Quick Market Summary: A couple of months ago we had the continuation of sequential (month to month) decreases in median prices in Santa Clara County. Well, as of December, we now have a year over year decrease in both counties! Median prices for Santa Clara County have decreased from $1,300,000 in December 2017 to $1,161,000 or 10.7%. In context looking at the past two years we've seen the median go from $950,000 in December 2016 to $1,161,000 or a two-year gain of 22%. The increase in 2017 was incredible and unsustainable at more than 36%. For San Mateo County the median was $1,450,000 versus $1,525,000 in the same month a year ago. We're seeing longer times to sell or days on market on average in both counties. Inventory or the amount of homes available to sell has jumped in Santa Clara County off of a record low but dropped a bit in San Mateo County. Demand continues below supply. Buyers take note -- longer time to sell and mortgage rates drifting mean better advantages. Sellers, you will need to be more aggressive in pricing and look to your competition and not think of spring price levels. Condo and townhouse median in Santa Clara County reached $775,000 in December compared to $835,000 last year or a decrease of 7.2%. Even in this tempered environment 41.9% of homes in Santa Clara County that closed escrow in December sold for more than list price inferring multiple offers. It was 57% in San Mateo County versus 71% last year.
Nuts and Bolts: Inventory or the amount of homes available for purchase in Santa Clara County was 639, up from 291, a record low, from last year. Sales (accepted offers) were an anemic 487 down 11.4% from the same month last year when is was 550.
For San Mateo County, inventory of single family residences stood at 276 in December versus 127, a record low, last year. Sales (accepted offers) were 166 compared to 219 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 December, stood at 100.2% compared to last year's ratio of 109.5%.
The hottest market in Santa Clara County belongs to the Moderate market area (Santa Teresa, North Valley, Milpitas, Blossom Valley with a median price of about $0.949 million) at 100.4% which means that the average closed sale has a sale price 0.4% higher than the list price! It also registered a median days on market of 23 which means half the inventory sells in just a bit over three weeks. The coolest is the South County market area (Morgan Hill to Gilroy with a median price of about $0.82 million) with 99.1%.
Days of unsold inventory moved up a bit and stand at 46 for Santa Clara County and 34 for San Mateo County. These are substantially higher than last year's figures of 19 and 20, respectively.
The hottest market in San Mateo County is in the Bay Cities (Belmont, Burlingame, Millbrae, San Carlos, San Mateo) market area (median price of about $1.62 million) at 102.6% with a median days on market of 21. The coolest is the Expensive (Menlo Park, Atherton, Portola Valley, Hillsborough, Woodside) market area (median price of about $3.36 million) at 98.7% with median days on the market of 27.
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) or follow me on my Twitter Page.Thank you.
No comments:
Post a Comment