- Fewer Closed Sales. 920 homes closed during the month of September 2016. This is down from 943 achieved in 2015.
- Median Sales Price Grew. Santa Clara County is now officially over the $1million mark. The median price of a home grew $50,000 since September 2015.
- Sellers are getting more over asking, but it’s dropping. Homeowners were getting 4% over asking in Sept 2015. In 2016, this percentage dropped to 2%.
- Increased Days on Market. On average it’s taking almost a week longer to sell a home. The average DOM is now 31 days, up from 25.
- Rise in Months to Sell. While technically still a sellers’ market, the average number of months to sell a home is inching up, now 1.8 from 1.6.
So what’s in store for the Bay Area real estate market for Q4? Once the election is over and October stats are in, I’ll share my predictions for the rest of the year and into 2017.
Photo credit: Images Money