Monday, April 17, 2017

Silicon Valley Real Estate Market Update - April 2017

Quick Market Summary: We're in the hottest market period of the year as we get more buyer activity. As we get closer to the Memorial Day weekend (graduations, nearing the end of the school year) this activity tapers off as buying a home is a choice. In March, inventory of available homes for sale decreased in each county. Sales (accepted offers) were down in Santa Clara County and up a bit in San Mateo County. Median prices increased 4.5% in Santa Clara County to $1,138,000 and 3.7% in San Mateo County to $1,395,000. Still, San Mateo County has the highest median price of all California counties with Marin and San Francisco not far behind. These levels represent record median prices for this time of year in March in the Silicon Valley real estate market. Demand continues to outstrip supply in Santa Clara County as 71% of homes that closed escrow sold for more than list price inferring multiple offers whereas in San Mateo County, it had an even higher percentage of homes that sold for more than list price of 76%.
Nuts and Bolts: Inventory or the amount of homes available for purchase in Santa Clara County was 854, down from 1,034 or 17.4% from the same month a year ago. Sales (accepted offers)  decreased 2.9% in Santa Clara County to 1,170. In this measure, a downtrend continues in force since 2012!
For San Mateo County, inventory of single family residences stood at just 336 which decreased 10.4% from the same month a year ago. For both counties, the inventory continues to lag below the average for this time of the year placing pressure on buyers as evidenced in the predominance of multiple offer situations and heated competition between buyers.
Sale price to list price ratio, a key market condition indicator, shows that for Santa Clara County transactions completed during March, this ratio stood at 103.9% and among the highest for this time of year over the past 17 years! Currently, the highest ratio and the hottest market area belong to the Cupertino/Sunnyvale market area (median price of about $1.80 million) at 109.8%. It also registered the lowest median days on market at just 8 which means half the inventory disappears in less than 8 days! The coolest market area is South County (Morgan Hill/Gilroy).
San Mateo County’s overall sale price to list price ratio stands at 107.2% with the highest ratio in the Foster City/Redwood Shores market area (median price of about $1.79 million) at 109.7%. This indicates that this market area is the hottest. The coolest market area is the San Mateo Coast (Half Moon Bay, El Granada, Moss Beach, Montara).
As is always the case, market dynamics change and the supply and demand relationships can vary by area. If you would like specific market condition information for your area or neighborhood or a current home value, please feel free to call me, your Remax Agent! And as always, you are welcome to leave your comments or questions. Thank you.

Monday, March 13, 2017

Silicon Valley Real Estate Market Update - March 2017

Quick Market Overview: As is usual for this time of year, the number of available homes for sale have increased. While that is the case, inventory was lower by 18.2% in Santa Clara County and 21.7% lower in San Mateo County than at the same time a year ago. Median prices have increased some 16.8% in Santa Clara County to $1,084,000 but only 0.7% in San Mateo County to $1,350,000. Still, San Mateo County has the highest median price of all of California's 58 counties with Marin and San Francisco not far behind. Record median prices for this time of year were seen in February in the Silicon Valley real estate market. Demand continues to outstrip supply in Santa Clara County as 60.9% of homes that closed escrow sold for more than list price inferring multiple offers whereas in San Mateo County, it had an even higher percentage of homes that sold for more than list price of 65.0%.
Nuts and Bolts: Inventory or the amount of homes available for purchase in Santa Clara County was 719, down from 879 or 18.2% from the same month a year ago. Sales (accepted offers  increased 0.5%% in Santa Clara County to 869. In this measure, a downtrend has been in force since 2012!
For San Mateo County, inventory of single family residences stood at just 238 which decreased 21.7% from the same month a year ago. For both counties, the inventory continues to lag below the average for this time of the year placing pressure on buyers as evidenced in the predominance of multiple offer situations and heated competition between buyers.
Sale price to list price ratio shows that for Santa Clara County transactions completed during February, this ratio stood at 103.1% and among the highest for this time of year over the past 17 years! Currently, the highest ratio belongs to the Cupertino/Sunnyvale market area (median price of about $1.77 million) at 107.7%, a continued very HOT marketplace! Following close behind is the Los Altos/Palo Alto market area (median price of about $2.478 million) and the more moderate priced market area of Santa Clara, Willow Glen, Cambrian, Campbell (median price of $1.13 million). They registered the lowest median days on market at just 9 or 10 which means half the inventory disappears in just 9 or 10 days! The coolest market area is South County - Morgan Hill/Gilroy (median price of $730K).
San Mateo County’s ratio overall is at 104.4% with the highest ratio is in the Bay Cities (Belmont, Burlingame, Millbrae, San Carlos, San Mateo) market area (median price of about $1.74 million) at 105.9%. This indicates that this market area is the hottest. The coolest market area is the expensive areas of San Mateo County comprising Menlo Park, Atherton, Portola Valley, Hillsborough, Woodside with a median price of about $2.925 million.
As is always the case, market dynamics change and the supply and demand relationships can vary by area. If you would like specific market condition information for your area or neighborhood or a current home value, please feel free to call me, your Remax Agent! And as always, you are welcome to leave your comments or questions. Thank you for reading!

Thursday, January 26, 2017

Lunar New Year 2017


Happy New Year! OK, Happy Lunar New Year! In the Chinese calendar, the longest chronological record in history dating back to 2700 B.C., this year marks the lunar year 4715 -- Year of the Rooster. The first day of the lunar year is January 28, 2017. For the Tet Vietnamese New Year it will be the same, Year of the Rooster! 

Famous people born in the Year of the Rooster include: Dolly Parton, Benjamin Franklin, Katherine Hepburn, Joan Rivers, Steve Martin, Rudyard Kipling, Enrico Caruso, Prince Phillip, Yoko Ono

Here are selected local events celebrating the Lunar New Year in San Francisco and Alameda counties.

San Francisco/San Francisco's Chinatown:


Sunday, January 29, 10:30am-4:00pm, watch performers from the Chinese American International School, China Dance School and see a lion dance. Asian Art Museum, 200 Larkin Street, 415-581-3500, www.asianart.org.
Saturday, February 4, 10:00am-4:00pm - 24th Annual Basketball Jamboree, Betty Ann Ong Recreational Center, 1199 Mason Street, San Francisco. More information: email hoopsterlee@gmail.com
Saturday, February 4, 7:30pm - Miss Chinatown USA Pageant, Palace of Fine Arts, 3301 Lyon Street @ Bay, San Francisco (www.chineseparade.com). Admission fee
Saturday, February 11, 6:00-8:00pm, Southwest Airlines Chinese New Year Parade http://www.chineseparade.com  Free
History: San Francisco's Chinese New Year Parade began in 1860 and was named by the IFEA to be one of the top ten parades in the world! It is also one of the few remaining night illuminated parades in the country. The parade and festival have grown to be the largest celebration of Asian culture outside of Asia! Since 1958 the parade has been organized and directed by the Chinese Chamber of Commerce.
More Information: Chinese New Year Festival and Parade, Market and Second Streets to Kearney and Jackson. Check out "Gum Lung", the 168-foot-long Golden Dragon! (www.chineseparade.com/)  Can't be there?  Watch or DVR it on KTVU Fox Channel 2 or KTSF Channel 26 (Chinese broadcast) on Saturday, February 11 from 6:00-8:00pm.

Saturday, February 11 10:00am-4:30pm - Sunday, February 12 9:00am-5:00pm, 28th Chinatown Community Street Fair, Grant Avenue from California to Broadway, Sacramento, Washington, Jackson & Pacific between Stockton & Kearny. www.chineseparade.com
Sunday, February 19, 8:00am start, registration begins at 7:00am, 39th Annual Chinese Chamber of Commerce; Chinatown YMCA 10K/5K Run/Walk, Chinatown/Sacramento and Grant www.sfchinatownrun.org or 415-576-9622
This event comprises a 10K or 5K run or walk and raises funds for the YMCA's youth and teen programs. The event expects 1,700 participants and 250 volunteers.

Alameda County:


Sunday, February 5, 10:00am-1:00pm, Parade and Performance, Albany Twin Theatre, 11115 Solano Avenue, Albany, 510-527-5358. Free 

Sunday, February 12, 12:00 Noon-4:30pm, Oakland Museum of California, 1000 Oak Street, Oakland, 510-318-8459. Admission fee.

More Than A Hundred Years of the Chinese (Lunar) Calendar (1912 to 2031) --

The Chinese Calendar names each year after an animal and legend has it that a person born under a certain animal will display traits of that animal. I was born in the Year of the Tiger. What sign are you in the Chinese 12-year calendar cycle? Look up in the table below what year you were born and the corresponding animal.
Rat: 1912 1924 1936 1948 1960 1972 1984 1996 2008 2020
Ox: 1913 1925 1937 1949 1961 1973 1985 1997 2009 2021
Tiger: 1914 1926 1938 1950 1962 1974 1986 1998 2010 2022
Rabbit: 1915 1927 1939 1951 1963 1975 1987 1999 2011 2023
Dragon: 1916 1928 1940 1952 1964 1976 1988 2000 2012 2024
Snake: 1917 1929 1941 1953 1965 1977 1989 2001 2013 2025
Horse: 1918 1930 1942 1954 1966 1978 1990 2002 2014 2026
Ram: 1919 1931 1943 1955 1967 1979 1991 2003 2015 2027
Monkey: 1920 1932 1944 1956 1968 1980 1992 2004 2016 2028
Rooster: 1921 1933 1945 1957 1969 1981 1993 2005 2017 2029
Dog: 1922 1934 1946 1958 1970 1982 1994 2006 2018 2030
Boar: 1923 1935 1947 1959 1971 1983 1995 2007 2019 2031
Gung Hey Fat Choy! Chuc Mung Nam Moi! Happy Year of the Rooster!