The latest numbers are in, and while house inventory was down in November from one year ago, properties are spending less time on the market and selling 21% higher than 2020. Meanwhile, there are a few more condos out there than the same time last year, but the median price is still up 17%.
The Bureau of Labor Statistics reported Friday that consumer price inflation (CPI) rose 6.8% over a 12-month period ending in November and reached its highest level since June 1982. This shouldn’t surprise anyone who’s been out shopping for the holidays, with prices soaring and supply chain shortages creating inventory backlogs. CNN has more.
Silicon Valley buyers are continuing to pay well over asking price, especially in cities like Cupertino, Los Altos Hills, and Sunnyvale. Prices are still on the rise month-over-month, with the highest sales in Atherton ($24.5M), Los Altos Hills ($10.1M), and Menlo Park ($9M), but properties are staying on the market slightly longer. Compared to 2020, homes in nearly every city are selling higher and faster.
In case you missed it, real estate inventory is in short supply, particularly in the Bay Area. That means fewer sellers selling, more buyers bidding, higher offers mounting, and... a partridge in a pear tree?
Looking at this chart, you’ll see that Santa Clara County has 53% less active listings than one year ago — and that was at the height of the pandemic! It’s not much better in San Mateo County, where there are 47% less active listings year over year.
You can probably feel it in the warm pre-summer breeze, but the housing market continues to heat up around the Bay Area, and particularly in San Mateo County. Sales volume and median prices are well above the pandemic market of a year ago, and properties are on the market two days less on average!
