Quick Market Summary: Year over year decreases continue in Santa Clara County as the median price decreased 3.2% from last year to $1,225,000 but shows a 3.8% increase since September 2018. Not so in San Mateo County which saw a decrease of 9.7% to $1,490,000 but a two-year increase of 1.7%. Overall, demand continues below supply which puts downward pressure on prices and makes for listings staying on the market longer. Sellers need to be more aggressive as to list prices since the market peak in Spring 2018. Buyers have a few important considerations to think about -- declining or low mortgage rates, more choices and decreasing prices helping buyers purchase a home below record prices using fewer funds for a down payment and ending up with a smaller monthly payment.
September Nuts and Bolts: Inventory or the number of homes available for purchase in Santa Clara County was 1,305, down from 1,408 or 7.3%. Closes were 835 down 0.6% from the same month last year when it was 840. This has actually been about flat for three years.
For September results, we see that Santa Clara County and San Mateo County median prices for single-family residences are lower than the same month a year ago but both up slightly from two years ago. Median prices for Santa Clara County stood at $1,225,000 versus $1,265,000 and San Mateo County stood at $1,490,000 as compared to $1,650,000.
Condo and townhouse median price in Santa Clara County settled at $835,000 in September compared to $865,000 last year or a decrease of 3.5%, approximating the decrease in median prices of single-family residences.
September Nuts and Bolts: Inventory or the number of homes available for purchase in Santa Clara County was 1,305, down from 1,408 or 7.3%. Closes were 835 down 0.6% from the same month last year when it was 840. This has actually been about flat for three years.
For San Mateo County, inventory of single-family residences stood at 523 versus 553 a decrease of 5.4% from September 2018. Closes were 339 compared to 373 for the same month last year, a decrease of 9.1%.
Sale price to list price ratio, a key market condition indicator, shows that for Santa Clara County transactions completed during the month, this stood at 100.4% compared to last year's ratio of 102.3%. 44.3% of homes in Santa Clara County that closed escrow in September sold for more than list price compared to 54.6% last year and 70.4% in September 2017. It was 59% in San Mateo County versus 69% last year.
The hottest market in Santa Clara County was its most expensive as the Los Altos/Palo Alto market area with a median price of about $3.065 million) at 104.7% which means that the average closed sale has a sale price 4.7% higher than the list price! It also registered median days on market of 15 which means half the inventory sells in 15 days. The coolest is the South County market area (Morgan Hill, San Martin, and Gilroy) with a median price of about $0.850 million) with 99.4%.
Days of unsold inventory and another key indicator which is the intersection of supply of available homes compared to demand that is flat or slightly up and stands at 49 for Santa Clara County and 45 for San Mateo County. The current levels place both counties in a balanced market condition since their levels are above 40. Contrary to recent news articles which state that we are in a "buyer's" market, this is clearly NOT the case.
The hottest market in San Mateo County last month is the North Cities (Brisbane, Colma, Daly City, Pacifica, San Bruno, South San Francisco) market area (median price of about $1.130 million) at 108.0% with median days on market of 13. The coolest is the Coast (Half Moon Bay, El Granada, Moss Beach, Montara) market area (median price of about $1.280 million) at 99.4% with median days on the market of 12.
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 (over 770 have done so) or follow me on my Twitter Page. Thank you.
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