The market continues to be very tight in Santa Clara County, with home sales down 14% from last year, and condo sales 20% below June 2022. Meanwhile, properties are spending more time on the market as buyers weigh interest rates and inventory against their desire to find their dream home. As a result, home prices have dipped slightly, and condo prices have seen a small spike while buyers wait out the shifting market.
The market continues to wake up on the cool side of the pillow, with inventory and median sales prices down year over year. Of course, the holidays are typically a slow period, and with the global economy still in recovery mode, we’ll see what the new year has in store.
As expected, Santa Clara County home sales were down in July, dipping nearly 50% under last year. Meanwhile, prices remain high, though with little change year over year. One thing to watch is the time properties spend on the market, which is stretching out and providing more opportunity for negotiation.
Continuing a trend we’ve been seeing since ringing in the new year, Santa Clara County house and condo sales volume was down in May compared to one year ago. This led to a jump in the median sales price and a dip in average days a property is spending on the market. We’ll see if this seller’s market keeps up in June, or if higher interest rates lead to a sales pause.
As urban dwellers, we’ve learned to love and appreciate parks, trails, and opportunities to get outside and enjoy nature. That’s why we’re constantly looking for ways to protect open spaces while still finding ways to build adequate housing for our growing population. And in some cases, it’s a costly endeavor that has a direct impact on housing costs.
As you can see from this chart, while a county like San Francisco only preserves about 5,900 acres of open space, that represents almost 20% of their available land, exponentially increasing the price of the remaining real estate. On the flip side, Sonoma County preserves a whopping 171K acres of open space, but that’s just 17% of its abundant available land.
