The Silicon Valley housing market continues its long rebound, with May seeing year-over-year increases in sales and median prices for both homes and condos in Santa Clara County. But you’ll need to act fast to have a chance at one of these properties because they’re spending less and less time on the block!
According to a recently released report by Henley & Partners on the world’s wealthiest cities, the Bay Area boasts more billionaires than any metropolitan area in the world. And we’re number two in millionaires. Check out the report to get all the numbers.
Did you know? The Department of Water Resources recently conducted their April snow survey using data from 130 stations placed throughout the state. The survey found statewide snowpack has a snow water equivalent of 28.6 inches, or 110% of average for this time of year — up from just 28% of average on January 1st. Get more numbers from DWR.
Rather than median sales price, the S&P CoreLogic Case-Shiller Index uses a special mathematical formula based on the past few months of sales data to plot the course of home appreciation over time. As you can see from this graph, prices in the Bay Area have outpaced national trends since we emerged from the Great Recession.
After a cool and frosty winter, the market is experiencing a boom in early 2024. As of February, approximately 56% of home sales were made in less than a month, with a median of 38 days on market. Additionally, 20% sold over list price, 21% were purchased as investments or second homes, 26% were bought by first-time homebuyers, and 33% were all-cash purchases — the highest monthly share of sales in almost 10 years.
