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.
When it comes to buyer demand, it’s important to take the long view. Have a closer look at the short and long term trends, and suddenly going to market may not seem like a bad idea…
Nearly 70% of home listings in the San José metro area went above asking price in August 2021, Just one year later, that number fell to 38% for the same month, and year-over-year price-cut percentages doubled to 25%. The Chronicle has more about how rising mortgage rates are impacting the local market.
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