Saturday, February 11, 2023

Feb 2023 Update on the Silicon Valley Real Estate Market

Latest stats on the Bay Area real estate market.

The Take-Away:Year-over-year prices have adjusted: prices have fallen about 15% from the highs of the market in April 2022, and then started to go back up a bit: prices have stopped falling and are now quite well sustained as a whole.  However the picture is different locally depending on how desirable the location is, or the size of the home - since the pandemy larger homes are more desirable.  The premium locations continue to draw multiple offers and experience an active market.  Good pricing is as always key to a good sale.

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Trends At-a-Glance for Santa Clara County
Trends At a GlanceJan 2023Previous MonthYear-over-Year
Median Price$1,529,000 (+4.4%)$1,465,000$1,688,890 (-9.5%)
Average Price$1,932,710 (+9.4%)$1,767,070$2,041,660 (-5.3%)
No. of Sales262 (-35.9%)409429 (-38.9%)
Pending869 (+1.9%)853902 (-3.7%)
Active533 (+8.3%)492389 (+37.0%)
Sale vs. List Price98.9 (+0.2%)98.7113.7 (-13.1%)
Days on Market34 (+7.8%)3214 (+142.6%)
Days of Inventory61 (+69.1%)3627 (+124.4%)
 
Market Barometer
11
Prices and Sales
22
Days of Inventory
33
Sales Year-to-Date
44
Sale Price/List Price Ratio
55

Market Overview

Home Sales Prices Mixed

The median sales price for single-family, re-sale homes rose, month-over-month. It was up 4.4% from December. It was down 9.5% compared to last year.

The average sales price for single-family, re-sale homes was up 9.4%, month-over-month. It was down 5.1% year-over-year.  There were 262 homes sold in Santa Clara County last month. The monthly average since 2000 is 987.

The sales price to list price ratio rose from 98.7% to 98.9%.  As of February 5th, there were 533 homes for sale in Santa Clara County. The average since January 2000 is 2,703.  It took thirty-four days to sell a home last month. That is the time from when a home is listed for sale to when it goes into contract. 

The median sales price for condos was flat 9.4% compared to last January. The average sales price gained 0.9% year-over-year.

Condo sales were down 52.8% year-over-year. There were 110 condos sold in December.

The sales price to list price ratio rose from 99.2% to 99.4%.  As of February 5th, there were 247 condos for sale in Santa Clara County. The average since January 2000 is 757.  It took an average of thirty-three days to sell a condo last month. 

If you are planning on selling your property, call me for a free comparative market analysis.

 

Warm regards,

Francis C. RollandColdwell Banker - Los Altos- Serving you since 1985

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Wednesday, February 1, 2023

Americans Misinformed on The Housing Market

 Source: The Hill

Americans who are planning to purchase a home in 2023 are woefully misinformed about the nation’s mercurial housing market, even as millions of them prepare to buy homes, according to a survey by NerdWallet. On average, they hope to spend $269,200, which falls more than $100,000 short of the median home price, which was $388,100 in December, according to the real estate brokerage Redfin. Home prices crossed the $269,000 threshold sometime in 2013, Federal Reserve statistics show. 


Two-thirds of those surveyed said they expect an imminent crash, however, real estate economists do not. Lawrence Yun, chief economist for the National Association of Realtors, forecast an average sale price of $385,800 this year, about the same as last year. Redfin predicts a 4 percent drop: bad news for sellers, but hardly a crash.   

See the whole article here.

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