Santa Clara County (SCC): Home Prices Set New Highs in March
The median sales price for single-family, re-sale homes was up 12.6% compared to last year. The median sales price was $2,151,000.
The average sales price for single-family, re-sale homes was up 12.7% year-over-year. The average sales price was $2,606,710.
Sales of single-family, re-sale homes were up 2.2%, year-over-year. There were 600 homes sold in Santa Clara County last month. The monthly average since 2000 is 987.
The sales price to list price ratio fell from 109.5% to 108.5%.
Pending sales were up 1.7% year-over-year. There are 641 homes in escrow.
Inventory of single-family, re-sale homes was up 77% compared to last year. As of April 5th, there were 779 homes for sale in Santa Clara County. The average since January 2000 is 2,703.
Days of Inventory, or how long it would take to sell all homes listed for sale at the current rate of sales, fell from 41 days to 39 days. The average since 2003 is 89.
It took thirteen days to sell a home last month. That is the time from when a home is listed for sale to when it goes into contract.
The median sales price for condos was up 13.4% compared to last March. The median sales price was $1,100,000. The average sales price gained 6.5% year-over-year. The average sales price was $1,131,720.
Condo sales were up 22.4%. There were 300 condos sold in March.
The sales price to list price ratio fell from 104.6% to 103.5%.
Pending sales were down 7.5% year-over-year. There are 295 condos in escrow.
Condo inventory was up 138.1% compared to last March.
As of April 5th, there were 581 condos for sale in Santa Clara County. The average since January 2000 is 757.
Days of inventory rose from fifty-five to fifty-eight.
It took an average of twenty-one days to sell a condo last month.
If you are planning on selling your property, call me for a free comparative market analysis.
March 2025 Sales Statistics (SCC)
* Total inventory is active listings plus pending listings. Active listings do not include 
pending.
More information is available in our on-line report at http://avi.rereport.com/market_reports
Future Un-Confidence (SCC & SMC)
March 28, 2025 — It’s hard to find a word to describe a feeling where things seem pretty okay at the moment — not great, but okay — but where the outlook is murky at best. “Apprehensive” works, but it doesn’t feel quite right; “foreboding” feels too dark, and “uncertainty”, well, the future is always uncertain. So “unconfidence” it is, an awkward word but one that seems to befit what feels like an awkward, unsettled time.
Among other places, we see this reflected in surveys of consumer moods. The March update on Consumer Confidence from the Conference Board slumped, as the headline value fell by 7.2 points to 92.9, its lowest point since January 2021. However, the underlying components reveal unevenness between assessments of the present and the future; the “present conditions” component edged lower by just 3.6 points to 134.5, about a six-month low. However, the expectations component dropped 9.6 points to just 65.2, the lowest it has been in 12 years. Inflation concerns continue to press higher, and the 6.2% increase expected in prices over the next year returned to about a two-year high, while plans for buying high-ticket items remained low.
It’s the start of the spring housing season, and too early as yet to know how it will all turn out. There is at least some reason to think that some homeowners have become accustomed (resigned?) to mortgage rates in the mid-to-upper sixes and so have decided to move into the market, and also some signs that somewhat more folks are putting their homes up for sale, too. To that end, we see that despite increasing builder blues of late, sales of new homes managed to increase by 1.8% in February, rising to a 676,000 annual pace. While not much to get excited about, new home sales have been running roughly at pre-pandemic levels for a while, most likely due to solid availability and prices very competitive against the existing home market. In February, there were 9 months of supply of new homes available at the present rate of sale, some 500,000 units of supply, the most since November 2007. The median price of a new home sold last month was $414,500, down from $427,400 in January and about 1.4% lower than a year ago (not to mention about 10% below October 2022’s all-time peak). Contrast this against what’s happened with prices in the existing home market, which seem on pace for a new record high again this year.
Existing home sales should see a bump in the next month or two, if the 2% increase in the National Association of Realtors Pending Home Sales figure for February proves out. A couple of monthly declines in this measure of signed contracts that bridged the end of 2024 and early 2025 provided scant indication that a 4.2% increase in sales would come in February, but it did. As such, we’ll have to wait to see if this early indicator of an increase home sales bears out come March or April.
As far as mortgage rates go, the influential yields that dictate mortgage pricing were generally climbing all week, but reversed course on Friday as stock markets sold off and investors shifted funds to relative safety. That one-day (so far) rally probably isn’t sufficient to keep mortgage rates from rising modestly next week, when we expect to see a three or four basis point increase in the average offered rate for a conforming 30-year fixed-rate mortgage as reported by Freddie Mac. Since it’s the future, this outlook is also tempered by a bit of Un-Confidence.
Call or email me if you have any questions.
For further details and a city-by-city breakdown statistics, go to http://avi.rereport.com/market_reports.
Real estate related Articles
| SJM 2-6-2025 | Santa Clara’s newest neighborhood — the Clara District — is coming to life with 2,000 new homes opening this year |
| SJM 12-10-2024 | California’s home insurance crisis: Which Bay Area neighborhoods have lost the most coverage By Jovi Dai |
| Tribune News Service 12-06-2024 | US cities cut red tape to turn unused office buildings into housing By Tribune News Service |
| REDFINE News 12-04-2024 | By Daryl Fairweather and Chen Zhao |
California homeowners interested in building accessory dwelling units on their property just caught a break, potentially shaving off thousands of dollars in fees and permits.
In a move proponents say will help ease the Bay Area’s housing crisis, Gov. Jerry Brown on Tuesday signed Senate Bill 1069, making the so-called “granny units” easier and less expensive to build throughout the state.
For more read California eases restrictions on ‘granny units’ and http://www.hcd.ca.gov/policy-research/AccessoryDwellingUnits.shtml
Helpful resource for home owners
Many new home owners or owners who consider remodeling or rebuilding their homes should take advantage of their county Tax Assessor web site. These web site and their respective city building departments web site typically have vest information regarding the process for applying for permits, the impact on their taxes and many other resources that home owners should be aware are available for them.
For the San Mateo County Tax Assessor office visit http://www.smcare.org/default.asp
For Santa Clara County Tax Assessor visit https://www.sccassessor.org/index.php
The Silicon Valley 150 Index Corner
The Silicon Valley’s Real estate market is a derivative of the local economy–it prospers and withers depending on how well the local innovation-based sector performs. The San Jose Mercury News tracks the performances of the largest 150 publicly traded companies headquartered in Silicon Valley through an index called the SV150, which may be found at www.mercurynews.com. Stocks are valued based on several criteria, but one of the more important criteria is a company’s future earnings. Therefore, I see the SV150 as a leading indicator for Silicon Valley’s real estate market.
Investors Corner
S&P CoreLogic Case-Shiller Index Records 4.1% Annual Gain in January 2025
NEW YORK,MARCH 25, 2025:S&P Dow Jones Indices (S&P DJI) today released the January 2025
results for the S&P CoreLogic Case-Shiller Indices. The leading measure of U.S. home prices recorded
a 4.1% annual gain in January 2025, a slight increase from the previous reading in December 2024.
More than 27 years of history are available for the data series and can be accessed in full by going to CLICK HERE
U.S. Housing Markets Moving Into Rent Territory for First Time in Over 8 Years: Report
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San Mateo County (SMC): Home Prices & Sales Up in March
Sales of single-family, re-sale homes in San Mateo County rose 4.3% in March, year-over-year. There were 218 homes sold in San Mateo County last month. The average since 2000 is 398.
The median sales price for single-family, re-sale homes was $2,215,000. It was up 2.7% compared to last year.
The average sales price rose 8.2% year-over-year.
The sales price to list price ratio rose from 106.9% to 108.1%.
Inventory of single-family, re-sale homes was up 37.8% compared to last year. As of April 5th, there were 343 homes for sale in San Mateo County. The average since January 2000 is 1,287.
Days of Inventory, or the amount of time it would take to sell all homes for sale divided by how many homes have sold, stayed at forty-seven days.
It took eighteen days, on average, to sell a home last month. That is the time from when a home is listed to when it goes into contract.
The median sales price for re-sale condos fell 4.1% year-over-year.
Year-over-year, the average sales price fell 0.4%.
Condo sales were up 21.3% year-over-year. There were 91 condos sold last month. The average since January 2003 is 122.
Inventory was up 48.6% year-over-year.
As of April 5th, there were 220 condos for sale in San Mateo County. The average since January 2003 is 350.
Days of inventory fell from one hundred & three to seventy-three.
It took an average of thirty-three days to sell a condo last month.
If you are planning on selling your property, call me for a free comparative market analysis.
March 2025 Sales Statistics (SMC)
* Total inventory is active listings plus pending listings. Active listings do not include pending.
You can get more information at: http://avi.rereport.com/market_reports
Call or email me if you have any questions.
For further details and a city-by-city breakdown statistics, go to http://avi.rereport.com/market_reports.