Santa Clara County (SCC): Prices & Sales Up From Prior Month
Prices for single-family, re-sale homes were up in May from April. The median sales price rose 2.9% and the average sales price rose 0.1%. Year-over-year was a different story with prices down. The median sales price was off 5.5% and the average sales price fell 3.7%.
The sales price to list price ratio, which had a peak last spring of 112.4%, had dropped ten months in a row before bottoming out at 99.5% in January. It has risen every month since then. Last month it was up to 102.2%.
Home sales rose 40.4% from April, but they were down, year-over-year, for the thirteenth month in a row. There were 991 homes sold in Santa Clara County last month. The average since 2000 is 987.
Inventory continues to expand. It has been higher than the year before twelve months in a row. Last month, it was up 49.2% over last year.
Days of Inventory, or how long it would take to sell all homes listed for sale at the current rate of sales, was down to 44 days. The average since 2003 is 89.
As of June 5th, there were 1,450 homes for sale in Santa Clara County. The average since January 2000 is 2,778.
It is taking twenty-three days to sell a home. That is the time from when a home is listed to when it goes into contract.
Prices for re-sale condos were up last month from the month before but were down year-over-year.
The sales price to list price ratio was 101.3%.
Condo sales were down 4.5% year-over-year.
Inventory continues to expand. It has been higher than the year before twelve months in a row.
As of June 5th, there were 648 condos for sale in Santa Clara County. The average since January 2000 is 757.
Days of inventory dropped to fifty-one.
It took an average of twenty-four days to sell a condo last month.
If you are planning on selling your property, call me for a free comparative market analysis.
May 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
Pressuring The Fed (SCC & SMC)
May 31, 2019 — With trade and tariff volleying between the U.S. and China already roiling stock markets, a new bit of saber-rattling aimed at Mexico this week sparked a fresh round of selling of equities as investors headed to the relative safety of bonds.
As is they weren’t already low, that wash of cash pushed down yields of government bonds across the globe, dropping both German Bunds and Japanese bonds further into negative territory. Of course, U.S. Treasuries also got a strong buy, and the yield on the influential 10-year Treasury was driven down to levels last seen at the end of summer 2017.
According to Freddie Mac, the average offered rate for a conforming 30-year FRM cracked the 4% mark for the first time since January 2018, with a months-long downtrend leaving the benchmark mortgage at 3.99%. It would seem that the downtrend isn’t over; at the end of summer 2017, the same barometer was hovering in the three-eighties, and while we might not get there next week, we’ll probably be close.
Low mortgage rates aren’t doing much to heat up a moderate housing market — the Mortgage Bankers Association reported a third straight week of declining applications for purchase-money mortgage in the week ending May 24 — but should give a hearty boost to refinance activity. With already considerable downforce on mortgage rates this week that will certainly spill into next, it looks like we’ll see another fair decline for rates on tap, probably something on the order of 8-10 basis points in the 30-year FRM when Freddie Mac reports next Thursday morning (barring any unforeseen outbreak of optimism by investors, of course).
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
| Bloomberg BusinessWeek May 9, 2019 | Flipping properties at the top of the market is a risky undertaking for speculators and a gift to buyers. I’m so excited that it was my client who benefited from this HUGE discount. By Prashant Gopal |
| The Mercury News May 1, 2019 | Comparable Sales Appraisers Can & CAN’T Use By Jay Voorhees |
| The Mercury News April 29, 2019 | 2019 Silicon Valley could be the second richest country in the world |
| April 26, 2019 | New Bay Area crown: Most expensive place in the world to build |
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 CONTINUE TO WEAKEN
NEW YORK, MAY 28, 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 March 2019 shows that the rate of home price increases across the U.S. has continued to slow. More than 27 years of history for these data series is available, and can be accessed in full by going to https://bit.ly/2K3WzrE
U.S. Housing Markets Moving Into Rent Territory for First Time in Over 8 Years: Report
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San Mateo County (SMC): Prices & Sales Up From April
Prices for single-family, re-sale homes were up in May from April. The median sales price rose 9.1% and the average sales price rose 8.9%. Year-over-year, the median sales price was up 10.3% but the average sales price fell 2.8%.
The sales price to list price ratio, which had a peak last spring of 113.3%, had dropped to a low of 102.4% in January. Last month it was up to 105.9%.
Home sales rose 26% from April, but, were down, year-over-year, for the seventh month in a row: -6.8%. There were 397 homes sold in San Mateo County last month. The average since 2003 is 398.
Inventory continues to expand. It has been higher than the year before twelve months in a row. Last month, it was up 42.4% over 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, was down to forty-one days.
As of June 5th, there were 544 homes for sale in San Mateo County. The average since January 2003 is 1,287.
It is taking twenty-one days to sell a home. That is the time from when a home is listed to when it goes into contract.
Prices for re-sale condos were up last month from the month before, and they were up year-over-year. The median sales price rose 4.9% from April. The average sales price gained 7.5%. Year-over-year, the median sales price was up 3.8% and the average sales price gained 5.6%.
Condo sales dropped 13.3% year-over-year.
Inventory continues to expand. It has been higher than the year before ten months in a row.
As of June 5th, there were 152 condos for sale in San Mateo County. The average since January 2003 is 350.
Days of inventory rose to forty-four.
It is taking only twenty-three days to sell a condo.
If you are planning on selling your property, call me for a free comparative market analysis.
May 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.
