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 Glance Jan 2023 Previous Month Year-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 Sales 262 (-35.9%) 409 429 (-38.9%) Pending 869 (+1.9%) 853 902 (-3.7%) Active 533 (+8.3%) 492 389 (+37.0%) Sale vs. List Price 98.9 (+0.2%) 98.7 113.7 (-13.1%) Days on Market 34 (+7.8%) 32 14 (+142.6%) Days of Inventory 61 (+69.1%) 36 27 (+124.4%)

Market Barometer

Prices and Sales Days of Inventory

Sales Year-to-Date Sale Price/List Price Ratio

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. Rolland
Coldwell Banker - Los Altos
- Serving you since 1985

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