Santa Clara County (SCC): Sales Prices Continue to Fall, Sales Continue to Rise
The median sales price for single-family, re-sale homes in November was flat after being down for the past nine months in a row and eleven of the past thirteen months, year-over-year. It was up 2.2% from October.
The average sales price was down last month for the twelfth time in the past thirteen months, year-over-year. It fell 3.1%. It was down 2.3% compared to October.
The sales price to list price ratio rose to 100.2% from 100%.
Home sales dropped 10.3% from October, but, they were up 1.5%, year-over-year. There were 730 homes sold in Santa Clara County last month. The average since 2000 is 987. Year-to-date, home sales are down 4.8%.
Inventory was down for the third month in a row, after being higher than the year before fifteen months in a row. It dropped 31.5% last month.
As of December 5th, there were 753 homes for sale in Santa Clara County. The average since January 2000 is 2,778.
Days of Inventory, or how long it would take to sell all homes listed for sale at the current rate of sales, fell 13 days to 30 days compared to October. The average since 2003 is 89.
It is taking thirty-three days to sell a home. That is the time from when a home is listed for sale to when it goes into contract.
The median sales price for condos fell 2.8% from October, and, it was down 6.8% from last November.
The average sales price fell 0.1% from October, and, it was down 4.2% from last November.
The sales price to list price ratio rose to 100.4% from 100%.
Condo sales were up 9.5% year-over-year. Year-to-date, condo sales are down 5.8%.
Condo inventory dropped 19.7% from last November.
As of December 5th, there were 367 condos for sale in Santa Clara County. The average since January 2000 is 757.
Days of inventory fell to thirty-four from forty-four.
It took an average of thirty-eight days to sell a condo last month.
If you are planning on selling your property, call me for a free comparative market analysis.
November 2019 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
Mixed Data, Flat Rates (SCC & SMC)
Nov. 27, 2019 — Low mortgage rates this year have helped revive what was a slowing housing market, especially once they cracked the 4% level back in the early summer. We learned this week that sales of new homes came in at 733,000 for October, a pretty solid figure if one 0.7% below September’s 2019 upwardly-revised (+32K) peak of 738,000. July’s total was also increased by 41K to 706,000 (annualized) homes sold, so the news here is quite positive. With inventories of existing homes for sale still drum-tight, more new stock needs to be built to help provide at least some outlet for the considerable unmet demand for houses. At the present rate of sales, there are about 5.3 months of available stock for prospective buyers to consider, a figure a little below optimal levels. That equates to 322,000 units built and ready for sale, a figure that increased by 1,000 units from September’s level and the first such increase since January. We learned last week that builders are adding new stock more quickly of late, with construction of new homes rising 3.8% for the month, so it may be that a faster pace of overall home sales will start to be seen as we wend our way into 2020.
Applications for new mortgages continue to wax and wane with interest rates. This week was a bit of wax, as overall applications rising by 1.5% in the week ending November 23. Applications for refinancing kicked higher by 4.2% while those for purchase-money mortgages dipped by 1.2%. For folks that may be interested, the new conforming loan limits for 2020 were announced this week and the 5.38% increase put the standard single-family limit at a whopping $510,400 — and up to $765,500 in so-called “high-cost” areas. Twenty years ago, at the cusp of Y2K, the limit was just $252,700 — about what the median price of an existing home is today ($280,200 in October). Even that 20-year old amount would have been enough loan to cover today’s purchase with a 10% down payment (a $252,180 loan amount).
Mortgage rates have been wobbling around in a fairly narrow range for weeks, and there is little reason to expect that pattern to be broken next week. Looking into next week, things look pretty flat, so we probably don’t see any more move in the average 30-year FRM rate reported by Freddie Mac next week than we did in this one, so expect perhaps a two basis point or so move in your choice of direction.
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
The San Jose Mercury November 3, 2019 | Who Owns Silicon Valley? By Leonardo Castañeda |
The San Jose Mercury November 4, 2019 | High-Tech companies put their money where they want to continue expanding |
WSJ November 4, 2019 | Staying longer at your home makes a lot of sense particularly in high appreciating areas By Laura Kusistol |
The San Jose Mercury September 3, 2019 | Rent cap may have limited impact By Louis Hansen |
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 Corne
LAS VEGAS DROPS OUT OF TOP THREE CITIES IN ANNUAL GAINS ACCORDING TO S&P CORELOGIC CASE-SHILLER INDEX
NEW YORK, OCTOBER 29, 2019 – 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 August 2019 shows that the rate of home price increases across the U.S. continues to slow… Read more
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 Mixed, Sales & Inventory Down
The median price for single-family, re-sale homes rose both from the month before and year-over-year. The average price, on the other hand, was down for both time periods.
Average price falling while median price rising is, usually, an indicator of falling demand or resistance to prices in the high-end of the market.
The median price was up 1.4% from October and up 5.5% compared to last November.
The average price fell 1.8% from October and was down 1.4% compared to last November.
The sales price to list price ratio dropped from 103.8% to 103%.
Home sales dropped 17.2% from October, and, they were down 3.1%, year-over-year. There were 314 homes sold in San Mateo County last month. The average since 2003 is 398. Year-to-date, home sales are down 2.9%.
Inventory was down for the fourth month in a row, dropping 20.2% compared to last year.
Days of Inventory, or the amount of time it would take to sell all homes for sale divided by how many homes have sold, fell nine days to thirty-four days.
As of December 5th, there were 372 homes for sale in San Mateo County. The average since January 2003 is 1,287.
It is taking twenty-five days to sell a home. 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 0.7% year-over-year. It was down 1.1% from October. The average sales price rose 0.6% from October. Year-over-year, the average sales price gained 1.6%.
Condo sales rose 20.7% year-over-year. Year-to-date, condo sales are down 1.2%.
Inventory continues to expand. It has been higher than the year before sixteen months in a row. It gained 25.5% over last November.
As of December 5th, there were 138 condos for sale in San Mateo County. The average since January 2003 is 350.
Days of inventory dropped to thirty-eight from forty-two.
It is taking thirty-four days to sell a condo.
If you are planning on selling your property, call me for a free comparative market analysis.
If you are planning on selling your property, call me for a free comparative market analysis.
November 2019 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.