Single family home sales in both Santa Clara and San Mateo Counties dipped a bit month-over-month in July. But inventory, days on the market, and median sales prices are still much stronger than one year ago.
In case you missed it: Last week, the U.S. Census Bureau released detailed results from its 2020 survey, and there were some interesting insights from the numbers. The total U.S. population stands at 331 million, with cities getting denser and rural areas becoming less and less populated.
More Americans identify as multiracial; the Black population grew over 5%; Asian and Hispanic communities grew by 35% and 23%, respectively; and the total white population shrank for the first time in the history of the Census.
But concerns persist that racial and ethnic populations were undercounted, primarily due to immigrants fearful of filling out the form despite the removal of the citizenship question. Nevertheless, America is more diverse than ever before, and that’s a reason to celebrate! Learn more from the AP.
Last week, we took a look at rising year-over-year numbers for the house and condo markets in San Mateo County, and we’re seeing the same in Santa Clara County. Sales and median prices have increased significantly since this time in 2020.
The difference between the counties comes down to the time condos are spending on the market, with Santa Clara showing a decline over the past year. This makes for an even tighter market in the South Bay.
Like it’s been for months now, the market stayed hot in June, especially in San Mateo County, where home sales are up and the median price is 25% higher than one year ago at the height of the pandemic.
Meanwhile, condo sales volume and prices are up, but properties are staying on the market longer than they were last year. This could be a byproduct of buyers seeking more space for working from home in the new normal.
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:
