During what I call a transition month -- from normal/open to shelter-in-place mode, the real estate markets did quite well. For March transactions, median prices have logged year over year increases -- 7.9% in Santa Clara County and decreased a mere 0.2% in San Mateo County. That brings the median price in Santa Clara County to $1,403,000 and $1,755,000 in San Mateo County.
Inventory (supply) dropped in each county. A 32.9% drop in Santa Clara County inventory and a 7.3% decrease in San Mateo County inventory added to the incidence of a higher percentage of transactions selling for more than list price and inferring multiple offers -- 71% for Santa Clara County and 65% for San Mateo County. Sales (demand) continues to exceed inventory (supply).
Even with about a third fewer sales (accepted offers) in each county, we're finding that many transactions are occurring even with the social distancing AND above list price! Yes, it's different but many listings have virtual tours and inspection reports available to view and there's a safe way for showings, especially those homes that are vacant. If you are a seller, the SIP commands photo tour companies and inspectors to only enter when the home is vacant or when the sellers are not there. Let me know if you need any work done (e.g., landscape, painting, cleaning, etc.). I can arrange these for you under the right circumstances.
Condo and townhouse median price in Santa Clara County settled at $797,000 in March compared to $835,000 last year or a decline of 4.6%.
March Nuts and Bolts: Inventory or the number of homes available for purchase in Santa Clara County was 760 down sharply from last year of 1,132 or 32.9%. Closes were 708 and 18.8% lower than the same month last year when it was 872.
For San Mateo County, inventory of single-family residences stood at 341 versus 368 a decrease of 7.3% from last year. Closes were 288 compared to 264 for the same month last year, an increase 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 105.4% compared to last year's ratio of 101.4%. 71% of homes in Santa Clara County that closed escrow during the month sold for more than list price compared to 53% last year. For San Mateo County, the ratio was 106.0% versus 103.1% last year. The percent sold for more than list price was 65% versus 54% last year.
The hottest market in Santa Clara County again was the Cupertino/Sunnyvale market area with a median price of about $2.150 million) at 108.8% which means that the average closed sale has a sale price 8.8% higher than the list price! It also registered median days on market of 7 which means half the inventory sold in one week! The coolest is the South County market area (Morgan Hill, San Martin, and Gilroy) with a median price of about $0.880 million) with 99.8% and median days on the market of 9.
Days of unsold inventory is another key indicator which is the intersection of supply of available homes compared to demand and stands at 39 for Santa Clara County and 45 for San Mateo County. The current level for Santa Clara County places it in a seller's market condition since the level is below 40. San Mateo County comes in at a balanced market.
The hottest market in San Mateo County last month the North Cities (Brisbane, Colma, Saly City, Pacifica, San Bruno, South San Francisco) market area (median price of about $1.230 million) at 111.9% with median days on market of 8. The coolest is the Expensive (Menlo Park, Atherton, Portola Valley, Hillsborough, Woodside) market area (median price of about $3.775 million) at 99.2% with median days on the market of 9.
As always, I'm here should you want to discuss your real estate plans or need any help during this unbelievable crisis we all are facing.
Check out and “like” my Facebook Business Page (over 775 have done so) or follow me on my Twitter Page. Thank you for reading and please stay safe and healthy. If you need any help, with anything at all, please let me know as I'll be your advocate and resource.
Check out and “like” my Facebook Business Page (over 775 have done so) or follow me on my Twitter Page. Thank you for reading and please stay safe and healthy. If you need any help, with anything at all, please let me know as I'll be your advocate and resource.
