It’s the same story we’ve been seeing for a while in the Santa Clara County market, where sold houses in April were down 21% over last year, available houses are spending 33% less time on the market, and average sales prices are up a whopping 21% from ‘21!
Meanwhile, condos are spending less than half the time on the market that they did a year ago, but average sales prices are up just 10% year over year.
According to a new report from Redfin, average monthly mortgage payments are up 39% over just one year ago — a record spike — while interest rates are at their highest mark in more than a decade. But while median sales and asking prices are still rising, home searches, touring activity, and mortgage applications are all in decline, indicating a slowing market as buyers take pause. Get more numbers from Forbes.
First-time homebuyers in San Mateo County finally found a silver lining in March, as condo sales actually outpaced activity from the same month one year ago by 9%, while median sales prices only inched up 5%.
Unfortunately, it’s still a hot and fast market, with properties barely having time to marinade before the bidding wars begin. And if you’re looking for a detached house, be ready to spend at least $2M to get into the game.
The Santa Clara County market continues to heat up. House inventory in February was down 17% from one year ago. Consequently, properties are staying on the market half as long and selling at 23% higher rates. The window of opportunity is open slightly wider for condos, but not by much.
Long story short: If you’re considering putting a property on the market, it’s go time!
While interest rates on 30-year fixed loans are a fraction of what they were 30 years ago, a recent spike has average rates up 50% since December and nearly double the all-time low of January 2021.
This could be explained as a reaction to inflation, but it’s hard to ignore the trends…
