Thursday, October 12, 2017

October Silicon Valley Real Estate Market Update

Quick Market Summary: This past several months has been the hottest real estate market period in history! Perhaps buyers are getting a jump on the normal upswing that comes in early spring of each year. Anemic inventory levels coupled with the threat of higher mortgage rates and robust buyer activity and demand provided the price pop we witnessed. In September, inventory of available homes for sale attained a record low in Santa Clara County and very close to a record in San Mateo County. Median prices continue to set records — in Santa Clara County it was $1,180,000 and $1,465,000 in San Mateo County. The Santa Clara County median price for condos/townhouses is $720,000. Demand continues to outstrip supply in Santa Clara County as 70% of homes that closed escrow sold for more than list price inferring multiple offers and was 72% in San Mateo County. Historically, we see a higher level of interest from buyers post-Labor Day that lasts for a month or so and then things tend to settle down as we approach the holidays. Things WILL settle somewhat during this period but I believe we're in for higher prices early next year provided no huge external event changes the outlook.

Nuts and Bolts: Inventory or the amount of homes available for purchase in Santa Clara County was just 700 down from 723 last month and down from 1,277 the same month last year or a decrease of 45.2%! Sales (accepted offers) were 995 down from 1,131 last month but decreased from 1,118 the same month last year. Closed sales were interesting — they were 886 in September but only 826 last year, an increase of 7.3%. That busts the myth that sales are constrained by a lack of inventory as what we witnessed was a turnover rate faster than at any time in the last 20 years!

Here is a chart of the months of inventory for Santa Clara County single family residences from MLSListings. Please note the new all-time low reached last month.

 
For San Mateo County, inventory of single family residences stood at 396, up from 330 last month. Sales (accepted offers) were 393 and increased from 366 last month. For both counties, the inventory continues to lag well 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 trying to enter the market.

Here is a chart of the months of inventory for San Mateo County single family residences from MLSListings. It shows super low levels but not quite historic lows. 



Sale price to list price ratio, an important key market condition indicator, shows that for Santa Clara County transactions completed during September this ratio stood at 105.9% and the highest ever for this time of year! Last year it stood at 101.7%. Currently, the highest ratio and the hottest market area belong to  the Cupertino/Sunnyvale market area (median price of about $1.86 million) at 112.3% which means that the average closed sale has a sale price 12.3% higher than the list price. It also registered the lowest median days on market at just 10 which means half the inventory sells in just ten days! The coolest market area is Los Gatos/Saratoga (median price of about $2.40 million). 
 
The high end of the price ranges in the Los Altos, Los Altos Hills, Palo Alto, Los Gatos and Saratoga market areas are showing signs of cooling.
 
San Mateo County’s overall sale price to list price ratio stands at an even higher level of 109.1% with the highest ratio and hottest market area in the Bay Cities (Belmont, Burlingame, Millbrae, San Carlos, San Mateo) market area (median price of about $1.66 million) at 113.0% with a median days on market of 11. The coolest market area is the Expensive (Atherton, Menlo Park, Portola Valley, Woodside, Hillsborough) market area, (median price of about $3.55 million). As was the case with the high end in Santa Clara County, we're seeing the same characteristic with those higher priced homes in San Mateo County in Menlo Park, Atherton, Portola Valley, Hillsborough and Woodside along with the high part of the range in the Bay Cities and Redwood City.
 
As always, 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 valuation, please feel free to call me, your Remax 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 (have over 750 likes - help me to reach 1,000!) or follow me on my Twitter PageThank you.

Thursday, September 28, 2017

September Silicon Valley Real Estate Market Update

Quick Market Summary: We’ve gone through the historically hottest part of the year where a higher wave of buyer activity (demand) comes knocking. Now, we are in the summer months with many potential buyers in vacation mode so the activity is less intense EXCEPT for this year! With low inventory and enticingly low mortgage rates, we’ve seen a very brisk summer market. In August, inventory of available homes for sale remained anemic in each county. Median prices continue to set records — in Santa Clara County it was $1,150,000 and $1,423,000 in San Mateo County. Even though these levels have drifted slightly lower the past couple of months, they represent record median prices for this time of year in the Silicon Valley real estate market. It's always better to compare year over year results as it removes the seasonality aspect. The Santa Clara County median price for condos/townhouses is $760,000. Demand continues to outstrip supply in Santa Clara County as 74% of homes that closed escrow sold for more than list price inferring multiple offers and was 80% in San Mateo County. Historically, we see a higher level of interest from buyers post-Labor Day that lasts for a month or so. I expect higher prices.
Nuts and Bolts: Inventory or the amount of homes available for purchase in Santa Clara County was just 723 down from 834 last month and down from 1,278 the same month last year or 43.4%! Sales (accepted offers) were 1,131 down from 1,146 last month but increased slightly from 1,118 the same month last year. Closed sales were interesting — they were 919 in August but only 832 last year, an increase of 10.5%. That busts the myth that sales are constrained by a lack of inventory as what we witnessed was a turnover rate faster than at any time in the last 20 years!
For San Mateo County, inventory of single family residences stood at 330, up slightly from 319 last month with sales (accepted offers) at 393 an increase from 366 last month. For both counties, the inventory continues to lag well 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 to enter the market.
Sale price to list price ratio, a key market condition indicator, shows that for Santa Clara County transactions completed during August this ratio stood at 106.4% and the highest ever for this time of year! Currently, the highest ratio and the hottest market area belong to the Cupertino/Sunnyvale market area (median price of about $1.90 million) at 114.0% which means that the average closed sale has a sale price 14% higher than the list price. It also registered the lowest median days on market at just 8 which means half the inventory sells in 8 days! The coolest market area is Los Gatos/Saratoga (median price of about $2.55 million). However, even the coolest market area in Santa Clara County is still pretty good with Los Gatos currently more active than Saratoga.
San Mateo County’s overall sale price to list price ratio stands at an even higher level of 109.1% with the highest ratio and hottest market area in the Bay Cities (Belmont, Burlingame, Millbrae, San Carlos, San Mateo) market area (median price of about $1.60 million) at 110.7% with a median days on market of 11. The coolest market area are the Expensive (Atherton, Menlo Park, Portola Valley, Woodside, Hillsborough) market area, (median price of about $3.00 million) and the San Mateo Coast (Half Moon Bay, El Granada, Moss Beach, Montara) (median price of about $1.29 million.
As always, 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 valuation, please feel free to call me, your Remax Agent! You are welcome to leave your comments or questions or contact me directly. Check out and "like" my Facebook Business Page at Facebook Business Page (I'm trying for 1,000 likes!) or follow me on Twitter at Twitter Page. Thank you.

August Silicon Valley Real Estate Market Update

Quick Market Summary: We’ve gone through the historically hottest part of the year where a higher wave of buyer activity (demand) comes knocking. Now, we are in the summer months with many potential buyers in vacation mode so the activity is less intense. We continue to have buyer interest and activity but it is countered by continued low inventory. In July, inventory of available homes for sale remained anemic in each county. Median prices continue to set records — in Santa Clara County it was $1,168,000 and $1,600,000 in San Mateo County. Even though these levels have drifted slightly lower, they represent record median prices for this time of year in the Silicon Valley real estate market. Demand continues to outstrip supply in Santa Clara County as 74% of homes that closed escrow sold for more than list price inferring multiple offers. Same proportion in San Mateo County. Post Labor Day, we’ll see even more buyer activity so would expect prices to remain strong.
Nuts and Bolts: Inventory or the amount of homes available for purchase in Santa Clara County was just 834 with sales (accepted offers) of 1,146. In this measure, a downtrend in inventory levels continues in force since 2012!
For San Mateo County, inventory of single family residences stood at 319 with sales (accepted offers) at 366. 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 July, this ratio stood at 105.5% 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 $1.90 million) at 111.5%. It also registered the lowest median days on market at just 8 which means half the inventory sells in less than 8 days! The coolest market area is South County (Morgan Hill/Gilroy) (median price of about $0.80 million).
San Mateo County’s overall sale price to list price ratio stands at an even higher level of 108.5% with the highest ratio and hottest market area in the Bay Cities (Belmont, Burlingame, Millbrae, San Carlos, San Mateo) market area (median price of about $1.70 million) at 112.0%. The coolest market area is the Expensive (Atherton, Menlo Park, Portola Valley, Woodside, Hillsborough) market area, (median price of about $3.33 million).
As always, 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! You are welcome to leave your comments or questions or contact me directly. Thank you.

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!