What’s Happening in the Silicon Valley Market This Quarter?

I’ll discuss some important statistics from Silicon Valley’s third quarter so that you know what to expect moving into the fourth quarter.

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Since we’ve just finished the third quarter, I’d like to go over some numbers from the Santa Clara County market so that you know what’s going on in Silicon Valley real estate moving into the fourth quarter.

There are a little over 1,700 homes on the market right now, including single-family homes, townhomes, and condos. Of these homes, the median list price is $980,000 while the median sales price is about $902,000.

For homes that are active on the market, the average days on market is about 59 days in the entire county. For the homes that did sell, the average days on market was about 30 days. The total sales for the last month of the quarter was a little over 1,200 sales, which is down by about 4% from the previous month.

What do all of these statistics mean to you as a home buyer or seller?

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If you find a home that meets your needs, jump on it now.

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If you’re a buyer, you have a little bit more inventory to choose from and interest rates are still historically low. We’re also not seeing quite as much competition on the market, so your odds of getting into a bidding war are much less likely than they would have been earlier this year. So if you find a home you like that fits your needs and is in a great location, jump on it and make an offer.

On the flip side, if you’re thinking about selling your home, don’t worry; homes are still selling. Homes are sitting on the market a bit longer in some areas, which may call for a more aggressive pricing and marketing strategy. Overall, we need to adjust our expectations a bit, especially as we approach the winter months. For this reason, you should be sure to plan your sale accordingly. In any case, if it’s time to sell your home, you can definitely do so and get a great price for it.

This is just a brief overview of what we’ve seen in the market this past quarter, so if you have any other questions about whether it’s the right time to buy or sell a home in Santa Clara County, give me a call or send me an email. I’d be happy to help you!

2nd Quarter Silicon Valley Market Update

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We're onto the second quarter in the Santa Clara County real estate market, so I wanted to give you a quick update.

When we last checked on the market, inventory was just over 1,000 homes, average price was around $860,000, average days on market sat about 69, and the interest rates were sitting around 3.75%. So what's happened since then? Well, we're entering a presidential election, and the Federal Reserve increased interest rates. People thought this would increase mortgage interest rates, but they actually came down a little bit.

Starting in the second quarter, homes on the market have gone up by 700, price is up to $931,000, and the average days on market has fallen to 41, and of course, interest rates are down around the 3.625% range for 30-year fixed mortgages. This means we're still in a seller's market, but there is some more inventory. In some areas, we're starting to see homes get fewer offers, but it's still very competitive and sellers are still getting top dollar quickly.

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Don't give up hope!

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If you're looking to sell, it's still a good time, and if you're looking to buy, there's more inventory for you. Don't give up hope! You just need to partner with the right agent.

Thanks again for your support. If you have any questions, please feel free to get in touch and we'll talk soon.

What's Happening with Santa Clara County Real Estate?

Want to sell your home? Get a FREE home value report.

Want to buy a home? Search all homes for sale.

What does the real estate market look like in Santa Clara County? Currently, there are just over 1,000 active homes on the market. The average sales price is $860,000, and homes spend an average of 69 days on the market. In more desirable areas, homes are on the market for one or two weeks!

Inventory is extremely low right now, with about one month of inventory on the market. Since there is a shortage of inventory, home values are going up. Many sellers are receiving multiple offers, especially in desirable areas with good schools and great amenities nearby.

Interest rates remain at all-time lows, hovering in the high threes and low fours for a 30-year fixed mortgage. Buyers have a lot more purchasing power right now, so take advantage of these low rates.

What does this mean for you? If you're looking to sell, you can get top dollar for your home so long as you are priced correctly and have an aggressive marketing plan.

For buyers, the market is quite competitive. It might take a little while to get you into a home, but we can come up with a plan to get you to the closing table. Plus, those interest rates are fantastic!

If you have any questions, give us a call or send us an email. We look forward to hearing from you!