Average prices in the SF Bay local Counties - evolution.

To piggy back on an earlier blog of mine, dating back to January of this year, here is an update to the graphs showing the increase in average prices in both the counties of Santa Clara and San Mateo; the figures include both the houses and the condominiums/townhouses.

As always, one has to be careful with statistics: a few very high priced homes can skew the average to a high number, even though nothing much else has happened in the market place.

A few things to note:
- In general, average prices go down at the end of the year and until January.  Last year was shielded in large part from this phenomenon: prices went down, but not much.  We will see if this year acts more "normal".
- The total number of homes (houses and condos) for sale last year at the end of August was 1,852 in the Cnty of Santa Clara, and it is now 1,778  - a little lower.  Still a lack of inventory ...
- Prices were an average of $715.7K in the County of Santa Clara in Jan of 2013, and they are now $992.5K, a 38.7% increase !
- From the graphs below, it seems that averages move faster up and down in the County of San Mateo than in the County of Santa Clara.  I believe it reflects the fact that a lot more properties went into the averages in SCC than in SM Cnty: 25,705 listings for Santa Clara County, vs 10,619 for San Mateo County.  The more properties you have, and the more the averages are going to be representative of the real market, instead of the specifics of the homes.  To say it simply, if you have a few very high properties, they will have less of an effect on the average of 25,000 sales vs the average of 10,000 sales.

One final note: the inventory of homes for sale in January of 2014 was around 900, about half of what it is now.  So it is a better time to look for a home!  Also, many trades linked to real estate, like property inspection services, termite companies, stagers, report being extremely busy right now (beg. of Sept.).  This could mean that inventory may increase soon...

County of Santa Clara:

County of San Mateo:

 

 

Thank you for reading,

Francis

Silicon Valley real estate specialist
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... More Perspective on the Market - Silicon Valley...

Following up on my previous blog of last year, entitled "Some Perspective on the Silicon Valley Market", I updated the graphs for this year for both the County of Santa Clara and the County of San Mateo, to reflect again pretty much the same story of rising prices as the year advances.

The comparison between last year and this year is also fairly similar, in that prices are slightly higher this year than last year, as an average.

When looking at some specific Cities though we do know that some areas are much higher this year than last year.  This will be coming in my next blog(s).

This set of figures begs for the question: "what's the story of: both houses and condominiums, combined"?
This is shown below:

... not very different, in fact.

Curious about your area?  Do let me know and I will study it for you.
Thank you,
Francis

Silicon Valley Real Estate

Local market trends

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Silicon Valley Counties: real estate activity

To keep in perspective: a lot is being said in the press about real estate in the Bay Area, including a lot of foreclosures and short sales happening all the time. But really, when you add all properties combined, (houses and condominiums, townhouses, PUD’s etc…), what really happened to the market in our area in the past 3 years? I think simple graphs can help us understand how we fare here in the Silicon Valley. In the Counties of San Mateo & Santa Clara, let us look at a simple measure: the average sales price:
 

Individual Cities can be very different. For instance Palo Alto has the following history in the same 3 years, showing here in blue the average time to sell a home:

the variations in sales prices are not as steep as the averages in the County.

Let me know and I will prepare a study of your own City/ neighborhood.
Thanks for reading !
Francis

Silicon Valley Real Estate

Local market trends

useful links

Mortgage rates

1st 10 Months, 2010 and 2011...

Curious to see the evolution of average prices, from one year to the next?
It turns out it is pretty similar.

Here looking at the compared graphs of both the County of San Mateo, and Santa Clara, from one year to the next:

The one thing that appears at this point is a slight decrease in prices of single family residences in the County of Santa Clara. But this happened too at the end of 2010. Overall the curves are fairly similar.

What is also apparent in these graphs is that the average values are higher in the County of San Mateo than in the County of Santa Clara. 
Finally, the end of the year is looking up for the San Mateo County so far.

Francis

Silicon Valley Real Estate

Local market trends

useful links

Mortgage rates

A tale of two Counties... Santa Clara Cty and San Mateo Cty

Comparing the two Counties, for October 2010:

San Mateo County and Santa Clara County:
Av. price: ............................$ 974k ...............…… $816.3 K
Median: ...............................$ 675 K ..............…… $639 K
SP/LP ratio: ...........................98.2% ................……. 99%
Days on Market: ...................58 days .................…. 54 days
Days of inventory: ...............117 days ..............…. 103 days.
Pumpkin production total .... ;-) .......below:
..........................................2,723 tons .................... 1,399 tons

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smart graphs...

Thanks for reading. Francis