March Silicon Valley Real Estate Update

Quick Market Summary:  Wow, what a difference a month or so makes! We've learned that the Shelter-in-Place was extended to the end of April. We're finding new routines in our homes and only going out if part of the deemed essential nad all others for just food, medicine, gas, etc. Just last Saturday, real estate was reclassified as "essential". So, should you want to discuss any aspect of real estate, please don't hesitate to contact me. If you have an important need for anything at all that is not getting taken care of, please give me a call at 408-230-0365, email me at Tom's Email Address. 

As for the real estate markets, before the virus crises hit, the markets were doing well. For February transactions, median prices have logged year over year increases -- 14.8% in Santa Clara County and 5.5% in San Mateo County. That brings the median price in Santa Clara County to $1,378,000 and $1,603,000 in San Mateo County.  

Inventory (supply) dropped in each county. A 24.0% drop in Santa Clara County inventory and a 12.9% 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 -- 64% for Santa Clara County and 56% for San Mateo County. Sales (demand) continues to exceed inventory (supply). 

Finally in this overview, we find that transactions are occurring even with the social distancing! Anecdotal information I've obtained finds some listings obtaining a bunch of offers. If you are a buyer who sees a listed home's virtual tour, let me know and I'll try to obtain available information and inspection reports for you to read and review. If you are a seller, the SIP commands photo tour companies and inspectors NOT to go out currently but let me know and as soon as safe and practical, I can get these arranged for you along with any work that is needed (landscape, painting, cleaning, etc.).  

Condo and townhouse median price in Santa Clara County settled at $794,000 in February compared to $825,000 last year or a decline of 3.8%.

February Nuts and Bolts: Inventory or the number of homes available for purchase in Santa Clara County was 736 down sharply from last year of 969 or 24.0%. Closes were 609 and were just 0.3% higher than the same month last year when it was 607.  

For San Mateo County, inventory of single-family residences stood at 352 versus 404 a decrease of 12.9% from February 2019. Closes were 259 compared to 262 for the same month last year, a decrease of 1.1%.

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 104.6% compared to last year's ratio of 101.3%. 64.5% of homes in Santa Clara County that closed escrow in February sold for more than list price compared to 50.4% last year. For San Mateo County, the ratio was 105.3% versus 103.6% last year. The percent sold for more than list price was 56% versus 60% last year.

The hottest market in Santa Clara County again was the Cupertino/Sunnyvale market area with a median price of about $2.100 million) at 107.7% which means that the average closed sale has a sale price 7.7% higher than the list price! It also registered median days on market of 8 which means half the inventory sold in 8 days! The coolest is the South County market area (Morgan Hill, San Martin, and Gilroy) with a median price of about $0.920 million) with 99.1% and median days on the market of 11.

Days of unsold inventory is another key indicator which is the intersection of supply of available homes compared to demand and stands at 27.8 for Santa Clara County and 36 for San Mateo County. The current levels place both counties in a seller's market condition since their levels are below 40.                                                              

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 $1.160 million) at 109.1% with median days on market of 11. The coolest is the Expensive (Menlo Park, Atherton, Portola Valley, Hillsborough, Woodside) market area (median price of about $3.635 million) at 97.6% with median days on the market of 16. 

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.

February Silicon Valley Real Estate Market Update

Quick Market Summary:  Small year over year increases continue in our markets. That's what we find analyzing January transactions for both counties. Santa Clara County's January 2020 median price was $1,250,000, a 4.2% increase since January 2019 when it was $1,200,000. Same in San Mateo County which saw an increase of 1.5% to $1,510,000 from $1,487,000. 

Inventory (supply) plummeted in each county (again). Demand crossed oversupply last month and continues to be the case. Even though we've seen a lower price trend, demand has moved ahead of inventory. We'll see if it translates into higher prices down the road. Still, sellers need to be more aggressive as to list prices as the market is lower than the market peak which occurred back in Spring 2018. Buyers have lower mortgage rates that help coupled with lowered inventory, making it more difficult to purchase due to the higher level of competition. Multiple offers occur in about half of the transactions in each county. 

Condo and townhouse median price in Santa Clara County settled at $772,000 in January compared to $768,000 last year or a slight increase of 1.0%.

January Nuts and Bolts: Inventory or the number of homes available for purchase in Santa Clara County was 543 (second lowest in the last 20 years!) down sharply from last year of 804 or 32.5%. Closes were 449 and were 4.3% lower than the same month last year when it was 469.  

For San Mateo County, inventory of single-family residences stood at 272 versus 334 a decrease of 18.6% from January 2019. Closes were 184 compared to 180 for the same month last year, an increase of 1.0%.

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 100.9% compared to last year's ratio of 99.5%. 47.6% of homes in Santa Clara County that closed escrow in January sold for more than list price compared to 34.6% last year. For San Mateo County, the ratio was 104.7% versus 101.9% last year. The percent sold for more than list price was 53% versus 49% last year.

The hottest market in Santa Clara County again was the Cupertino/Sunnyvale market area with a median price of about $2.100 million) at 106.2% which means that the average closed sale has a sale price 6.2% higher than the list price! It also registered median days on market of 8 which means half the inventory sold in 8 days! The coolest is the South County market area (Morgan Hill, San Martin, and Gilroy) with a median price of about $0.867 million) with 97.3% and median days on the market of 13. Not far behind South County was the Los Altos/Palo Alto market area which had fallen from one of the top hot spots in the valley. Sellers in this market area need to adjust list prices that reflect this reality.

Days of unsold inventory is another key indicator which is the intersection of supply of available homes compared to demand and stands at 35.7 for Santa Clara County and 33 for San Mateo County. The current levels place both counties in a seller's market condition since their levels are below 40. I've seen some so-called experts or recent news articles state that we are in a "buyer's" market, this is clearly NOT the case. Again, sellers need to be careful about their list price and should err more on a lower level lest they get stuck on the market.

The hottest market in San Mateo County last month the Bay Cities (Belmont, Burlingame, Milbrae, San Carlos, San Mateo) market area (median price of about $1.724 million) at 108.2% with median days on market of 9. The coolest is the Expensive (Menlo Park, Atherton, Portola Valley, Hillsborough, Woodside) market area (median price of about $3.528 million) at 98.3% with median days on the market of 16. 

As always, markets are dynamic and the supply and demand in a particular area or even neighborhood can vary and it does so sometimes quickly. 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 for reading.

January Silicon Valley Real Estate Market Update

Quick Market Summary:  From year over year decreases to year over year increases! That's what we find analyzing December transactions for both counties. Santa Clara County's December 2019 median price was $1,248,000, 7.5% increase since December 2018 when it was $1,161,000. Same in San Mateo County which saw an increase of 3.4% to $1,499,000 from $1,450,000. 

Inventory (supply) plummeted in each county. Demand crossed oversupply last month and continues to be the case. This pattern puts upward pressure on prices and generally signals higher prices depending upon how long it lasts. Still, sellers need to be more aggressive as to list prices as the market is lower than the market peak which occurred back in Spring 2018. Buyers are still looking at low mortgage rates but with a decrease in inventory, there will be more competition when it comes time to submit an offer so buyers need to have all their ducks in a row! 

Condo and townhouse median price in Santa Clara County settled at $766,000 in December compared to $775,000 last year or a decrease of 1.2%.

December Nuts and Bolts: Inventory or the number of homes available for purchase in Santa Clara County was 393 (second lowest in the last 20 years!) down sharply from last year of 639 or 38.5%. Closes were 703 and were 13.4% higher from the same month last year when it was 620. This blows the theory oft spread by some agents and in the media who state that sales/closings are constrained by low inventory levels. They lose sight of another major variable in their research that of turnover. 

For San Mateo County, inventory of single-family residences stood at 190 versus 276 a decrease of 31.1% from December 2018. Closes were 279 compared to 241 for the same month last year, an increase of 15.8%.

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 100.5% compared to last year's ratio of 100.2%. 43.7% of homes in Santa Clara County that closed escrow in December sold for more than list price compared to 41.9% last year and 75.3% in December 2017. For San Mateo County, the ratio was 102.3% versus 103.4% last year. The percent sold for more than list price was 51% versus 57% last year.

The following graphs of the Number of Active Listings (Inventory) of single-family residences for Santa Clara County and San Mateo County, respectively. Data are from MLSListings.com transactional information and covers the date range from January 2003 through December 2019. Please notice that for the past 6 years or so the trend has been generally lower.

The hottest market in Santa Clara County again was the Cupertino/Sunnyvale market area with a median price of about $2.002 million) at 103.6% which means that the average closed sale has a sale price 3.6% higher than the list price! It also registered median days on market of 18 which means half the inventory sold in 18 days! The coolest is the South County market area (Morgan Hill, San Martin, and Gilroy) with a median price of about $0.873 million) with 98.1% and median days on the market of 48.

Days of unsold inventory is another key indicator which is the intersection of supply of available homes compared to demand that is flat or slightly up and stands at 33.6 for Santa Clara County and 41 for San Mateo County. The current levels place both counties in a seller's market condition since their levels are below 40. I've seen some so-called experts or recent news articles state that we are in a "buyer's" market, this is clearly NOT the case. Again, sellers need to be careful about their list price and should err more on a lower level lest they get stuck on the market.

The hottest market in San Mateo County last month remains the North Cities (Brisbane, Colma, Daly City, Pacifica, San Bruno, South San Francisco) market area (median price of about $1.091 million) at 106.9% with median days on market of 24. The coolest is the Expensive (Menlo Park, Atherton, Portola Valley, Hillsborough, Woodside) market area (median price of about $3.068 million) at 97.5% with median days on the market of 33. 

As always, markets are dynamic and the supply and demand in a particular area or even neighborhood can vary and it does so sometimes quickly. 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 for your interest.

December Silicon Valley Real Estate Market Update

Quick Market Summary:  Year over year decreases have been the norm in Santa Clara County these past several months but last month saw the median price tie the November 2018 level at $1,260,000 and just a 2.2% decrease since November 2017 when it was $1,289,000. Not so in San Mateo County which saw an increase (what?) of 7.3% to $1,610,000. 

Due to the dramatic decrease in supply as we near the end of the year, demand has crossed above supply. This pattern which we saw most of the time during the past several years puts UPWARD pressure on prices and generally signals higher prices depending upon how long it lasts. As was mentioned last month that the trend seemed to have changed has come to pass. We'll see how this new trend change will last. Still, sellers need to be more aggressive as to list prices as the market is lower than the market peak which occurred back in Spring 2018. Buyers are still looking at low mortgage rates but with the decrease in inventory as we get into the Holiday Season there will be more competition when it comes time to submit an offer. 

For November results, we see that the Santa Clara County median price for single-family residences is the same as it was the same month a year ago. In San Mateo County the median price stood at $1,610,000 versus $1,500,000 the same month a year ago.

Condo and townhouse median price in Santa Clara County settled at $799,000 in November compared to $850,000 last year or a decrease of 6.0%.

November Nuts and Bolts: Inventory or the number of homes available for purchase in Santa Clara County was 706 down sharply from last year of 1,075 or 34.3%. Closes were 835 and 5.6% higher from the same month last year when it was 791. This blows the theory oft spread by some agents and in the media who state that sales/closings are constrained by low inventory levels. They lose sight of another major variable in their research of turnover. 

For San Mateo County, inventory of single-family residences stood at 324 versus 388 a decrease of 16.5% from November 2018. Closes were 335 compared to 345 for the same month last year, a decrease of 2.9%.

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 100.2% compared to last year's ratio of 100.5%. 40.8% of homes in Santa Clara County that closed escrow in November sold for more than list price compared to 46.5% last year and 77.9% in November 2017. For San Mateo County, the ratio was 103.1% versus 103.2% last year and 56% of the closings sold for more than list price versus 55% last year.

The following graphs of Months of Inventory of single-family residences for Santa Clara County and San Mateo County, respectively. Data are from MLSListings.com transactional information and covers the date range from January 2002 through November 2019. Please notice that for the past 6 years or so the trend has been generally lower.

The hottest market in Santa Clara County again was the Cupertino/Sunnyvale market area with a median price of about $1.852 million) at 103.0% which means that the average closed sale has a sale price 3.0% higher than the list price! It also registered median days on market of 9 which means half the inventory sold in 9 days! The coolest is the South County market area (Morgan Hill, San Martin, and Gilroy) with a median price of about $0.915 million) with 98.3% and median days on the market of 33.

Days of unsold inventory is another key indicator which is the intersection of supply of available homes compared to demand that is flat or slightly up and stands at 32 for Santa Clara County and 37 for San Mateo County. The current levels place both counties back into a seller's market condition since their levels are below 40. I've seen some so-called experts or recent news articles state that we are in a "buyer's" market, this is clearly NOT the case. Again, sellers need to be careful about their list price and should err more on a lower level lest they get stuck on the market.

The hottest market in San Mateo County last month remains the North Cities (Brisbane, Colma, Daly City, Pacifica, San Bruno, South San Francisco) market area (median price of about $1.080 million) at 107.5% with median days on market of 22. The coolest is the Coast (Half Moon Bay, El Granada, Moss Beach, Montara) market area (median price of about $1.150 million) at 96.7% with median days on the market of 33. 

As always, markets are dynamic and the supply and demand in a particular area or even neighborhood can vary and it does so sometimes quickly. 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 for your interest.

November Silicon Valley Real Estate Market Update

Quick Market Summary:  Year over year decreases continue in Santa Clara County as the median price decreased 5.4% from last year to $1,230,000 and now shows a 2.4% decrease since October 2017. Not so in San Mateo County which saw a decrease of 0.9% to $1,580,000 but a two-year increase of 3.6%.  Overall, demand continues below supply which puts downward pressure on prices and makes for listings staying on the market longer BUT the trend shows signs of changing or at least stabilizing. Sellers need to be more aggressive as to list prices since the market peak in Spring 2018 as buyers generally do not submit offers well below list price but rather wait for sellers to reduce the list price. Buyers have a few important considerations to think about -- declining or low mortgage rates, decreasing inventory this time of year as we get into the Holiday Season, prices that have decreased and off the all-time highs reached last year. These are helping buyers purchase more home with a smaller monthly payment -- which is to say that there is more value than last year.

For October 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. For the two-year period, median prices for Santa Clara County stood at $1,230,000 versus $1,260,000 and San Mateo County stood at $1,580,000 as compared to $1,525,000.    

Condo and townhouse median price in Santa Clara County settled at $790,000 in October compared to $900,000 last year or a decrease of 12.2%.

October Nuts and Bolts: Inventory or the number of homes available for purchase in Santa Clara County was 1,099, down significantly from last year of 1,393 or 21.1%. Closes were 875 slightly more than 0.7% from the same month last year when it was 869. Inventory levels have been about flat and hovering at low levels for the past three years.

For San Mateo County, inventory of single-family residences stood at 496 versus 545 a decrease of 9.0% from October 2018. Closes were 388 compared to 394 for the same month last year, a decrease of 1.5%.

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 100.2% compared to last year's ratio of 101.9%. 40.5% of homes in Santa Clara County that closed escrow in October sold for more than list price compared to 54.0% last year and 75.4% in October 2017. For San Mateo County, the ratio was 104.0% versus 106.0% last year and 58% of the closings sold for more than list price versus 68% last year.

The following graphs of Median Days to Sell for Santa Clara and San Mateo counties for single-family residences. Data is from MLSListings.com transactional information and covers the date range from January 2002 through October 2019. Please notice that for the past 6 years or so the indicators have been in relatively narrow ranges but on the low side meaning that sellers generally have had the advantage. Most news/online articles on this topic will have you believe we're in a buyer's market but were are not.

The hottest market in Santa Clara County again was its most expensive as the Los Altos/Palo Alto market area with a median price of about $3.230 million) at 103.0% which means that the average closed sale has a sale price 3.0% higher than the list price! It also registered median days on market of 16 which means half the inventory sold in 16 days. The coolest is the South County market area (Morgan Hill, San Martin, and Gilroy) with a median price of about $0.900 million) with 98.6% and median days on the market of 25.

Days of unsold inventory is another key indicator which is the intersection of supply of available homes compared to demand that is flat or slightly up and stands at 41 for Santa Clara County and 43 for San Mateo County. The current levels place both counties in a balanced market condition since their levels are above 40. Again, 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 remains the North Cities (Brisbane, Colma, Daly City, Pacifica, San Bruno, South San Francisco) market area (median price of about $1.150 million) at 108.2% 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 $1.100 million) at 98.9% with median days on the market of 21. 

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 for your interest.

October Silicon Valley Real Estate Market Update

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.

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.

September Silicon Valley Real Estate Market Update

Quick Market Summary:  Year over year decreases continue in Santa Clara County as the median price decreased 8.5% from last year to $1,188,000 but shows a 3.3% increase since August 2017. Not so in San Mateo County which had an increase on 5.1%!  Overall, demand is 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. Buyers have a few important considerations to think about -- declining mortgage rates, more choices and decreasing prices in Santa Clara County helping buyers purchase a home below record prices and a smaller monthly payment.

For August results, we see that Santa Clara County median prices for single family residences are 8.5% lower than the same month a year ago. San Mateo County median prices increased 5.1% from the same month a year ago. Median prices for Santa Clara County stood at $1,188,000 versus $1,298,000. In the context of looking at the past two years we've seen the median go from $1,150,000 in August 2017 to $1,188,000 or a two-year gain of 3.3%. San Mateo County shows a two-year gain of 8.9%.   

Condo and townhouse median price in Santa Clara County reached $840,000 in August compared to $924,000 last year or a decrease of 9.1%.

August Nuts and Bolts: Inventory or the amount of homes available for purchase in Santa Clara County was 1,347 up sharply from 1,197 or 12.5%. Closes were 925 down 0.8% from the same month last year when is was 932. This has actually been about flat for three years.

For San Mateo County, inventory of single family residences stood at 420 versus 498 a decrease of 15.7% from August 2018. Closes were 335 compared to 354 for the same month last year, a decrease of 5.4%.

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 104.1%. 45.2% of homes in Santa Clara County that closed escrow in August sold for more than list price compared to 67.4% last year and 74.4% in August 2017. It was 56% in San Mateo County versus 77% last year.

The hottest market in Santa Clara County continues to be the Cupertino/Sunnyvale market area with a median price of about $1.860 million) at 101.3% which means that the average closed sale has a sale price 1.3% higher than the list price! It also registered a median days on market of 13 which means half the inventory sells in 13 days. The coolest is the South County market area (Morgan Hill, San Martin and Gilroy) with a median price of about $0.908 million) with 98.9%.

Days of unsold inventory and another key indicator which is the intersection of supply of available homes compared to the demand, moved up and stands at 52 for Santa Clara County and 43 for San Mateo County. The current levels place both counties in a balanced market condition since their levels are above 40. Contrary to a recent San Jose Mercury News article which stated we are in a "buyer's" market, each county is not.

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 $1.139 million) at 110.6% with a 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 $1.250 million) at 98.7% with median days on the market of 65. 

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 775 have done so) or follow me on my Twitter Page.Thank you.

August Silicon Valley Real Estate Market Update

Quick Market Summary:  Last month I stated that sequentially median prices in Santa Clara and San Mateo counties were nudging upwards since the recent low in December of last year. However, that appears to have ended. We've been in a kind of flat market environment these past three or four months. Not a usual thing to see. We see signs that the market is topping as is usual for summer time.  As was stated last month and because of the incredible "double ramp up" of prices in the latter part of 2017 and early 2018, we'll continue to see year over year decreases for a while. Overall, demand is 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. Buyers have two important things going for them -- declining mortgage rates and prices have moderated to help.

For July results, we see that Santa Clara County median prices for single family residences are 3.8% lower than in July 2018. San Mateo County median prices have decreased 3.5% from the same month a year ago. Median prices for Santa Clara County stood at $1,299,000 versus $1,350,000. In the context of looking at the past two years we've seen the median go from $1,168,000 in July 2017 to $1,299,000 or a two-year gain of 11.2%.   

Condo and townhouse median price in Santa Clara County reached $820,000 in July compared to $910,000 last year or a decrease of 9.9%. Two-year change was impressive at 11.9%.

July Nuts and Bolts: Inventory or the amount of homes available for purchase in Santa Clara County was 1,369 up sharply from 1,209 or 13.2%. Sales (accepted offers) were 1,006 up 1.3% from the same month last year when is was 993. The number of sales has trended lower for several years.

For San Mateo County, inventory of single family residences stood at 437 versus 414 or an increase of 5.6% from July 2018. Sales (accepted offers) were 350 compared to 382 for the same month last year, a decrease of 8.4%.

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 100.7% compared to last year's ratio of 105.2%. 48.2% of homes in Santa Clara County that closed escrow in July sold for more than list price compared to 70.6% last year and 74.4% in July 2017. It was 61% in San Mateo County versus 75% last year.

The hottest market in Santa Clara County again belongs to the Cupertino/Sunnyvale market area with a median price of about $1.871 million) at 101.0% which means that the average closed sale has a sale price 1.0% higher than the list price! It also registered a median days on market of 11 which means half the inventory sells in 11 days. The coolest is the South County market area (Morgan Hill, San Martin and Gilroy) with a median price of about $0.943 million) with 98.7%.

Days of unsold inventory and another key indicator which is the intersection of supply of available homes compared to the demand, moved up and stands at 48 for Santa Clara County and 44 for San Mateo County. Both of these are higher than last year's figures of 43 and 34, respectively and the highest since 2012. The current levels place Santa Clara County and San Mateo in a balanced market condition since their levels are above 40. 

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 $1.138 million) at 111.1% with a 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 $1.250 million) at 99.3% with median days on the market of 40. 

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 775 have done so) or follow me on my Twitter Page.Thank you.

July Silicon Valley Real Estate Market Update

Quick Market Summary:  Sequentially median prices in Santa Clara and San Mateo counties keep nudging upwards since the recent low in December of last year. There are continued signs the market is topping as is usual for this time of the year (May-June). Last year the peak actually arrived in March and turned into a significant correction. As stated last month and because of the incredible "double ramp up" of prices in the latter part of 2017 and early 2018, we'll continue to see year over year decreases for a while. Overall, demand is below supply which puts downward pressure on prices and makes for listings staying on the market longer.

For June results, we see that Santa Clara County median prices are 4.6% lower than in June 2018. San Mateo County median prices have decreased 0.9% from the same month a year ago. Median prices for Santa Clara County stood at $1,335,000 versus $1,400,000. In the context of looking at the past two years we've seen the median go from $1,182,000 in June 2017 to $1,335,000 or a two-year gain of 12.9%.   

Condo and townhouse median price in Santa Clara County reached $873,000 in June compared to $933,000 last year or a decrease of 6.4%

June Nuts and Bolts: Inventory or the amount of homes available for purchase in Santa Clara County was 1,393 up sharply from 1,045 or 33.3%. Sales (accepted offers) were 1,056 down 4.0% from the same month last year when is was 1,100. The number of sales has trended lower for several years.

For San Mateo County, inventory of single family residences stood at 440 versus 397 or an increase of 10.8% from June 2018. Sales (accepted offers) were 423 compared to 431 for the same month last year, a decrease of 1.9%.

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 101.5% compared to last year's ratio of 107.8%. 53.9% of homes in Santa Clara County that closed escrow in June sold for more than list price compared to 79.5% last year and 72.3% in June 2017. It was 62% in San Mateo County versus 81% last year.

The hottest market in Santa Clara County again belongs to the Cupertino/Sunnyvale market area with a median price of about $1.994 million) at 103.3% which means that the average closed sale has a sale price 3.3% higher than the list price! It also registered a median days on market of 15 which means half the inventory sells in just a bit over two weeks. The coolest is the South County market area (Morgan Hill, San Martin and Gilroy) with a median price of about $0.884 million) with 99.7%.

Days of unsold inventory and another key indicator which is the intersection of supply of available homes compared to the demand, moved up and stands at 46.2 for Santa Clara County and 36 for San Mateo County. Both of these are higher than last year's figures of 33.3 and 32, respectively abd the highest since 2011. The current levels place Santa Clara County in a balanced market condition whereas San Mateo County remains in a seller's market condition since its level is below 40. 

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 $1.115 million) at 110.8% with a 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 99.7% with median days on the market of 18. 

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 775 have done so) or follow me on my Twitter Page.Thank you.

May Silicon Valley Real Estate Market Update

Quick Market Summary:  So the (partial) verdict is in -- the spurt in the market has continued. Similar to the stock market since the end of December (minus the last week or so), median prices in Santa Clara and San Mateo counties have rebounded. April statistical information shows a further increase in prices and is close to the time historically in which a peak occurs near the time of Memorial Day weekend. Last year the peak actually arrived earlier and turned into a significant correction. Sellers that decided to list in the latter part of last year were faced with a sizable price correction to ponder. As stated last month and because of the incredible "double ramp up" of prices in the latter part of 2017 and early 2018, we'll see year over year decreases for a while. 

So for April results, we see that Santa Clara County median prices are 6.6% lower than in April 2018. Similarly, San Mateo County median prices have decreased 9.7% from the same month a year ago. Median prices for Santa Clara County stood at $1,326,000 versus $1,420,000. In the context of looking at the past two years we've seen the median go from $1,160,000 in April 2017 to $1,326,000 or a two-year gain of 14.3%. For San Mateo County the median was $1,626,000 versus $1,800,000 in the same month a year ago.  

Condo and townhouse median price in Santa Clara County reached $874,000 in April compared to $915,000 last year or a decrease of 4.5%.  

A monthly chart of Santa Clara County median prices for single family residences show the tremendous "double ramp up" in late 2017 and early 2018. The second chart shows the same information for San Mateo County. Source: MLSListings.

April Nuts and Bolts: Inventory or the amount of homes available for purchase in Santa Clara County was 1,383 up from 837 or 65.2%. Sales (accepted offers) were 1,180 down 0.3% from the same month last year when is was 1,184.

For San Mateo County, inventory of single family residences stood at 468 versus 377 or an increase of 24.1% from April 2018. Sales (accepted offers) were 436 compared to 454 for the same month last year, a decrease of 4.0%.

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 102.1% compared to last year's ratio of 112.5%, which set a record.

57.4% of homes in Santa Clara County that closed escrow in April sold for more than list price compared to the record 84.5% last year and 75.9% in April 2017. It was 68% in San Mateo County versus 82% last year.

The hottest market in Santa Clara County again belongs to the Cupertino/Sunnyvale market area with a median price of about $2.000 million) at 104.4% which means that the average closed sale has a sale price 4.4% higher than the list price! It also registered a median days on market of 9 which means half the inventory sells in just a bit over one week. The coolest is the South County market area (Morgan Hill, San Martin and Gilroy) with a median price of about $0.910 million) with 99.5%.

Days of unsold inventory and another key indicator which is the intersection of supply of available homes compared to the demand, moved up a bit and stands at 38.6 for Santa Clara County and 38 for San Mateo County. Both of these are higher than last year's figures of 24.7 and 29, respectively. This places both counties squarely in a seller's market condition since the level is below 40. 

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 $1.120 million) at 111.0% with a median days on market of 11. The coolest is the Coast (Half Moon Bay, El Granada, Moss Beach, Montara) market area (median price of about $1.352 million) at 98.4% with median days on the market of 19. 

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 775 have done so) or follow me on my Twitter Page.Thank you.

April Silicon Valley Real Estate Market Update

Quick Market Summary:  So we've witnessed a sort of spurt in the market, much like what has happened in the stock market since the end of last year. With March transactional information handy could we be seeing a pause or retracement? Well, time will tell but March technical indicators point to a flatening market from February. Historically, we tend to ramp up in the early months of the year with a peak near Memorial Day weekend or a bit before. So far it didn't happen in March. We'll keep an eye to see what comes of April technicals. As stated last month and because of the incredible "double ramp up" of prices in the latter part of 2017 and early 2018, we'll see year over year decreases for a while. 

So for March results, we see that Santa Clara County median prices are 11.0% lower than in March 2018. In a twist, San Mateo County median prices have increased 4.8% from the same month a year ago. Median prices for Santa Clara County stood at $1,300,000 versus $1,460,000. In the context of looking at the past two years we've seen the median go from $1,138,000 in March 2017 to $1,300,000 or a two-year gain of 14.2% -- accelerating for now and not too bad. For San Mateo County the median was $1,758,000 versus $1,678,000 in the same month a year ago and showed a two-year increase of 26.0%! 

Condo and townhouse median price in Santa Clara County reached $835,000 in March compared to $900,000 last year or a decrease of 7.2%. However, a look at a two-year window shows that the median price increased 19.1%. 

March Nuts and Bolts: Inventory or the amount of homes available for purchase in Santa Clara County was 1,132 up from 625 or 81.1%. Sales (accepted offers) were 1,081 down 11.9% from the same month last year when is was 1,127.

For San Mateo County, inventory of single family residences stood at 368 versus 308 or an increase of 19.5% from March 2018. Sales (accepted offers) were 437 compared to 384 for the same month last year, an increase of 13.8%. 

Sale price to list price ratio, a key market condition indicator, shows that for Santa Clara County transactions completed during March, this stood at 101.4% compared to last year's ratio of 112.7%.

52.9% of homes in Santa Clara County that closed escrow in March sold for more than list price compared to 83.4% last year and 70.6% in March 2017. It was 54% in San Mateo County versus 82% last year and 76% in March 2017.

The hottest market in Santa Clara County again belongs to the Cupertino/Sunnyvale market area with a median price of about $1.935 million) at 104.0% which means that the average closed sale has a sale price 4.0% higher than the list price! It also registered a median days on market of 10 which means half the inventory sells in just a bit over one week. The coolest is the South County market area (Morgan Hill, San Martin and Gilroy) with a median price of about $0.883 million) with 99.3%.

Days of unsold inventory and another key indicator which is the intersection of supply of available homes compared to the demand, moved up a bit and stands at 36.7 for Santa Clara County and 29 for San Mateo County. Both of these are higher than last year's figures of 17.8 and 28, respectively. This places both counties squarely in a seller's market condition since the level is below 40. San Mateo is in a balanced market condition overall since the level is between 40 and 80. Above 80 represents a buyer's market in most areas. 

The hottest market in San Mateo County last month is the Bay Cities (Belmont, Burlingame, Millbrae, San Carlos, San Mateo) market area (median price of about $1.820 million) at 105.2% with a median days on market of 10. The coolest is the Expensive (Menlo Park, Atherton, Portola Valley, Hillsborough, Woodside) market area (median price of about $3.300 million) at 99.1% with median days on the market of 15. 

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 775 have done so) or follow me on my Twitter Page.Thank you.

March Silicon Valley Real Estate Market Update

Quick Market Summary:  Because of the incredible "double ramp up" of prices in the latter part of 2017 and early 2018, we'll see year over year decreases for a while. So for February results, we see that Santa Clara County median prices are 13.5% lower than in February 2018. Similarly, San Mateo County median prices have dropped 12.6% from the same month a year ago. Median prices for Santa Clara County stood at $1,200,000 versus $1,388,000. In the context of looking at the past two years we've seen the median go from $1,100,000 in February 2017 to $1,200,000 or a two-year gain of 9.1% -- not too bad. For San Mateo County the median was $1,520,000 versus $1,740,000 in the same month a year ago. Inventory has jumped by over 50% 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 -- a little longer time to sell in some areas and a stable mortgage rate environment mean better advantages with less competition or fewer offers on average per listing. Sellers need to be more aggressive in pricing and not think of last spring's price level spike which became the top in the market in March/April. Condo and townhouse median in Santa Clara County reached $825,000 in February compared to $840,000 last year or a decrease of 1.8%.  In this tempered environment 50.4% of homes in Santa Clara County that closed escrow in February sold for more than list price compared to 83.7% last year and 64.7% in February 2017. It was 60% in San Mateo County versus 79% last year.

February Nuts and Bolts: Inventory or the amount of homes available for purchase in Santa Clara County was 969, up from 615 or 57.6%. Sales (accepted offers) were 928 down 1.9% from the same month last year when is was 946.

For San Mateo County, inventory of single family residences stood at 404 versus 264 or an increase of 53% from February 2018. Sales (accepted offers) were 326 compared to 358 for the same month last year, a drop of 8.9%. 

Sale price to list price ratio, a key market condition indicator, shows that for Santa Clara County transactions completed during February, stood at 101.3% compared to last year's ratio of 112.1%.

The hottest market in Santa Clara County belongs to the Cupertino/Sunnyvale market area with a median price of about $1.903 million) at 103.9% which means that the average closed sale has a sale price 3.9% higher than the list price! It also registered a median days on market of 9 which means half the inventory sells in just a bit over one week. The coolest is the South County market area (Morgan Hill, San Martin and Gilroy) with a median price of about $0.830 million) with 99.5%.

Days of unsold inventory and another key indicator which is the intersection of supply of available homes compared to the demand, moved up a bit and stands at 36.5 for Santa Clara County and 43 for San Mateo County. These are substantially higher than last year's figures of 22.8 and 26, respectively. This places Santa Clara County squarely in a seller's market condition since the level is below 40. San Mateo is in a balanced market condition overall since the level is between 40 and 80. Above 80 represents a buyer's market in most areas. 

The hottest market in San Mateo County remains the North (Brisbane, Colma, Daly City, Pacifica, San Bruno, South San Francisco) market area (median price of about $1.050 million) at 108.6% 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 $1.363 million) at 97.4% with median days on the market of 14. 

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 775 have done so) or follow me on my Twitter Page.Thank you.