Geek's Number Talk: Slim Pickin's
/Did we mention inventory is a little lean? Okay, it’s a lot lean. And that’s driving prices higher and triggering a lot of bidding wars. Here’s a look at where things stand in Santa Clara County:
Geek's Number Talk: Market Opening Up
/Open house activity can provide a glimpse at what the real estate market will look like weeks and months into the future. A recent spike in open houses after a slow Spring coupled with increased consumer confidence in the wake of record-low 30-year mortgage interest rates means we can expect an uptick in demand throughout the summer months.
If you’re interested in how the market is moving in your neighborhood, don’t hesitate to reach out. We’d love to talk with you about it!
Market Update: Pending home sales on the rise!
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According to the National Association of REALTORS®, pending home sales increased 8% in May over April and are up 13.1% from just one year ago. And a Pending Home Sales Index of 114.7 was the highest reading for May since 2005! NAR’s newsroom has all the details.
Geek's Number Talk: Where are all the people going?
/You may have heard that the Bay Area is experiencing a population decline for the first time in what seems like decades of consistent growth. According to early Census data, our regional population shrunk by 0.6% in 2020, and we’re down 0.8% from the peak of just two years ago.
As you can see, the biggest dip was right here in Santa Clara County, which dropped more than 15,000 residents last year alone. It’s no secret that the rising costs of housing are driving a population shift out of the Bay Area. But it’s yet to be seen how long this trend will hold.
Geek's Number Talk: Flood Money
/The average cost of flood insurance in California is $779 per year through the National Flood Insurance Program. But, as you can see from this chart, average premiums can vary significantly by region — and more than 100% among some of the 10 largest cities in the state!
