April Silicon Valley Real Estate Market Update

Quick Market Summary:  Now, with the Shelter-in-Place extended to the end of May, what does that portend for the real estate market. Many have inquired of just what the market is doing. Most think that prices are "caving in". Well, that's not the case, not the case at all. Even though the real estate industry is classified as "essential" the author believes strongly that everyone has an essential job -- at least to provide for their family. I repeat that if you have an important need for anything at all that is not getting taken care of, please give me a call at 408-230-0365, or email me at Tom's Email Address. 

During what I call a transition month -- from normal/open to shelter-in-place mode, the real estate markets did quite well. For March transactions, median prices have logged year over year increases -- 7.9% in Santa Clara County and decreased a mere 0.2% in San Mateo County. That brings the median price in Santa Clara County to $1,403,000 and $1,755,000 in San Mateo County.  

Inventory (supply) dropped in each county. A 32.9% drop in Santa Clara County inventory and a 7.3% decrease in San Mateo County inventory added to the incidence of a higher percentage of transactions selling for more than list price and inferring multiple offers -- 71% for Santa Clara County and 65% for San Mateo County. Sales (demand) continues to exceed inventory (supply). 

Even with about a third fewer sales (accepted offers) in each county, we're finding that many transactions are occurring even with the social distancing AND above list price! Yes, it's different but many listings have virtual tours and inspection reports available to view and there's a safe way for showings, especially those homes that are vacant. If you are a seller, the SIP commands photo tour companies and inspectors to only enter when the home is vacant or when the sellers are not there. Let me know if you need any work done (e.g., landscape, painting, cleaning, etc.). I can arrange these for you under the right circumstances.  

Condo and townhouse median price in Santa Clara County settled at $797,000 in March compared to $835,000 last year or a decline of 4.6%.

March Nuts and Bolts: Inventory or the number of homes available for purchase in Santa Clara County was 760 down sharply from last year of 1,132 or 32.9%. Closes were 708 and 18.8% lower than the same month last year when it was 872.  

For San Mateo County, inventory of single-family residences stood at 341 versus 368 a decrease of 7.3% from last year. Closes were 288 compared to 264 for the same month last year, an increase of 9.1%.

Sale price to list price ratio, a key market condition indicator, shows that for Santa Clara County transactions completed during the month, this stood at 105.4% compared to last year's ratio of 101.4%. 71% of homes in Santa Clara County that closed escrow during the month sold for more than list price compared to 53% last year. For San Mateo County, the ratio was 106.0% versus 103.1% last year. The percent sold for more than list price was 65% versus 54% last year.

The hottest market in Santa Clara County again was the Cupertino/Sunnyvale market area with a median price of about $2.150 million) at 108.8% which means that the average closed sale has a sale price 8.8% higher than the list price! It also registered median days on market of 7 which means half the inventory sold in one week! The coolest is the South County market area (Morgan Hill, San Martin, and Gilroy) with a median price of about $0.880 million) with 99.8% and median days on the market of 9.

Days of unsold inventory is another key indicator which is the intersection of supply of available homes compared to demand and stands at 39 for Santa Clara County and 45 for San Mateo County. The current level for Santa Clara County places it in a seller's market condition since the level is below 40. San Mateo County comes in at a balanced market.                                                              

The hottest market in San Mateo County last month the North Cities (Brisbane, Colma, Saly City, Pacifica, San Bruno, South San Francisco) market area (median price of about $1.230 million) at 111.9% with median days on market of 8. The coolest is the Expensive (Menlo Park, Atherton, Portola Valley, Hillsborough, Woodside) market area (median price of about $3.775 million) at 99.2% with median days on the market of 9. 

As always, I'm here should you want to discuss your real estate plans or need any help during this unbelievable crisis we all are facing.

Check out and “like” my Facebook Business Page (over 775 have done so) or follow me on my Twitter Page. Thank you for reading and please stay safe and healthy. If you need any help, with anything at all, please let me know as I'll be your advocate and resource.

March Silicon Valley Real Estate Update

Quick Market Summary:  Wow, what a difference a month or so makes! We've learned that the Shelter-in-Place was extended to the end of April. We're finding new routines in our homes and only going out if part of the deemed essential nad all others for just food, medicine, gas, etc. Just last Saturday, real estate was reclassified as "essential". So, should you want to discuss any aspect of real estate, please don't hesitate to contact me. If you have an important need for anything at all that is not getting taken care of, please give me a call at 408-230-0365, email me at Tom's Email Address. 

As for the real estate markets, before the virus crises hit, the markets were doing well. For February transactions, median prices have logged year over year increases -- 14.8% in Santa Clara County and 5.5% in San Mateo County. That brings the median price in Santa Clara County to $1,378,000 and $1,603,000 in San Mateo County.  

Inventory (supply) dropped in each county. A 24.0% drop in Santa Clara County inventory and a 12.9% decrease in San Mateo County inventory added to the incidence of a higher percentage of transactions selling for more than list price and inferring multiple offers -- 64% for Santa Clara County and 56% for San Mateo County. Sales (demand) continues to exceed inventory (supply). 

Finally in this overview, we find that transactions are occurring even with the social distancing! Anecdotal information I've obtained finds some listings obtaining a bunch of offers. If you are a buyer who sees a listed home's virtual tour, let me know and I'll try to obtain available information and inspection reports for you to read and review. If you are a seller, the SIP commands photo tour companies and inspectors NOT to go out currently but let me know and as soon as safe and practical, I can get these arranged for you along with any work that is needed (landscape, painting, cleaning, etc.).  

Condo and townhouse median price in Santa Clara County settled at $794,000 in February compared to $825,000 last year or a decline of 3.8%.

February Nuts and Bolts: Inventory or the number of homes available for purchase in Santa Clara County was 736 down sharply from last year of 969 or 24.0%. Closes were 609 and were just 0.3% higher than the same month last year when it was 607.  

For San Mateo County, inventory of single-family residences stood at 352 versus 404 a decrease of 12.9% from February 2019. Closes were 259 compared to 262 for the same month last year, a decrease of 1.1%.

Sale price to list price ratio, a key market condition indicator, shows that for Santa Clara County transactions completed during the month, this stood at 104.6% compared to last year's ratio of 101.3%. 64.5% of homes in Santa Clara County that closed escrow in February sold for more than list price compared to 50.4% last year. For San Mateo County, the ratio was 105.3% versus 103.6% last year. The percent sold for more than list price was 56% versus 60% last year.

The hottest market in Santa Clara County again was the Cupertino/Sunnyvale market area with a median price of about $2.100 million) at 107.7% which means that the average closed sale has a sale price 7.7% higher than the list price! It also registered median days on market of 8 which means half the inventory sold in 8 days! The coolest is the South County market area (Morgan Hill, San Martin, and Gilroy) with a median price of about $0.920 million) with 99.1% and median days on the market of 11.

Days of unsold inventory is another key indicator which is the intersection of supply of available homes compared to demand and stands at 27.8 for Santa Clara County and 36 for San Mateo County. The current levels place both counties in a seller's market condition since their levels are below 40.                                                              

The hottest market in San Mateo County last month the North Cities (Brisbane, Colma, Saly City, Pacifica, San Bruno, South San Francisco) market area (median price of about $1.160 million) at 109.1% with median days on market of 11. The coolest is the Expensive (Menlo Park, Atherton, Portola Valley, Hillsborough, Woodside) market area (median price of about $3.635 million) at 97.6% with median days on the market of 16. 

As always, I'm here should you want to discuss your real estate plans or need any help during this unbelievable crisis we all are facing.

Check out and “like” my Facebook Business Page (over 775 have done so) or follow me on my Twitter Page. Thank you for reading and please stay safe and healthy. If you need any help, with anything at all, please let me know as I'll be your advocate and resource.

February Silicon Valley Real Estate Market Update

Quick Market Summary:  Small year over year increases continue in our markets. That's what we find analyzing January transactions for both counties. Santa Clara County's January 2020 median price was $1,250,000, a 4.2% increase since January 2019 when it was $1,200,000. Same in San Mateo County which saw an increase of 1.5% to $1,510,000 from $1,487,000. 

Inventory (supply) plummeted in each county (again). Demand crossed oversupply last month and continues to be the case. Even though we've seen a lower price trend, demand has moved ahead of inventory. We'll see if it translates into higher prices down the road. Still, sellers need to be more aggressive as to list prices as the market is lower than the market peak which occurred back in Spring 2018. Buyers have lower mortgage rates that help coupled with lowered inventory, making it more difficult to purchase due to the higher level of competition. Multiple offers occur in about half of the transactions in each county. 

Condo and townhouse median price in Santa Clara County settled at $772,000 in January compared to $768,000 last year or a slight increase of 1.0%.

January Nuts and Bolts: Inventory or the number of homes available for purchase in Santa Clara County was 543 (second lowest in the last 20 years!) down sharply from last year of 804 or 32.5%. Closes were 449 and were 4.3% lower than the same month last year when it was 469.  

For San Mateo County, inventory of single-family residences stood at 272 versus 334 a decrease of 18.6% from January 2019. Closes were 184 compared to 180 for the same month last year, an increase of 1.0%.

Sale price to list price ratio, a key market condition indicator, shows that for Santa Clara County transactions completed during the month, this stood at 100.9% compared to last year's ratio of 99.5%. 47.6% of homes in Santa Clara County that closed escrow in January sold for more than list price compared to 34.6% last year. For San Mateo County, the ratio was 104.7% versus 101.9% last year. The percent sold for more than list price was 53% versus 49% last year.

The hottest market in Santa Clara County again was the Cupertino/Sunnyvale market area with a median price of about $2.100 million) at 106.2% which means that the average closed sale has a sale price 6.2% higher than the list price! It also registered median days on market of 8 which means half the inventory sold in 8 days! The coolest is the South County market area (Morgan Hill, San Martin, and Gilroy) with a median price of about $0.867 million) with 97.3% and median days on the market of 13. Not far behind South County was the Los Altos/Palo Alto market area which had fallen from one of the top hot spots in the valley. Sellers in this market area need to adjust list prices that reflect this reality.

Days of unsold inventory is another key indicator which is the intersection of supply of available homes compared to demand and stands at 35.7 for Santa Clara County and 33 for San Mateo County. The current levels place both counties in a seller's market condition since their levels are below 40. I've seen some so-called experts or recent news articles state that we are in a "buyer's" market, this is clearly NOT the case. Again, sellers need to be careful about their list price and should err more on a lower level lest they get stuck on the market.

The hottest market in San Mateo County last month the Bay Cities (Belmont, Burlingame, Milbrae, San Carlos, San Mateo) market area (median price of about $1.724 million) at 108.2% with median days on market of 9. The coolest is the Expensive (Menlo Park, Atherton, Portola Valley, Hillsborough, Woodside) market area (median price of about $3.528 million) at 98.3% with median days on the market of 16. 

As always, markets are dynamic and the supply and demand in a particular area or even neighborhood can vary and it does so sometimes quickly. If you would like specific market condition information for your area or neighborhood or a current home valuation, please feel free to call me, your RE/MAX Gold Agent! You are welcome to leave your comments or questions or contact me directly at my website. Check out and “like” my Facebook Business Page (over 770 have done so) or follow me on my Twitter Page. Thank you for reading.

Lunar New Year 2020

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 4718 -- Year of the Rat. The first day of the lunar year is January 25, 2020. For the Tet Vietnamese New Year it will be the same, Year of the Rat! 

Famous people born in the Year of the Rat include William Shakespeare, George Washington, Richard Nixon, George H.W. Bush, Jimmy Carter, Charles I of England, Peter the Great, John McCain, James Cook, Galileo Galilei, Pyotr Ilyich Tchaikovsky. 

Here are selected local events celebrating the Lunar New Year in San Francisco. Please check the events for updates.

San Francisco/San Francisco's Chinatown:

Saturday, January 18, 10:00am-8:00pm, Sunday, January 19, 9:00am-6:00pm - 31st Annual Flower Market Fair, Grant Avenue from Clay to Broadway. Pacific, Jackson, and Washington between Stockton and Kearny. The Chinese New Year Flower Market Fair is held on the weekend before Chinese New Year Day. The Flower Fair is the place to come to purchase fresh flowers, fruits, candies and brand new supplies for the home to begin the new lunar year. Non-smoking event. 

Chinese New Year Day, January 25, 2020, Year of the Rat

Saturday, February 1, 10:00am-4:00pm - 25th Annual Basketball Jamboree, Betty Ann Ong Recreational Center, 1199 Mason Street, San Francisco. More information: email hoopsterlee@gmail.com

Saturday, February 1, 7:30pm - Miss Chinatown USA Pageant, Palace of Fine Arts, 3301 Lyon Street @ Bay, San Francisco (www.chineseparade.com). Admission fee. For more information contact the Chinese Chamber of Commerce at 415-982-3000.

Friday, February 7, 6:00pm - Miss Chinatown Coronation Ball. The newly selected Miss Chinatown USA and her court will be crowned at the annual Thunder Valley Casino Resort Miss Chinatown USA Coronation Ball. The black-tie dinner/dance, attended by many community leaders, promises to be a highlight of the Lunar New Year festivities. Coronation Ball Tickets are sold through the SF Chinese Chamber of Commerce by dialing at 415- 982-3000.

Saturday, February 8, 5:15-8:00pm, 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 Kearny and Jackson. Check out "Gum Lung", the 288-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 8 from 6:00-8:00pm.

Saturday, February 8, 10:00am-4:30pm - Sunday, February 9, 9:00am-5:00pm, 29th Chinatown Community Street Fair, Grant Avenue from California to Broadway, Sacramento, Washington, Jackson & Pacific between Stockton & Kearny. www.chineseparade.com 

You will find over 120 booths and concessions making this a shopper’s paradise. The SF Chinese Chamber of Commerce has planned activities and entertainment for all ages. Enjoy Chinese folk dancing, opera, drumming and much more at the entertainment stage on Washington St. below Grant Ave. Make sure to get a family photo with the giant puppets, dragon and other memorable artifacts from the Parade!

Sunday, March 1, 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.

More Than A Hundred Years of the Chinese (Lunar) Calendar (1912 to 2043)

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 2032

Ox: 1913 1925 1937 1949 1961 1973 1985 1997 2009 2021 2033

Tiger: 1914 1926 1938 1950 1962 1974 1986 1998 2010 2022 2034

Rabbit: 1915 1927 1939 1951 1963 1975 1987 1999 2011 2023 2035

Dragon: 1916 1928 1940 1952 1964 1976 1988 2000 2012 2024 2036

Snake: 1917 1929 1941 1953 1965 1977 1989 2001 2013 2025 2037

Horse: 1918 1930 1942 1954 1966 1978 1990 2002 2014 2026 2038

Ram: 1919 1931 1943 1955 1967 1979 1991 2003 2015 2027 2039

Monkey: 1920 1932 1944 1956 1968 1980 1992 2004 2016 2028 2040

Rooster: 1921 1933 1945 1957 1969 1981 1993 2005 2017 2029 2041

Dog: 1922 1934 1946 1958 1970 1982 1994 2006 2018 2030 2042

Boar: 1923 1935 1947 1959 1971 1983 1995 2007 2019 2031 2043

Gung Hey Fat Choy! Chuc Mung Nam Moi! Happy Year of the Rat!

January Silicon Valley Real Estate Market Update

Quick Market Summary:  From year over year decreases to year over year increases! That's what we find analyzing December transactions for both counties. Santa Clara County's December 2019 median price was $1,248,000, 7.5% increase since December 2018 when it was $1,161,000. Same in San Mateo County which saw an increase of 3.4% to $1,499,000 from $1,450,000. 

Inventory (supply) plummeted in each county. Demand crossed oversupply last month and continues to be the case. This pattern puts upward pressure on prices and generally signals higher prices depending upon how long it lasts. Still, sellers need to be more aggressive as to list prices as the market is lower than the market peak which occurred back in Spring 2018. Buyers are still looking at low mortgage rates but with a decrease in inventory, there will be more competition when it comes time to submit an offer so buyers need to have all their ducks in a row! 

Condo and townhouse median price in Santa Clara County settled at $766,000 in December compared to $775,000 last year or a decrease of 1.2%.

December Nuts and Bolts: Inventory or the number of homes available for purchase in Santa Clara County was 393 (second lowest in the last 20 years!) down sharply from last year of 639 or 38.5%. Closes were 703 and were 13.4% higher from the same month last year when it was 620. This blows the theory oft spread by some agents and in the media who state that sales/closings are constrained by low inventory levels. They lose sight of another major variable in their research that of turnover. 

For San Mateo County, inventory of single-family residences stood at 190 versus 276 a decrease of 31.1% from December 2018. Closes were 279 compared to 241 for the same month last year, an increase of 15.8%.

Sale price to list price ratio, a key market condition indicator, shows that for Santa Clara County transactions completed during the month, this stood at 100.5% compared to last year's ratio of 100.2%. 43.7% of homes in Santa Clara County that closed escrow in December sold for more than list price compared to 41.9% last year and 75.3% in December 2017. For San Mateo County, the ratio was 102.3% versus 103.4% last year. The percent sold for more than list price was 51% versus 57% last year.

The following graphs of the Number of Active Listings (Inventory) of single-family residences for Santa Clara County and San Mateo County, respectively. Data are from MLSListings.com transactional information and covers the date range from January 2003 through December 2019. Please notice that for the past 6 years or so the trend has been generally lower.

The hottest market in Santa Clara County again was the Cupertino/Sunnyvale market area with a median price of about $2.002 million) at 103.6% which means that the average closed sale has a sale price 3.6% higher than the list price! It also registered median days on market of 18 which means half the inventory sold in 18 days! The coolest is the South County market area (Morgan Hill, San Martin, and Gilroy) with a median price of about $0.873 million) with 98.1% and median days on the market of 48.

Days of unsold inventory is another key indicator which is the intersection of supply of available homes compared to demand that is flat or slightly up and stands at 33.6 for Santa Clara County and 41 for San Mateo County. The current levels place both counties in a seller's market condition since their levels are below 40. I've seen some so-called experts or recent news articles state that we are in a "buyer's" market, this is clearly NOT the case. Again, sellers need to be careful about their list price and should err more on a lower level lest they get stuck on the market.

The hottest market in San Mateo County last month remains the North Cities (Brisbane, Colma, Daly City, Pacifica, San Bruno, South San Francisco) market area (median price of about $1.091 million) at 106.9% with median days on market of 24. The coolest is the Expensive (Menlo Park, Atherton, Portola Valley, Hillsborough, Woodside) market area (median price of about $3.068 million) at 97.5% with median days on the market of 33. 

As always, markets are dynamic and the supply and demand in a particular area or even neighborhood can vary and it does so sometimes quickly. If you would like specific market condition information for your area or neighborhood or a current home valuation, please feel free to call me, your RE/MAX Gold Agent! You are welcome to leave your comments or questions or contact me directly at my website. Check out and “like” my Facebook Business Page (over 770 have done so) or follow me on my Twitter Page. Thank you for your interest.

December Silicon Valley Real Estate Market Update

Quick Market Summary:  Year over year decreases have been the norm in Santa Clara County these past several months but last month saw the median price tie the November 2018 level at $1,260,000 and just a 2.2% decrease since November 2017 when it was $1,289,000. Not so in San Mateo County which saw an increase (what?) of 7.3% to $1,610,000. 

Due to the dramatic decrease in supply as we near the end of the year, demand has crossed above supply. This pattern which we saw most of the time during the past several years puts UPWARD pressure on prices and generally signals higher prices depending upon how long it lasts. As was mentioned last month that the trend seemed to have changed has come to pass. We'll see how this new trend change will last. Still, sellers need to be more aggressive as to list prices as the market is lower than the market peak which occurred back in Spring 2018. Buyers are still looking at low mortgage rates but with the decrease in inventory as we get into the Holiday Season there will be more competition when it comes time to submit an offer. 

For November results, we see that the Santa Clara County median price for single-family residences is the same as it was the same month a year ago. In San Mateo County the median price stood at $1,610,000 versus $1,500,000 the same month a year ago.

Condo and townhouse median price in Santa Clara County settled at $799,000 in November compared to $850,000 last year or a decrease of 6.0%.

November Nuts and Bolts: Inventory or the number of homes available for purchase in Santa Clara County was 706 down sharply from last year of 1,075 or 34.3%. Closes were 835 and 5.6% higher from the same month last year when it was 791. This blows the theory oft spread by some agents and in the media who state that sales/closings are constrained by low inventory levels. They lose sight of another major variable in their research of turnover. 

For San Mateo County, inventory of single-family residences stood at 324 versus 388 a decrease of 16.5% from November 2018. Closes were 335 compared to 345 for the same month last year, a decrease of 2.9%.

Sale price to list price ratio, a key market condition indicator, shows that for Santa Clara County transactions completed during the month, this stood at 100.2% compared to last year's ratio of 100.5%. 40.8% of homes in Santa Clara County that closed escrow in November sold for more than list price compared to 46.5% last year and 77.9% in November 2017. For San Mateo County, the ratio was 103.1% versus 103.2% last year and 56% of the closings sold for more than list price versus 55% last year.

The following graphs of Months of Inventory of single-family residences for Santa Clara County and San Mateo County, respectively. Data are from MLSListings.com transactional information and covers the date range from January 2002 through November 2019. Please notice that for the past 6 years or so the trend has been generally lower.

The hottest market in Santa Clara County again was the Cupertino/Sunnyvale market area with a median price of about $1.852 million) at 103.0% which means that the average closed sale has a sale price 3.0% higher than the list price! It also registered median days on market of 9 which means half the inventory sold in 9 days! The coolest is the South County market area (Morgan Hill, San Martin, and Gilroy) with a median price of about $0.915 million) with 98.3% and median days on the market of 33.

Days of unsold inventory is another key indicator which is the intersection of supply of available homes compared to demand that is flat or slightly up and stands at 32 for Santa Clara County and 37 for San Mateo County. The current levels place both counties back into a seller's market condition since their levels are below 40. I've seen some so-called experts or recent news articles state that we are in a "buyer's" market, this is clearly NOT the case. Again, sellers need to be careful about their list price and should err more on a lower level lest they get stuck on the market.

The hottest market in San Mateo County last month remains the North Cities (Brisbane, Colma, Daly City, Pacifica, San Bruno, South San Francisco) market area (median price of about $1.080 million) at 107.5% with median days on market of 22. The coolest is the Coast (Half Moon Bay, El Granada, Moss Beach, Montara) market area (median price of about $1.150 million) at 96.7% with median days on the market of 33. 

As always, markets are dynamic and the supply and demand in a particular area or even neighborhood can vary and it does so sometimes quickly. If you would like specific market condition information for your area or neighborhood or a current home valuation, please feel free to call me, your RE/MAX Gold Agent! You are welcome to leave your comments or questions or contact me directly at my website. Check out and “like” my Facebook Business Page (over 770 have done so) or follow me on my Twitter Page. Thank you for your interest.

November Silicon Valley Real Estate Market Update

Quick Market Summary:  Year over year decreases continue in Santa Clara County as the median price decreased 5.4% from last year to $1,230,000 and now shows a 2.4% decrease since October 2017. Not so in San Mateo County which saw a decrease of 0.9% to $1,580,000 but a two-year increase of 3.6%.  Overall, demand continues below supply which puts downward pressure on prices and makes for listings staying on the market longer BUT the trend shows signs of changing or at least stabilizing. Sellers need to be more aggressive as to list prices since the market peak in Spring 2018 as buyers generally do not submit offers well below list price but rather wait for sellers to reduce the list price. Buyers have a few important considerations to think about -- declining or low mortgage rates, decreasing inventory this time of year as we get into the Holiday Season, prices that have decreased and off the all-time highs reached last year. These are helping buyers purchase more home with a smaller monthly payment -- which is to say that there is more value than last year.

For October results, we see that Santa Clara County and San Mateo County median prices for single-family residences are lower than the same month a year ago. For the two-year period, median prices for Santa Clara County stood at $1,230,000 versus $1,260,000 and San Mateo County stood at $1,580,000 as compared to $1,525,000.    

Condo and townhouse median price in Santa Clara County settled at $790,000 in October compared to $900,000 last year or a decrease of 12.2%.

October Nuts and Bolts: Inventory or the number of homes available for purchase in Santa Clara County was 1,099, down significantly from last year of 1,393 or 21.1%. Closes were 875 slightly more than 0.7% from the same month last year when it was 869. Inventory levels have been about flat and hovering at low levels for the past three years.

For San Mateo County, inventory of single-family residences stood at 496 versus 545 a decrease of 9.0% from October 2018. Closes were 388 compared to 394 for the same month last year, a decrease of 1.5%.

Sale price to list price ratio, a key market condition indicator, shows that for Santa Clara County transactions completed during the month, this stood at 100.2% compared to last year's ratio of 101.9%. 40.5% of homes in Santa Clara County that closed escrow in October sold for more than list price compared to 54.0% last year and 75.4% in October 2017. For San Mateo County, the ratio was 104.0% versus 106.0% last year and 58% of the closings sold for more than list price versus 68% last year.

The following graphs of Median Days to Sell for Santa Clara and San Mateo counties for single-family residences. Data is from MLSListings.com transactional information and covers the date range from January 2002 through October 2019. Please notice that for the past 6 years or so the indicators have been in relatively narrow ranges but on the low side meaning that sellers generally have had the advantage. Most news/online articles on this topic will have you believe we're in a buyer's market but were are not.

The hottest market in Santa Clara County again was its most expensive as the Los Altos/Palo Alto market area with a median price of about $3.230 million) at 103.0% which means that the average closed sale has a sale price 3.0% higher than the list price! It also registered median days on market of 16 which means half the inventory sold in 16 days. The coolest is the South County market area (Morgan Hill, San Martin, and Gilroy) with a median price of about $0.900 million) with 98.6% and median days on the market of 25.

Days of unsold inventory is another key indicator which is the intersection of supply of available homes compared to demand that is flat or slightly up and stands at 41 for Santa Clara County and 43 for San Mateo County. The current levels place both counties in a balanced market condition since their levels are above 40. Again, contrary to recent news articles which state that we are in a "buyer's" market, this is clearly NOT the case.

The hottest market in San Mateo County last month remains the North Cities (Brisbane, Colma, Daly City, Pacifica, San Bruno, South San Francisco) market area (median price of about $1.150 million) at 108.2% with median days on market of 13. The coolest is the Coast (Half Moon Bay, El Granada, Moss Beach, Montara) market area (median price of about $1.100 million) at 98.9% with median days on the market of 21. 

As always, markets are always changing and the supply and demand in a particular area or even neighborhood can vary. If you would like specific market condition information for your area or neighborhood or a current home valuation, please feel free to call me, your RE/MAX Gold Agent! You are welcome to leave your comments or questions or contact me directly at my website. Check out and “like” my Facebook Business Page (over 770 have done so) or follow me on my Twitter Page. Thank you for your interest.