Santa Clara County (SCC): Home Prices Up, Sales Down in November
The median sales price for single-family, re-sale homes was up 0.5% compared to last year.
The average sales price for single-family, re-sale homes was up 0.1% year-over-year. The average sales price was $2,344,670.
Sales of single-family, re-sale homes were down 15%, year-over-year. There were 538 homes sold in Santa Clara County last month. The monthly average since 2000 is 987.
The sales price to list price ratio fell from 103.8% to 103.4%.
Pending sales were down 11.5% year-over-year. There are 469 homes in escrow.
Inventory of single-family, re-sale homes was up 20.9% compared to last year. As of December 5th, there were 485 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 31 days to 26 days. The average since 2003 is 89.
It took twenty-five 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 down 7.7% compared to last year. The median sales price was $960,500. The average sales price fell 0.5% year-over-year. The average sales price was $1,067,430.
Condo sales were down 18.8%. There were 207 condos sold in November.
The sales price to list price ratio rose from 100.3% to 100.6%.
Pending sales were down 17.4% year-over-year. There are 219 condos in escrow.
Condo inventory was up 37.2% compared to last year.
As of December 5th, there were 454 condos for sale in Santa Clara County. The average since January 2000 is 757.
Days of inventory dropped from sixty-eight to sixty-four.
It took an average of thirty-seven days to sell a condo last month.
If you are planning on selling your property, call me for a free comparative market analysis.
November 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
The Shutdown, In Beige (SCC & SMC)
November 26, 2025 — So-called “hard” economic data continue to trickle out from government sources again, but much of it is months old at this point. While helpful, it is only when data comes available to bridge the October-November shutdown gap that changes to trends — if any — will become evident.
Seeing as to how September’s sales were already the second highest annualized monthly figure this year (4.10 million), it is likely that we’ll see sales trending toward perhaps a 4.15 to 4.19 million pace when existing home sales are tallied for the closing months of 2025. Inventories of homes to buy have improved and home prices are just burbling along, so if mortgage rates can manage a broad softening trend to close the year and start 2026, we may start to see some regular improvement in home sales even before the spring homebuying season kicks in.
Mortgage rates have mostly been drifting sideways in recent weeks, but at least they are doing so at about a one-year-low level, give or take a little. Absent a plummet in rates, the onset of the holiday season will tend to damp mortgage activity, but there was a 0.2% increase in requests for mortgage credit in the week ending November 21. The Mortgage Bankers Association reported that there was a 7.6% increase in applications for funds to purchase homes (perhaps presaging a November increase for the Realtors’ PHSI) while refinancing activity fizzled out by 5.7% for the week, a fourth straight decline for this component. To get refinancing rolling again, rates will have to trend to (or below) the 6% mark, opening up the window for the next group of homeowners. If or when rates can actually manage to crack the 6% mark again, it will be for the first time in more than three years.
While they aren’t likely to manage a move that will get them to the 6% mark (let alone below) over the next week, mortgage rates do appear to be poised to decline a bit more. The influential yield on the ten-year Treasury has flirted with the 4% mark a number of times this week, and spreads have thinned out a bit of late. Combined, they suggest that we will see a 5-7 basis point decline in the average offered rate for a conforming 30-year fixed-rate mortgage as reported by Freddie Mac next Thursday.
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
| WOLF STREET 11-23-2025 | The 14 Bigger Cities & Counties with the Biggest Price Declines of Single-Family Homes (-10% to -25%) from Peak to October |
| U.S.News 11-21-2025 | Mortgages for Seniors: Everything You Need to Know |
| WOLF STREET 11-11-2025 | A 50-Year Mortgage Does Nothing for “Affordability,” Is a Terrible Deal for Homeowners and a Superb Deal for Banks & Investors |
| WOLF STREET 10-29-2025 | Home Sales Have Not Improved at All Despite the Lowest Mortgage Rates in a Year By Wolf Richter |
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 Annua Gain in September 2025
- The S&P Cotality Case-Shiller U.S. National Home Price NSA Index posted a 1.3% annual gain for September, down from a 1.4% rise in the previous month.
- Inflation outpaced home prices for a fourth straight month, with September’s CPI running 1.7 percentage points above housing appreciation—the widest gap … For mor info 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 Mixed, Sales Up in November
Sales of single-family, re-sale homes in San Mateo County rose 7.2% in November, year-over-year. There were 269 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 $2,000,000. It was down 9.1% compared to last year.
The average sales price rose 10.6% year-over-year.
The sales price to list price ratio rose from 104.5% to 104.9%.
Inventory of single-family, re-sale homes was up 2.7% compared to last year. As of December 5th, there were 267 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, fell from thirty-five days to twenty-nine days.
It took twenty-seven 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 11.5% year-over-year.
Year-over-year, the average sales price fell 2.9%.
Condo sales were up 7.8% year-over-year. There were 83 condos sold last month. The average since January 2003 is 122.
Inventory was up 11.9% year-over-year.
As of December 5th, there were 160 condos for sale in San Mateo County. The average since January 2003 is 350.
Days of inventory fell from seventy-nine to fifty-six.
It took an average of sixty-eight days to sell a condo last month.
If you are planning on selling your property, call me for a free comparative market analysis.
Also, if you would like to know what’s going on in your neighborhood, go to my on-line report and create a Recent Sales & Listings report.
November 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.