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.
