October was a month of polar opposites for home and condo sales in San Mateo County. While home sales bumped up 1% from one year ago, sales prices increased 8%, and homes are spending less time on the market.
Meanwhile, condo sales dropped 14% from 2022, prices fell 8% YOY, and properties are sitting on the market for two weeks longer than last year at this time.
Last week, we shared a snapshot of sellers on the market in 2023 from the California Association of Realtors. Now it’s time to take a look at buyers braving the waters.
Contrary to what you might guess, it’s the Millennial Generation in the driver's seat on the buyer bandwagon, with nearly half the buyers coming from that age bracket. All told, it’s also an experienced cohort. Buyers have a median age of 45, nearly two in three are married, and 64% are repeat buyers.
See the infographic below for more numbers.
This recent snapshot shows that Baby Boomers are driving home sales in 2023, as they approach their golden years and look to downsize or seek a change of scenery. More than half of sellers are married, nearly half of them plan to buy a new home after they sell, and fully two-thirds are white.
Learn more in this infographic from the California Association of Realtors.
As Pearl noted in this week’s Chic vs. Geek, inventory is down throughout Silicon Valley, as indicated by a 27% year-over-year dip in home sales in September for Santa Clara County, and a staggering 37% drop in condo sales. Consequently, median prices are up from this time last year, and homes and condos are spending 35% less time on the market.
Despite a huge spike in mortgage interest rates buyers are still actively shopping for their next homes. And even though inventory remains sparse, current rates are pressuring some sellers to lower their prices to make their homes more affordable. Recent national data found that 5.9% of homes for sale in August experienced price cuts, and September saw even more sellers (6.5%) posting reduced prices.
