Skip to Content Area

April 2017 Real Estate Market Update

Chart_1

Here are just a few of the headlines about what’s happening in Bay Area real estate:

  • Bay Area tops nation in home buying bidding battles – The Mercury News
  • San Francisco named one of the unhealthiest housing markets – CNBC
  • San Jose, Fremont & Oakland ranked healthiest homeownership markets – Silicon Valley Business Journal
  • Tight home supply keeps driving up prices in the Bay Area – Silicon Beat

THE DATA BEHIND THE HEADLINES

There’s more to the story than deliriously happy sellers and despondent would-be buyers. Let’s take a look at what’s really happening in Santa Clara County.

SINGLE FAMILY HOMES IN SANTA CLARA COUNTY

  • Compared to March 2016, the number of months to sell dropped from 2.3 to 1.7, representing a 26% reduction.
    More closed sales occurred in March 2017 than the previous year — 818 compared to 745.
  • It’s no surprise that median home prices increased year over year, from $1.06M to $1.13M.
  • The average percentage over list price remained steady at a healthy 5%.
  • The number of homes available in Santa Clara County — called active inventory — rose from December’s low point of ~400. March saw an uptick of inventory approaching 800 homes.

However, there’s a story you don’t see when studying the above numbers. Specifically, more expensive properties with larger footprints (the top quartile representing ~2,600 sq ft homes on larger lots) stay on the market slightly longer at 22 days. Conversely, those properties priced near $700,000 average 32 days on the market. Modest properties — approximately 1,500 square feet on smaller lots — took a bit longer to close.

CONDOS & TOWNHOMES IN SANTA CLARA COUNTY

Chart_2

The condo and townhome market also saw improvements year over year.

  • Compared to March 2016, the number of months to sell dropped from 1.5 to 1.3, representing a 13% reduction.
  • Closed sales were relatively flat, 372 in March 2017 compared to 366.
  • Home prices rose at more modest levels, gaining 3.4% to $700K.
  • Interestingly the average days on the market increased from 17 to 20. However, sellers still received an average of 4% over list price.
  • The number of homes available is rising but at a slower pace than single-family homes. Fewer than 250 condos and townhomes were available for sale in March.

There’s always more to the story than stats. Buying and selling a home is a personal transaction. I’ve helped hundreds of Bay Area individuals find the right place to call home

Contact

 
 
 
 
 
 
 
 
 
 
 
This field is required.
This field is required.
This field is required.
Interested in Selling My Home
Interested in Buying a Home
Interested in Relocation
$
$
Send
Reset Form

If there is anything we can help you with, give us a call! (408) 623-4155