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.
After peaking around 7.8% in October 2023, weekly average rates on 30-year fixed mortgages were just under 6.9% in the first week of March 2024. Any other time, we’d be singing from the rooftops, but we’re nowhere near the historic lows we saw just a few years ago. Still, any relief is good news.
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?
Take a sneak peek at this end unit townhome with an uncommonly spacious backyard close to the diverse and dynamic culture of Downtown Mountain View. It’s the perfect combination of private getaway and centralized location, surrounded by great school districts and major tech companies, some of which are within walking — or bicycling — distance, including Google, Samsung, LinkedIn, Symantec, and NASA.
With the Stevens Creek Trail and Shoreline Lake and Golf Links nearby, there’s plenty of opportunity to connect with nature and stay fit. And Shoreline Amphitheatre is always a destination for the best live music. Relax in the clubhouse, take a lap in the pool, or lay out and enjoy the backyard paradise we created for our clients. We’re really happy with how the home turned out after new painting, clearing, light fixtures, and planting, and we hope you’ll like it, too!
Contact us for a before market showing.
It was another tale of two markets during November in San Francisco. Home sales and median prices were up year-over-year, and properties spent less time on the market. On the flip side, condo sales and prices experienced a dip from 2022, and properties took longer to sell.
