please feel free to call me, your Remax Agent! You are welcome to leave your comments or questions or contact me directly at my website. Check out and “like” my Facebook Business Page (have over 750 likes – help me to reach 1,000!) or follow me on my Twitter Page.Thank you.
22 Friday Dec 2017
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inQuick Market Summary: Up and away. That’s the characterization of the continued hot streak as November prices jumped and are 25.1% higher than the same month a year ago. Yes, you read that right! When record low inventory is mixed with a goodly amount of buyer demand, you get higher prices. Median prices continue to set records — in Santa Clara County it was $1,289,000 and $1,513,000 in San Mateo County. The Santa Clara County median price for condos/townhouses is $790,000. Demand continues to outstrip supply in Santa Clara County as 77.9% of homes that closed escrow sold for more than list price inferring multiple offers and was 75% in San Mateo County. The historical averages we’ve seen in most of the past 20 years of a settling down of the market come late fall, is totally out the window. The question becomes is the sharp increases we’ve seen at this time of the year caused by buyers getting a jump on the historically busy late winter-early spring OR will be see a continuation of the high demand next year too.
Nuts and Bolts: Inventory or the amount of homes available for purchase in Santa Clara County was a paltry 486 down from 645 last month and down from 750 the same month last year or a decrease of 35.2%! Sales (accepted offers) were 791 down from 1,003 last month and decreased 1.7% from 805 the same month last year. Closed sales were interesting — they were 738 down from 797 last month and 826 the same month last year, a decrease of 10.7%. Comparing the large reduction of inventory and the smaller drop in offers accepted, we’ve seen that turnover has accelerated. Put another way — the days on market (DOM) have shortened making our market more efficient or faster.
For San Mateo County, inventory of single family residences stood at 243 in November down from 318 last month. Sales (accepted offers) were 318 a decrease from 460 last month. For both counties, the inventory continues to lag far below the historical average for this time of the year placing pressure on buyers as evidenced in the predominance of multiple offer situations and heated competition between buyers trying to enter the market.
Sale price to list price ratio, an important key market condition indicator, shows that for Santa Clara County transactions completed during November this ratio stood at 108.5% and the highest ever for this time of year and a bit lower than the all time high of 110.0% reached in the heady days of the “Dot-com” period in 2000. Last year it stood at 101.5%.
Take a look at the chart below from MLSListings.com which shows the Santa Clara County median price trend since 2000.
The hottest market in Santa Clara County belongs to the Cupertino/Sunnyvale market area (median price of about $2.02 million) at 116.8% which means that the average closed sale has a sale price 16.8% higher than the list price! It also registered the lowest median days on market at just 9 which means half the inventory sells in just nine days! The coolest is the South County (Morgan Hill and Gilroy) market area (median price of about $0.85 million) with 101.0% and 30 days of unsold inventory.
Days of unsold inventory are at a record low of just 21.5 for Santa Clara County and 23 for San Mateo County. This means that for Santa Clara County that the entire inventory, if held static, would sell out in less than 22 days!
We still are seeing a cooling trend in the high end of the price ranges in the Los Altos/Palo Alto and Los Gatos/Saratoga market areas. These high-priced homes are staying on the market much longer than those more closely aligned with the median priced homes in those same areas.
Take a look at the chart below from MLSListings.com which shows the San Mateo County median price trend since 2000.
As always, market dynamics change and the supply and demand relationships can vary by area. If you would like specific market condition information for your area or neighborhood or a current home valuation, please feel free to call me, your Remax Agent! You are welcome to leave your comments or questions or contact me directly at my website. Check out and “like” my Facebook Business Page (have over 750 likes – help me to reach 1,000!) or follow me on my Twitter Page.Thank you.
14 Tuesday Nov 2017
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inQuick Market Summary: The hot streak continues as October is added to the hottest real estate market period in history! Buyers seem to be getting a jump on expected future price gains and/or higher mortgage rates. Normal market trends have late summer and fall prices drifting lower along with sales and inventory. Not so this year! In October, inventory of available homes for sale attained what looks like a record low in Santa Clara County of just 645 single family residences. Median prices continue to set records — in Santa Clara County it was $1,250,000 and $1,525,000 in San Mateo County. The Santa Clara County median price for condos/townhouses is $767,000. Demand continues to outstrip supply in Santa Clara County as 75% of homes that closed escrow sold for more than list price inferring multiple offers and was 84% in San Mateo County. Historically, we see a higher level of interest from buyers post-Labor Day that lasts for a month or so and then things tend to settle down as we approach the holidays.
12 Thursday Oct 2017
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inQuick Market Summary: This past several months has been the hottest real estate market period in history! Perhaps buyers are getting a jump on the normal upswing that comes in early spring of each year. Anemic inventory levels coupled with the threat of higher mortgage rates and robust buyer activity and demand provided the price pop we witnessed. In September, inventory of available homes for sale attained a record low in Santa Clara County and very close to a record in San Mateo County. Median prices continue to set records — in Santa Clara County it was $1,180,000 and $1,465,000 in San Mateo County. The Santa Clara County median price for condos/townhouses is $720,000. Demand continues to outstrip supply in Santa Clara County as 70% of homes that closed escrow sold for more than list price inferring multiple offers and was 72% in San Mateo County. Historically, we see a higher level of interest from buyers post-Labor Day that lasts for a month or so and then things tend to settle down as we approach the holidays. Things WILL settle somewhat during this period but I believe we’re in for higher prices early next year provided no huge external event changes the outlook.