Quick Market Summary: Last month we saw our first year over year decrease in median prices in Santa Clara County. For January results, we see that Santa Clara County median prices are just 1% higher than in January 2018. San Mateo County shows median prices have dropped 4% from the same month a year ago. Median prices for Santa Clara County stood at $1,165,000 versus $1,155,000. In context looking at the past two years we've seen the median go from $920,000 in January 2017 to $1,165,000 or a two-year gain of over 26%. For San Mateo County the median was $1,487,000 versus $1,550,000 in the same month a year ago. Inventory has jumped in each county and we've seen the median days on market much higher than a year ago which translates in longer times to sell. Demand continues below supply. Buyers take note -- longer time to sell and mortgage rates drifting mean better advantages with less competition or fewer offers per listing. Sellers need to be more aggressive in pricing not think of last spring's price levels which was the top in the market. Condo and townhouse median in Santa Clara County reached $768,000 in January compared to $750,000 last year or an increase of 2.4%. In this tempered environment 34.6% of homes in Santa Clara County that closed escrow in January sold for more than list price compared to 73% last year. It was 49% in San Mateo County versus 66% last year.
Nuts and Bolts: Inventory or the amount of homes available for purchase in Santa Clara County was 804, up from 452 or 78%. Sales (accepted offers) were an anemic 561 down 17% from the same month last year when is was 675.
For San Mateo County, inventory of single family residences stood at 334 in January versus 197 or an increase of 69%. Sales (accepted offers) were 246 compared to 252 for the same month last year a drop of 2%.
Sale price to list price ratio, an important key market condition indicator, shows that for Santa Clara County transactions completed during January, stood at 99.5% compared to last year's ratio of 108.5%.
The hottest market in Santa Clara County belongs to the Cupertino/Sunnyvale market area with a median price of about $1.825 million) at 99.9% which means that the average closed sale has a sale price 0.1% lower than the list price! It also registered a median days on market of 24 which means half the inventory sells in just a bit over three weeks. The coolest is the Los Gatos/Saratoga market area with a median price of about $2.415 million) with 98.3%.
Days of unsold inventory moved up a bit and stand at 50 for Santa Clara County and 48 for San Mateo County. These are substantially higher than last year's figures of 23 and 27, respectively.
The hottest market in San Mateo County is in the North (Brisbane, Colma, Daly City, Pacifica, San Bruno, South San Francisco) market area (median price of about $0.965 million) at 105.7% with a median days on market of 14. The coolest is the Coast (Half Moon Bay, El Granada, Moss Beach, Montara) market area (median price of about $1.32 million) at 99.0% with median days on the market of 32.
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) or follow me on my Twitter Page.Thank you.
