November Silicon Valley Real Estate Market Update

Quick Market Summary: Well, when someone tells you the market is dropping, that's false! We are still seeing year over year increases in the median prices for each county. They may be referring to sequential changes which due to seasonality are bit comparable. The supply of homes available for sale or inventory has jumped in each county with the number of accepted offers (sales) down a bit in Santa Clara County but up in San Mateo County. Demand continues below supply but the difference is more pronounced. Buyers take note as this may not last too long. Sellers, you will need to be more aggressive in pricing and look to your competition. The year over year median in Santa Clara County was up 3.6% to $1,295,000 in October and in San Mateo County the median price was $1,594,000 as compared to $1,525,000 last year at this time or a gain of 4.5%. Condo and townhouse median in Santa Clara County reached $900,000 in October compared to $767,000 last year or a jump of 17.3%. My theory is that condos and townhouses have a lower price of entry into a home than a single family home and we may be seeing an impact of higher mortgage rates which are in the 4 3/4-5% range. Even in this tempered environment 54.0% of homes in Santa Clara County that closed escrow in October sold for more than list price inferring multiple offers and the seventh highest rate for this time of year (last year was a record 75.4%). It was 68% in San Mateo County versus 84% last year.

Nuts and Bolts: Inventory or the amount of homes available for purchase in Santa Clara County was 1,393, up from 618 or 125% from last year. Sales (accepted offers) were an anemic 918 down 7.2% from the same month last year when is was 989.

For San Mateo County, inventory of single family residences stood at 545 in October versus 318 last year or an increase of 71%. Sales (accepted offers) were 382 compared to 312 for the same month last year or an increase of 22.4%. 

Sale price to list price ratio, an important key market condition indicator, shows that for Santa Clara County transactions completed during October, stood at 101.9% compared to last year's ratio of 107.9%.

The hottest market in Santa Clara County belongs to the Palo Alto/Los Altos market area (median price of about $3.27 million) at 105.2% which means that the average closed sale has a sale price 5.2% higher than the list price! It also registered a median days on market of just 10 which means half the inventory sells in just a bit over a week and 61% of closings sold above list price! The coolest is the Los Gatos/Saratoga market area (median price of about $2.50 million) with 98.8%.

Days of unsold inventory moved up a bit and stand at 53 for Santa Clara County and 41 for San Mateo County. These are substantially higher than last year's figures of 22 and 31, respectively.

San Mateo County’s overall sale price to list price ratio stands at 106.0% with the highest ratio and hottest market area is in the North (Brisbane, Colma, Daly City, Pacifica, San Bruno, South San Francisco) market area (median price of about $1.05 million) at 109.6% with a median days on market of 16. As I pointed out before, one important advantage of this area is its proximity to San Francisco and a heck of a lot less expensive to purchase or to rent! The coolest is the Coast (Half Moon Bay, El Granada, Moss Beach, Montara) market area (median price of about $1.35 million) at 99.4% with median days on the market of 20. 

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 (have 775 likes – help me to reach 1,000!) or follow me on my Twitter Page.Thank you.

October Silicon Valley Real Estate Market Update

Quick Market Summary: Since mid year, we've seen the supply or inventory of homes available exceed demand in a meaningful amount since mid 2016. This has contributed to a slowing down or settling of the market, especially in Santa Clara County. This said, we still have the characteristics of a seller's market with a lot more competition from other sellers now than earlier in the year. Those that are more aggressively priced still sell relatively quickly but generate far fewer offers. In about 18 of the past 20 years, we witness a second spurt of buyer activity after the Labor Day weekend. This year it went proof! The year over year median in Santa Clara County was up 7.2% to $1,265,000 in September and in San Mateo County the median price was $1,650,000 as compared to $1,465,000 last year at this time or a gain of 12.6%. Inventories are up significantly in each county. Condo and townhouse median in Santa Clara County reached $865,000 in September compared to $720,000 last year or a jump of 20.1%. My theory is a lower price of entry into a home than a single family home. Even in this tempered environment 54.6% of homes in Santa Clara County that closed escrow in September sold for more than list price inferring multiple offers and the fourth highest rate for this time of year (last year was a record 70.4%). It was 69% in San Mateo County versus 72% last year.

At least weekly, I review the previous week's statistical and transactional data and there has been much smaller inventory increases AND the number of homes with a pending status (those with an accepted offer) have jumped. Could this be a harbinger of higher activity and a turning point? We'll see! Some buyers are now facing 5% mortgages so they may be "forced" to get off the fence or perhaps be faced purchasing a smaller home. 

Nuts and Bolts: Inventory or the amount of homes available for purchase in Santa Clara County was 1,408, up from 700 or 101% from last year. Sales (accepted offers) were an anemic 1,006 down 2.1% from the same month last year when is was 1,028.

For San Mateo County, inventory of single family residences stood at 553 in September versus 396 last year or an increase of 40%. Sales (accepted offers) were 436 compared to 414 for the same month last year or an increase of 5.3%. 

Sale price to list price ratio, an important key market condition indicator, shows that for Santa Clara County transactions completed during September, stood at 102.3% compared to last year's ratio of 105.9%.

The hottest market in Santa Clara County belongs to the Palo Alto/Los Altos market area (median price of about $3.00 million) at 105.4% which means that the average closed sale has a sale price 5.4% higher than the list price! It also registered a median days on market of just 11 which means half the inventory sells in just a bit over a week and 62% of closings sold above list price! The coolest is the South County (Morgan Hill, Gilroy, San Martin) market area (median price of about $0.91 million) with 99.8% and 83 days of unsold inventory.

Days of unsold inventory moved up a bit and stand at 49 for Santa Clara County and 44 for San Mateo County. These are substantially higher than last year's figures of 25 and 37, respectively.

San Mateo County’s overall sale price to list price ratio stands at 107.3% with the highest ratio and hottest market area is in the North (Brisbane, Colma, Daly City, Pacifica, San Bruno, South San Francisco) market area (median price of about $1.11 million) at 111.5% with a median days on market of 14. As I pointed out before, one important advantage of this area is its proximity to San Francisco and a heck of a lot less expensive to purchase or to rent! The coolest is the Coast (Half Moon Bay, El Granada, Moss Beach, Montara) market area (median price of about $1.42 million) at 99.7% with median days on the market of 83. 

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 (have 775 likes – help me to reach 1,000!) or follow me on my Twitter Page.Thank you.

September Silicon Valley Real Estate Market Update

Quick Market Summary: We're witnessing a continuing settling down of the market. As I mentioned last month, the foot is off the pedal so the market is slowing. We still have the characteristics of a seller's market BUT there's more competition for sellers now than earlier in the year. You've noticed more signs out and probably wondering why homes on the market near you are staying on the market longer. Those that are more aggressively priced still sell relatively quickly but generate far fewer offers. Most years we see a "spike' of sorts in the level of buyer activity after Labor Day weekend and this year is no different. There is increased activity but again not to the level of earlier in the year. The year over year median in Santa Clara County was up 11.3% to $1,280,000 in August and in San Mateo County the median price was $1,475,000 as compared to $1,423,000 last year at this time or a gain of just 3.7%. Inventories are up significantly in each county. Condo and townhouse median in Santa Clara County reached $924,000 in August compared to $760,000 last year same month or an increase of 21.6%. In Santa Clara County 67.4% of homes that closed escrow in August sold for more than list price inferring multiple offers and the second highest rate for this time of year (last year was a record 74.4%. It was 77% in San Mateo County. 

Nuts and Bolts: Inventory or the amount of homes available for purchase in Santa Clara County was 1,197, up from 723 or 65.6% from last year. Sales (accepted offers) were an anemic 942 down 16.7% from the same month last year when is was 1,131.

For San Mateo County, inventory of single family residences stood at 498 in August versus 330 last year or an increase of 50.9%. Sales (accepted offers) were 357 for August compared to 393 for the same month last year. 

Sale price to list price ratio, an important key market condition indicator, shows that for Santa Clara County transactions completed during August this stood at 104.1% and one of the highest ever for this time of the year. Last year at this time it stood at 106.4%.

The hottest market in Santa Clara County belongs to the Palo Alto/Los Altos market area (median price of about $3.40 million) at 109.9% which means that the average closed sale has a sale price 9.9% higher than the list price! It also registered the lowest median days on market at just 9 which means half the inventory sells in just a bit over a week and 77% of closings sold above list price! The coolest is the South County (Morgan Hill, Gilroy, San Martin) market area (median price of about $0.93 million) with 101.7% and 63 days of unsold inventory.

Days of unsold inventory moved up a bit and stand at 44 for Santa Clara County and 42 for San Mateo County. These are substantially higher than last year's figures of 22 and 29, respectively.

San Mateo County’s overall sale price to list price ratio stands at 108.8% with the highest ratio and hottest market area is in the North (Brisbane, Colma, Daly City, Pacifica, San Bruno, South San Francisco) market area (median price of about $1.14 million) at 113.3% with a median days on market of 14. One major advantage of this area is its proximity to San Francisco and a heck of a lot less expensive to purchase or to rent! The coolest is the Coast (Half Moon Bay, El Granada, Moss Beach, Montara) market area (median price of about $1.20 million) at 100.1% with median days on the market of 44. 

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 (have 775 likes – help me to reach 1,000!) or follow me on my Twitter Page.Thank you.

August Silicon Valley Real Estate Market Update

Quick Market Summary: Continued is the trend towards a moderating marketplace. As I like to think about it -- the foot is off the pedal so the market is slowing. We still have the characteristics of a seller's market BUT there's more competition for sellers now than earlier in the year. You've no doubt noticed a bit more signs out and those properties on busier streets staying on the market longer if not more aggressively priced. One aspect of this change in that there is less activity and traffic for showings and open houses than earlier. My forecast is for an increased level of activity after Labor Day that we have most years. The year over year median in Santa Clara County was up 15.6% to $1,350,000 in July and in San Mateo County the median price was $1,638,000 as compared to $1,600,000 last year at this time. Inventories are up in each county. Condo and townhouse median in Santa Clara County reached $910,000 in July compared to $733,000 last year same month or an increase of 24.1%. In Santa Clara County 70.6% of homes that closed escrow in July sold for more than list price inferring multiple offers and one of highest rate for this time of year. It was 75% in San Mateo County. 

Nuts and Bolts: Inventory or the amount of homes available for purchase in Santa Clara County was 1,209, up from 834 or 45.0% from last year. Sales (accepted offers) were an anemic 993 down 13.4% from the same month last year when is was 1,146. One thing I've noticed in the stats is that the average size single family home that closed escrow reached 1,799 square feet, highest over the past 14 years and 12% larger in size than when is was 1,605 square feet in 2005. 

For San Mateo County, inventory of single family residences stood at 414 in July versus 319 last year of an increase of 29.8%. Sales (accepted offers) were 382 for July and 366 for the same month last year. For both counties, the inventory continues to lag far below the historical average for this time of the year which continues to place pressure on buyers.

Sale price to list price ratio, an important key market condition indicator, shows that for Santa Clara County transactions completed during July this stood at 105.2% and one of the highest ever for this time of the year. Last year at this time it stood at 105.5%.

The hottest market in Santa Clara County belongs to the Cupertino/Sunnyvale market area (median price of about $2.18 million) at 108.5% which means that the average closed sale has a sale price 8.5% 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 a bit over a week and 81% of closings sold above list price! The coolest is the South County (Morgan Hill, Gilroy, San Martin) market area (median price of about $0.955 million) with 101.4% and 28 days of unsold inventory.

Days of unsold inventory moved up a bit and stand at 42 for Santa Clara County and 34 for San Mateo County. This means that for San Mateo County that the entire inventory, if held static, would sell out in just over a month!

San Mateo County’s overall sale price to list price ratio stands at 108.6% with the highest ratio and hottest market area is in the North (Brisbane, Colma, Daly City, Pacifica, San Bruno, South San Francisco) market area (median price of about $1.155 million) at 114.3% with a median days on market of 13. One major advantage of this area is its proximity to San Francisco and a heck of a lot less expensive to purchase or to rent! The coolest is the Expensive (Menlo Park, Atherton, Portola Valley, Hillsborough, Woodside) market area (median price of about $4,110 million) at 98.2% with median days on the market of 28. 

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 (have 775 likes – help me to reach 1,000!) or follow me on my Twitter Page.Thank you.

July Silicon Valley Real Estate Market Update

Quick Market Summary: Is there a slight draft in this room? Well, the markets in general in Santa Clara and San Mateo counties have cooled a bit. Not too much to bring about a buyer's market but there's less pressure on buyers as inventory has increased and the amount of activity and traffic for open houses has eroded somewhat. You may recall that the markets earlier in the year were on fire and we still have some "hot spots" we can perhaps lay blame on buyer fatigue as well as the normal cooling off of the markets during summer (after Memorial Day lasting historically until Labor Day). The year over year median in Santa Clara County was up 18.4% to $1,400,000 in June and in San Mateo County the median price was $1,665,000. Inventories are up overall but seem like they are topping which is normal for the summer months. Listings for very high-end priced homes throughout both counties remains sluggish and take quite a bit longer to sell than the recent past. Condo and townhouse median in Santa Clara County has reached $933,000. In Santa Clara County 79.5% of homes that closed escrow in June sold for more than list price inferring multiple offers and a record for this time of year. It was 81% in San Mateo County. 

Nuts and Bolts: Inventory or the amount of homes available for purchase in Santa Clara County was 1,045, up from 806 or 29.7% from last year. Sales (accepted offers) were 1,100 down 14.1% from the same month last year.  

For San Mateo County, inventory of single family residences stood at 397 in June. Sales (accepted offers) were 431. For both counties, the inventory continues to lag far below the historical average for this time of the year which continues to place pressure on buyers.

Sale price to list price ratio, an important key market condition indicator, shows that for Santa Clara County transactions completed during June this stood at 107.8% and the highest ever for this time of the year. Last year at this time it stood at 105.8%.

The hottest market in Santa Clara County belongs to the Cupertino/Sunnyvale market area (median price of about $2.25 million) at 109.0% which means that the average closed sale has a sale price 9.0% 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 a bit over a week and 86% of closings sold above list price! The coolest is the South County (Morgan Hill, Gilroy, San Martin) market area (median price of about $0.935 million) with 103.4% and 40 days of unsold inventory.

Days of unsold inventory moved up a bit and stand at 35 for Santa Clara County and 32 for San Mateo County. This means that for Santa Clara County that the entire inventory, if held static, would sell out in about a month!

San Mateo County’s overall sale price to list price ratio stands at 111.4% with the highest ratio and hottest market area is in the North (Brisbane, Colma, Daly City, Pacifica, San Bruno, South San Francisco) market area (median price of about $1.143 million) at 117.0% with a median days on market of 12. One advantage of this area is its proximity to San Francisco and a heck of a lot less expensive or to rent! The coolest is the San Mateo County Coast (Half Moon Bay, El Granada, Moss Beach, Montara) market area (median price of about $1.260 million). 

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 (have over 775 likes – help me to reach 1,000!) or follow me on my Twitter Page.Thank you.

June Silicon Valley Real Estate Market Update

Quick Market Summary: My mother, a chef among her many talents, taught me that roasting was at a lower temperature than broiling. Well that's what we have in the Silicon Valley real estate market! We're not quite as hot er, broiling, as before. That said, year over year the Santa Clara County median price jumped to $1,400,000 in May up 17.2% and in San Mateo County the median price was $1,652,000. Inventories are up a bit overall, continuing the recent trend but high demand also continues but not at the breakneck pace of the past several months. This is to be expected as buying is a choice and if buyers are busy with graduations, weddings, vacations and the like, we normally see a diminished level of activity this time of the year. Very high-end priced home market throughout both counties remains sluggish as the cash-buying Asian stampede has subsided significantly. Condo and townhouse median in Santa Clara County has reached $940,000. In Santa Clara County 83.5% of homes that closed escrow in May sold for more than list price inferring multiple offers and a record for this time of year. It was 84% in San Mateo County! 

Nuts and Bolts: Inventory or the amount of homes available for purchase in Santa Clara County was 1,022, up from 837 and up 6.5% from last year at this time. Sales (accepted offers) were 1,185 down 11.3% from the same month last year.  

For San Mateo County, inventory of single family residences stood at 419 in May, up from 377 in April. Sales (accepted offers) were 454, same as last month. For both counties, the inventory continues to lag far below the historical average for this time of the year which continues to place pressure on buyers.

Sale price to list price ratio, an important key market condition indicator, shows that for Santa Clara County transactions completed during May this stood at 110.6% and the highest ever for this time of the year. Last year at this time it stood at 106.0%.

The hottest market in Santa Clara County belongs to the Cupertino/Sunnyvale market area (median price of about $2.20 million) at 113.5% which means that the average closed sale has a sale price 13.5% higher than the list price! It also registered the lowest median days on market at just 9 which means half the inventory sells in just a bit over a week and 83.5% of closings sold above list price! The coolest is the South County (Morgan Hill, Gilroy, San Martin) market area (median price of about $0.915 million) with 103.1% and 32 days of unsold inventory.

Days of unsold inventory moved up a bit and stand at 30 for Santa Clara County and 32 for San Mateo County. This means that for Santa Clara County that the entire inventory, if held static, would sell out in less than a month!

San Mateo County’s overall sale price to list price ratio stands at 111.8% 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 $1.94 million) at 113.3% with a median days on market of 10. One advantage of this area is its proximity to San Francisco and a heck of a lot less expensive! The coolest are the Expensive (Menlo Park, Atherton, Portola Valley, Hillsborough and Woodside) market area, (median price of about $3.78 million) and the San Mateo County Coast (Half Moon Bay, El Granada, Moss Beach, Montara) market area (median price of about $1.285 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 at my website. Check out and “like” my Facebook Business Page (have over 775 likes – help me to reach 1,000!) or follow me on my Twitter Page.Thank you.

May Silicon Valley Real Estate Market Update

Quick Market Summary: The Silicon Valley real estate market broiling continues! Year over year the Santa Clara County median price has jumped to $1,420,000 in April up 22.4% and in San Mateo County the median price sits at $1,800,000. The unbalanced market with super low inventories and high demand contributes to the strong price increases -- sellers take notice. Very high-end priced home market throughout both counties remain The Santa Clara County median price for condos/townhouses reached $915,000. In Santa Clara County 84.5% of homes that closed escrow in April sold for more than list price inferring multiple offers and a record for this time of year. It was "only" 82% in San Mateo County! 

Nuts and Bolts: Inventory or the amount of homes available for purchase in Santa Clara County was 837 down 13.6% from last year at this time. Sales (accepted offers) were 1,184 down from 1,265 or 6.4% from the same month last year. You'd think that sales would be down as much as inventory if you believed what some agents say that sales are limited by the low inventory. You have to take another variable into consideration and that is -- turnover. A faster market or one with a shorter number of days on market easily cancels or mitigates a lower level of inventory. Currently we're at the fastest market turnover ever! 

For San Mateo County, inventory of single family residences stood at 377 in April also down from last year. Sales (accepted offers) were 454. For both counties, the inventory continues to lag far below the historical 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.

Sale price to list price ratio, an important key market condition indicator, shows that for Santa Clara County transactions completed during April this stood at 112.5% and the highest ever eclipsing the previous all time high of 110.0% reached in the heady days of the “Dot-com” period in 2000. Last year at this time it stood at 106.0%.

The hottest market in Santa Clara County belongs to the Cupertino/Sunnyvale market area (median price of about $2.22 million) at 119.1% which means that the average closed sale has a sale price 19.1% higher than the list price! It also registered the lowest median days on market at just 8 which means half the inventory sells in just a bit over a week and 89% of closings sold above list price! The coolest is the South County (Morgan Hill, Gilroy, San Martin) market area (median price of about $0.91 million) with 103.1% and 30 days of unsold inventory.

Days of unsold inventory are at a record low of just 24.7 for Santa Clara County and 29 for San Mateo County. This means that for Santa Clara County that the entire inventory, if held static, would sell out in less than 25 days!

San Mateo County’s overall sale price to list price ratio stands at 111.9% 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 $1.93 million) at 116.3% with a median days on market of 11. One advantage of this area is its proximity to San Francisco and a heck of a lot less expensive! The coolest is the Expensive (Menlo Park, Atherton, Portola Valley, Hillsborough and Woodside) market area, (median price of about $3.69 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 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 Page.Thank you.

April Silicon Valley Real Estate Market Update

Quick Market Summary: The Silicon Valley real estate market is HOT and actually even hotter than the recent past! Year over year the Santa Clara County median price has incredibly accelerated to $1,460,000 up 28.3% and in San Mateo County increased "only" 20.3% to $1,678,000. The hot streak continues -- sellers take notice. Supply and demand -- low inventory or supply coupled with high demand means higher prices. The Santa Clara County median price for condos/townhouses reached $900,000, up 28.4% from the same month last year. In Santa Clara County 83% of homes that closed escrow in March sold for more than list price inferring multiple offers and a record for this time of year. It was 82% in San Mateo County. 

Nuts and Bolts: Inventory or the amount of homes available for purchase in Santa Clara County was 625 down 26.8% from last year at this time. Sales (accepted offers) were 1,227 up from 1,170 up 4.9% from the same month last year. You'd think that sales would be down as much as inventory if you believe what some agents say that sales are limited by the low inventory. They forget that there is another variable to consider -- turnover. A faster market or one with a shorter number of days on market easily cancels or mitigates a lower level of inventory. Currently we're at the fastest market turnover ever! 

For San Mateo County, inventory of single family residences stood at 308 in March, down 8.3% from last year. Sales (accepted offers) were 384, down 6.3% from March 2017. For both counties, the inventory continues to lag far below the historical 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.

Sale price to list price ratio, an important key market condition indicator, shows that for Santa Clara County transactions completed during March this ratio stood at 112.7% and the highest ever eclipsing the previous all time high of 110.0% reached in the heady days of the “Dot-com” period in 2000. Last year at this time it stood at 103.9%.

The hottest market in Santa Clara County belongs to the Cupertino/Sunnyvale market area (median price of about $2.28 million) at 118.6% which means that the average closed sale has a sale price 18.6% higher than the list price! It also registered the lowest median days on market at just 8 which means half the inventory sells in just a bit over a week! The coolest is the Los Gatos/Saratoga market area (median price of about $2.36 million) with 105.2% and 49 days of unsold inventory. Notice that the median price of Cupertino/Sunnyvale is closing in on Los Gatos/Saratoga!

Days of unsold inventory are at a record low of just 17.8 for Santa Clara County and 28 for San Mateo County. This means that for Santa Clara County that the entire inventory, if held static, would sell out in less than 18 days!

San Mateo County’s overall sale price to list price ratio stands at 112.6% 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 $1.89 million) at 116.6% with a median days on market of 10. One advantage of this area is its proximity to San Francisco and a heck of a lot less expensive! The coolest is the Expensive (Menlo Park, Atherton, Portola Valley, Hillsborough and Woodside) market area, (median price of about $4.08 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 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 Page.Thank you.

March Silicon Valley Real Estate Market Update

Quick Market Summary: The real estate market is hot and getting hotter! Yes, you read that right. Year over year comparisons reveal that in Santa Clara County the median price jumped to $1,388,000 up 26.2% and in San Mateo County increased even more steeply at $1,740,000 up 28.9% from last year. So we're still in this hot streak. Still, that doesn't mean every single home went up that much as the median price is the middle price of those that sold. It's more accurate to use median prices as an indicator of the overall trend. Supply and demand -- low inventory or supply coupled with high demand means higher prices. Again, basic economic theory -- low inventory mixed with high buyer demand. The Santa Clara County median price for condos/townhouses is $840,000, up 21.7% from the same month last year. In Santa Clara County 83% of homes that closed escrow sold for more than list price inferring multiple offers and a record for this time of year. It was 79% in San Mateo County. 

Nuts and Bolts: Inventory or the amount of homes available for purchase in Santa Clara County was 615 down 17% from last year at this time. Sales (accepted offers) were 945 up from 938 or 0.7% from the same month last year. You'd think that sales would be down as much as inventory if you believe what some agents say that sales are limited by the low inventory. They forget that there is another variable to consider -- turnover. A faster market or one with a shorter number of days on market easily cancels or mitigates a lower level of inventory. Think the turnover in the fruit and vegetable portion of the market versus the turnover for packaged goods. Median days on market has dropped to just 9 -- lowest ever! This means that it takes just over a week to sell half of the available homes!

For San Mateo County, inventory of single family residences stood at 264 in February, up 10.9% from last year. Sales (accepted offers) were 358, up 11.2% from February 2017. For both counties, the inventory continues to lag far below the historical 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.

Sale price to list price ratio, an important key market condition indicator, shows that for Santa Clara County transactions completed during February this ratio stood at 112.1% and the highest ever eclipsing the previous all time high of 110.0% reached in the heady days of the “Dot-com” period in 2000. Last year at this time it stood at 104.4%.

Take a look at the chart below from MLSListings.com which shows the Santa Clara County sales price to list price ratio trend since 2001. Any value above 100% is an average that is above list price and infers multiple offers.

The hottest market in Santa Clara County belongs to the Cupertino/Sunnyvale market area (median price of about $2.23 million) at 117.6% which means that the average closed sale has a sale price 17.6% higher than the list price! It also registered a low median days on market at just 15 which means half the inventory sells in just 15 days! The coolest is the Los Gatos/Saratoga market area (median price of about $2.40 million) with 104.8% and 43 days of unsold inventory. Notice that the median price of Cupertino/Sunnyvale is closing in on Los Gatos/Saratoga!

Days of unsold inventory are at a record low of just 22.8 for Santa Clara County and 26 for San Mateo County. This means that for Santa Clara County that the entire inventory, if held static, would sell out in less than 23 days!

San Mateo County’s overall sale price to list price ratio stands at 111.8% with the highest ratio and hottest market area in the North (Brisbane, Colma, Daly City, Pacifica, San Bruno, South San Francisco) market area (median price of about $1.11 million) at 116.2% with a median days on market of 17. One advantage of this area is its proximity to San Francisco and a heck of a lot less expensive! The coolest is the Expensive (Menlo Park, Atherton, Portola Valley, Hillsborough and Woodside) market area, (median price of about $3.67 million). 

Take a look at the chart below from MLSListings.com which shows the San Mateo County sales price to list price ratio trend since 2001.

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 Page.Thank you.

February Silicon Valley Real Estate Update

Quick Market Summary: With the median price up 25.5% in the last year in Santa Clara County, we're still in a continued hot streak. Amazing, yes, but that doesn't mean every single home went up that much. Median price is the middle transaction of those that closed escrow during the month. It's more accurate to use median prices as an indicator of the overall trend. Supply and demand -- low inventory or supply coupled with high demand means higher prices. Basic economic theory. When record low inventory is mixed with a goodly amount of buyer demand, you get higher prices. Median prices continue to set records — in Santa Clara County it was $1,155,000 and $1,550,000 in San Mateo County in January. The Santa Clara County median price for condos/townhouses is $750,000. Demand continues to outstrip supply in Santa Clara County as 73.0% of homes that closed escrow sold for more than list price inferring multiple offers and a record for this time of year. It was 66% in San Mateo County. Will demand increase as we get into early spring -- we'll see but this is what occurs each year almost without fail.

Nuts and Bolts: Inventory or the amount of homes available for purchase in Santa Clara County was 452 down 27% from last year at this time. Sales (accepted offers) were 675 down from 689 or 2.0% from the same month last year. You'd think that sales would be down as much as inventory if you believe that some agents say that sales are limited by inventory. They forget that there is another variable to consider -- turnover. A faster market or one with a shorter number of days on market easily cancels or mitigates a lower level of inventory. Think the turnover in the fruit and vegetable portion of the market versus the turnover for packaged goods. Average days on market has dropped to just 17 -- lowest ever!

For San Mateo County, inventory of single family residences stood at 197 in January. Sales (accepted offers) were 252. Each of these much lower. For both counties, the inventory continues to lag far below the historical 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.

Sale price to list price ratio, an important key market condition indicator, shows that for Santa Clara County transactions completed during January this ratio stood at 108.5% and the highest ever for this time of year. The all time high of 110.0% was reached in the heady days of the “Dot-com” period in 2000. Last year at this time it stood at 101.4%.

Take a look at the chart below from MLSListings.com which shows the Santa Clara County sales price to list price ratio trend since 2001. Any value above 100% is an average that is above list price and infers multiple offers.

The hottest market in Santa Clara County belongs to the      Cupertino/Sunnyvale market area (median price of about $2.28 million) at 116.6% which means that the average closed sale has a sale price 16.6% higher than the list price! It also registered a low median days on market at just 9 which means half the inventory sells in just nine days! The coolest is the South County (Morgan Hill and Gilroy) market area (median price of about $0.85 million) with 100.3% and 30 days of unsold inventory.

Days of unsold inventory are at a record low of just 23 for Santa Clara County and 27 for San Mateo County. This means that for Santa Clara County that the entire inventory, if held static, would sell out in less than 23 days!

Even with the backdrop of the hot market we're still seeing a cooling off of the high end of the price ranges in the Los Altos/Palo Alto and Los Gatos/Saratoga market areas. These high-priced homes are staying on the market longer than those more closely aligned with the median priced homes in those same areas. Sellers need to be more aggressive with listing a home that has an expected sales price substantially higher than the median in the immediate area.

San Mateo County’s overall sale price to list price ratio stands at 109.6% with the highest ratio and hottest market area in the North (Brisbane, Colma, Daly City, Pacifica, San Bruno, South San Francisco) market area (median price of about $1.13 million) at 113.7% with a median days on market of 11. The coolest is the Coast (Half Moon Bay, El Granada, Moss Beach, Montara) market area, (median price of about $1.39 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. San Mateo County’s sale price to list price ratio chart is from MLSListings.com.

Take a look at the chart below from MLSListings.com which shows the San Mateo County sales price to list price ratio trend since 2001.

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 Page.Thank you.