Santa Clara County (SCC): Home Sales Continue to Rise
The average sales price for single-family, re-sale homes set another high in November. It was up 16.1% year-over-year.
The median sales price for single-family, re-sale homes backed off the record high it set in October. It fell 4.8%. Nevertheless, it was up 10.3% compared to last year. That’s the thirteenth month in a row the median sales price has been higher than the year before.
Sales of single-family, re-sale homes jumped 34.7% year-over-year. Home sales were down 9.2% compared to October. There were 954 homes sold in Santa Clara County last month. Last November there were 708 homes sold. The average since 2000 is 987.
The sales price to list price ratio went from 103.3% to 103.6%.
Pending sales were up 39.4% year-over-year.
Year-to-date, home sales are down 1.8%.
Inventory of single-family, re-sale homes was down 21.3% compared to last year. That is the fifteenth month in a row inventory has been lower than the year before. As of December 5th, there were 663 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 six days to 20 days compared to October. The average since 2003 is 89.
It took only seventeen 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 8% from last November. The average sales price gained 5.5% year-over-year.
Condo sales were up 18.2% year-over-year. There were 370 condos sold in November.
Year-to-date, condo sales are down 4.9%.
The sales price to list price ratio from 100.9% to 100.8%.
Condo inventory rose 7.3% compared to last November.
As of December 5th, there were 514 condos for sale in Santa Clara County. The average since January 2000 is 757.
Days of inventory fell to forty from forty-eight.
It took an average of twenty-six days to sell a condo last month.
If you are planning on selling your property, call me for a free comparative market analysis
November 2020 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
A Quieting Roar (SCC & SMC)
November 25, 2020 — The nation’s home builders should be thankful this year; we learned last week that members of the National Association of Home Builders have never been happier. To that end, sales of their productive output settled just a whisker in October, easing by 0.3% to 999,000 annualized new homes sold. Solid activity –the last three-month stretch has been the best for sales in more than 14 years — seems likely to persist, given that inventories of existing homes remain at record thin levels. Inventories of new homes are thin, too, but more elastic; even so, the 3.3 months of supply (278,000 units built and ready for sale) is less than optimal, so builders will need to keep busy in the months ahead to keep supply in line with demand. As well, and on a relative basis, new homes are becoming more affordable compared to their existing-home counterpart; the median price of a new home has been moving in a muted pattern, unlike those for existing homes, where prices are skyrocketing of late. A median priced new home can currently be had for only about $16,000 more than an existing one, a fairly narrow gap.
With holidays kicking in, it may be that some folks are trying to get their mortgage deals done while there is still time. Applications for mortgage credit rose by 3.9% in the week ending November 20; new record lows for mortgage rates during that week pushed refinance applications up by 4.5%, and purchases rose another 3.5%, putting in their first back-to-back weekly gains since late August. With this week featuring a holiday and the calendar turning to December, we likely see some diminishment in mortgage activity over the next few weeks before the typical turn-of-the-year uptick in January.
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
| Realtor Magazin October 22, 2020 |
| |
| WOLF STREET October 8, 2020 | The Big Boys Are Back: Financializing Single-Family Houses | |
| San Jose Mercury News October 2, 2020 | Bay Area leaders leery of mandate By Louis Hansen | |
| Washington Post October 2, 2020 | Beautiful, perk-filled and mostly empty: What the future holds for tech’s billion-dollar headquarters By Fannie Mae |
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
S&P CORELOGIC CASE-SHILLER INDEX SHOWS ANNUAL HOME PRICE GAINS SOARED TO 7% IN SEPTEMBER
NEW YORK, NOVEMBER 24, 2020 – 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 September 2020 show that home prices continue to increase across the U.S. More than 27 years of history are available for these 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
Is it time to seriously consider investing in real estate?
Signup for my Real Estate Investment Alerts and you’ll receive my real estate investment opportunities.
San Mateo County (SMC): Home Sales & Prices Continue to Rise
Sales of single-family, re-sale homes in San Mateo County were up for the fifth month in a row, year-over-year, in November. They rose 28.2% year-over-year. There were 400 homes sold in San Mateo County last month. The average since 2000 is 398.
Year-to-date, home sales are down 2.3%.
Although continuing to back off the high set in August, the median sales price for single-family, re-sale homes was up, year-over-year, by 5%.
The average price also backed off the high set in August. It was up 9.1% year-over-year.
Inventory of single-family, re-sale homes was up 0.7% compared to last year. As of December 5th, there were 423 homes for sale in San Mateo County. The average since January 2000 is 1,287.
The sales price to list price ratio fell to 102.7% from 103.4%.
Days of Inventory, or the amount of time it would take to sell all homes for sale divided by how many homes have sold, dropped three days to thirty-one days.
It took twenty-five 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 rose 2.2% year-over-year. It was down 0.5% from October. The average sales price fell 6.9% from October. Year-over-year, the average sales price fell 3.3%.
Condo sales were up 17.6% year-over-year. Condo sales were down 3.8% from October.
Inventory rose 62.6% year-over-year. It was down 14.3% compared to October.
As of December 5th, there were 252 condos for sale in San Mateo County. The average since January 2003 is 350.
Days of inventory fell to fifty-eight from sixty-seven.
It took an average of thirty-one 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 (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.
