Real Estate Market Update Santa Clara San Mateo Counties

Real Estate Market Update Santa Clara San Mateo Counties

Santa Clara County is well on its way to a full housing recovery. Residential construction is booming and buyer incomes continue to rise at a much quicker pace than the rest of the state. However, annual home sales volume has remained level since 2010, marking the end of the housing tax credit stimulus.

Santa Clara’s success is due to its successful jobs market, particularly in the Silicon Valley area. However, the region’s high cost of living, reflected in steeply rising home prices, is a heavy drag on demand, reducing home sales volume and turnover rates.

The median home value in Santa Clara County is $877,200. Santa Clara County home values have gone up 12.1% over the past year and James Morris predicts they will rise 5.1% within the next year.

 Sales of single-family, re-sale homes rose for the third month in a row in April, month-over-month. Home sales in the county still lag from the year before.

Active listings continue to be anemic, down by double-digits for the tenth month in a row. Pending sales were down double-digits for the eighth month straight.

The median and average prices for homes hit all-time high last month, as did our three-month moving averages.

The sales price to list price ratio reached its highest level since we’ve been keeping track: January 2003.

Days on Market was at 22 last month.

All these statistics point to incredible demand.

The economy in Silicon Valley continues to power the market, along with demand from China.

The median home value in San Mateo is $970,900. San Mateo home values have gone up 13.6% over the past year and James Morris predicts they will rise 6.8% within the next year.

Real Estate Market Update Santa Clara San Mateo Counties