Santa Clara County (SCC): How Much is Your Home Worth?
Home estimate sites are a dime a dozen. The problem with all internet home estimate sites is they are limited by the quality of their algorithm and the data used.
Most of them use county sales records, while some of them add in Multiple Listing data. If you’re in a non-disclosure state, well, you are out of luck.
The major problem with all automated home estimate sites is they are limited to the data on hand. Typically, that includes only square footage, number of beds and baths, recent sales prices and assessor tax values.
What is not included are location nuances such as is the property on a quiet street or next to a main thoroughfare. Did the owners remove that cheap carpeting and replace it with hardwood floors? Were the appliances replaced with high-end hardware? Granite countertops or tile?
The list goes on.
There are three ways to get an accurate estimate of your homes worth.
Hire an appraiser. That costs money and they will be conservative.
Have a local REALTOR® come by to look at your property. A local REALTOR® will be familiar with your community, what’s sold, the condition of the property, what’s for sale and how desirable the property and community are in today’s market.
The third way is to do it yourself. You’ve probably lived in the neighborhood for years and visited with your neighbors so you know what has been done to the homes. Plus, with our Recent Sales & Listings module, available on our on-line Market Trends Report, you can keep track of the activity going on in your neighborhood.
You can access that tool at:
Remember, in the final analysis, your home is worth what you and a ready, willing and able buyer decide it’s worth.
REALTOR® Magazine has an article about home valuation sites and lists six of the most popular. http://tinyurl.com/h6r65ou
You can get a more information at: http://avi.rereport.com/market_reports
July Statistics – Home Prices Reach New Highs, Again (SCC)
Single-Family Homes
Year-Over-Year
- Median home prices increased by 8.8% year-over-year to $1,050,000 from $965,000.
- The average home sales price rose by 4.6% year-over-year to $1,278,010 from $1,221,620.
- Home sales fell by 20.8% year-over-year to 887 from 1,120.
- Total inventory* fell 9.6% year-over-year to 2,249 from 2,488.
- Sales price vs. list price ratio fell by 3% year-over-year to 102.2% from 105.3%.
- The average days on market rose by 9.6% year-over-year to 24 from 22.
Compared To Last Month
- Median home prices slipped by 0.0% to $1,050,000 from $1,050,000.
- The average home sales price fell by 3.9% to $1,278,010 from $1,330,430.
- Home sales down by 15.1% to 887 from 1,045.
- Total inventory* increased 3.0% to 2,249 from 2,184.
- Sales price vs. list price ratio dropped by 1.3% to 102.2% from 103.5%.
- The average days on market increased by 11.2% to 24 from 21.
Condominiums
Year-Over-Year
- Median condo prices increased by 0.8% year-over-year to $640,000 from $635,000.
- The average condo sales price rose by 4.4% year-over-year to $721,980 from $691,446.
- Condo sales fell by 20% year-over-year to 359 from 449.
- Total inventory* rose 2.2% year-over-year to 778 from 761.
- Sales price vs. list price ratio fell by 3.1% year-over-year to 103.2% from 106.6%.
- The average days on market rose by 27.6% year-over-year to 22 from 17.
Compared To Last Month
- Median condo prices slipped by 5.2% to $640,000 from $675,000.
- The average condo sales price fell by 2.8% to $721,980 from $742,563.
- Condo sales down by 9.8% to 359 from 398.
- Total inventory* increased 10.2% to 778 from 706.
- Sales price vs. list price ratio dropped by 1.1% to 103.2% from 104.3%.
- The average days on market increased by 27.7% to 22 from 17.
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
DSnews
June 7th
| DSnews June 7th | Buffett: There is No Housing Bubble |
| The Wall Street Journal By By Eliot Brown June 7th | Neighbors Clash in Silicon Valley |
| San Jose Mercury By Richard Scheinin | Sunnyvale’s Raynor Park: one more island of affordability, gone |
| July 7th Avi Urban | How to reduce your home loan interest payments. Read more |
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 knowledge-based sector performs. The San Jose Mercury News tracks the largest 150 publicly traded companies headquartered in Silicon Valley via an index called the SV150, which you can lookup at www.mercurynews.com. Stocks are valued based on many criteria, but the most important criterion is a company’s future earnings. Therefore, I view the SV150 as a leading indicator for the Silicon Valley’s real estate market. This month’s annual index chart can be viewed below:
Investors Corner
HOME PRICES INCREASES EASE IN MAY
ACCORDING TO THE S&P/CASE-SHILLER HOME PRICE INDICES
NEW YORK, July 26, 2016 – S&P Dow Jones Indices today released the latest results for the S&P CoreLogic Case-Shiller Indices, the leading measure of U.S. home prices. Data released today for May 2016 shows that home prices continued their rise across the country over the last 12 months. More than 27 years of history for these data series is available, and can be accessed in full by going to https://goo.gl/FxIPqB
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San Mateo County (SMC): How Much is Your Home Worth?
Home estimate sites are a dime a dozen. The problem with all internet home estimate sites is they are limited by the quality of their algorithm and the data used.
Most of them use county sales records, while some of them add in Multiple Listing data. If you’re in a non-disclosure state, well, you are out of luck.
The major problem with all automated home estimate sites is they are limited to the data on hand. Typically, that includes only square footage, number of beds and baths, recent sales prices and assessor tax values.
What is not included are location nuances such as is the property on a quiet street or next to a main thoroughfare. Did the owners remove that cheap carpeting and replace it with hardwood floors? Were the appliances replaced with high-end hardware? Granite countertops or tile?
The list goes on.
There are three ways to get an accurate estimate of your homes worth.
Hire an appraiser. That costs money and they will be conservative.
Have a local REALTOR® come by to look at your property. A local REALTOR® will be familiar with your community, what’s sold, the condition of the property, what’s for sale and how desirable the property and community are in today’s market.
The third way is to do it yourself. You’ve probably lived in the neighborhood for years and visited with your neighbors so you know what has been done to the homes. Plus, with our Recent Sales & Listings module, available on our on-line Market Trends Report, you can keep track of the activity going on in your neighborhood.
You can access that tool at:
Remember, in the final analysis, your home is worth what you and a ready, willing and able buyer decide it’s worth.
REALTOR® Magazine has an article about home valuation sites and lists six of the most popular. http://tinyurl.com/h6r65ou
You can get more information at: http://avi.rereport.com/market_reports
July Sales Statistics – Home Prices Reach New Highs, Again (SMC)
Single-Family Homes
Year-Over-Year
- Median home prices increased by 3.5% year-over-year to $1,345,000 from $1,300,000.
- The average home sales price dropped by 3.6% year-over-year to $1,567,560 from $1,626,280.
- Home sales fell by 18.7% year-over-year to 365 from 449.
- Total inventory* rose 9.1% year-over-year to 920 from 843.
- Sales price vs. list price ratio fell by 3.3% year-over-year to 106.0% from 109.6%.
- The average days on market rose by 9.9% year-over-year to 21 from 20.
Month-Over-Month
- Median home prices improved by 1.5% to $1,345,000 from $1,325,000.
- The average home sales price fell by 5% to $1,567,560 from $1,649,950.
- Home sales down by 12.7% to 365 from 418.
- Total inventory* increased 5.1% to 920 from 875.
- Sales price vs. list price ratio dropped by 0.1% to 106.0% from 106.1%.
- The average days on market increased by 6.5% to 21 from 20.
Condominiums
Year-Over-Year
- Median condo prices increased by 12.8% year-over-year to $800,000 from $709,000.
- The average condo sales price rose by 8.1% year-over-year to $822,815 from $760,861.
- Condo sales fell by 11.7% year-over-year to 113 from 128.
- Total inventory* rose 22.4% year-over-year to 224 from 183.
- Sales price vs. list price ratio fell by 0.6% year-over-year to 106.2% from 106.9%.
- The average days on market rose by 6.0% year-over-year to 18 from 17.
Month-Over-Month
- Median condo prices improved by 4.4% to $800,000 from $766,000.
- The average condo sales price fell by 2.3% to $822,815 from $842,584.
- Condo sales down by 5.8% to 113 from 120.
- Total inventory* increased 8.2% to 224 from 207.
- Sales price vs. list price ratio increased by 0.2% to 106.2% from 105.9%.
- The average days on market dropped by 18.4% to 18 from 22.
* Total inventory is active listings plus contingent or pending listings. Active listings do not include contingent listings.
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.
