The numbers are in from August, and sales of single family homes continue to be on the rise in both Santa Clara and San Mateo Counties, the heart of Silicon Valley. And from the Good News for Buyers department, prices have leveled off and even come down in some areas year over year. You can also expect to have a little more time to poke around as properties spend more days on the market.
The Silicon Valley housing market continues its long rebound, with May seeing year-over-year increases in sales and median prices for both homes and condos in Santa Clara County. But you’ll need to act fast to have a chance at one of these properties because they’re spending less and less time on the block!
After a cool and frosty winter, the market is experiencing a boom in early 2024. As of February, approximately 56% of home sales were made in less than a month, with a median of 38 days on market. Additionally, 20% sold over list price, 21% were purchased as investments or second homes, 26% were bought by first-time homebuyers, and 33% were all-cash purchases — the highest monthly share of sales in almost 10 years.
Even in pandemic times, Spring has typically been a time for peaks in luxury home sales, which leads to spikes in median sales prices. As we spring into March, are we on the verge of another bump?
We have a new listing coming soon in Mountain View. It’s a work-in-progress as we spruce up the home and create a more welcoming vibe. And we want to take this opportunity to show appreciation for the people who are making this happen behind the scenes, like painters, who also get their hands dirty with cleaning, sanding, and other prep work.
