Our housing market — and the greater economy — remain in a period of adjustment, making buyers and sellers more cautious as they wait to see how the dust will settle. One key indicator of this adjustment is the percentage of homes selling below their list price, which you can track in the chart below.
It was more of the same on the San Mateo County real estate market in October. Sales continue to dip year over year – down 39% for houses and nearly 50% for condos – and homes are spending much more time on the market than they were at the same time in 2021. Interestingly, median condo sales prices are up 12% from last year, but houses are selling for 5% less.
As we move into late autumn, we’re still seeing steep increases in home and condo inventory and the number of days properties are spending on the market across all price ranges in Santa Clara County. The numbers remain well below industry averages during normal times, but these are not normal times!
The latest numbers are in for September, and recent trends are holding steady. Inventory is down for both houses and condos in Santa Clara County, but properties are spending longer on the market. Meanwhile, median sales prices continue to be up year-over-year, which means sellers who are willing to be patient can still expect a good offer.
You may have heard that high interest rates and inflation are cooling the Bay Area housing market, but it’s not just happening here. We’ve been experiencing inventory dips and price increases since the second quarter of 2022.
