Santa Clara County (SCC): Home Prices & Sales Up in February
The median sales price for single-family, re-sale homes was up 9.9% compared to last year. The median sales price was $2,000,000.
The average sales price for single-family, re-sale homes was up 12.7% year-over-year. The average sales price was $2,389,390.
Sales of single-family, re-sale homes were up 0.8%, year-over-year. There were 386 homes sold in Santa Clara County last month. The monthly average since 2000 is 987.
The sales price to list price ratio rose from 104.9% to 109.5%.
Pending sales were up 2.2% year-over-year. There are 516 homes in escrow.
Inventory of single-family, re-sale homes was up 47.4% compared to last year. As of March 5th, there were 591 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, rose from 40 days to 41 days. The average since 2003 is 89.
It took sixteen 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.
Condo prices set record highs last month. The median sales price for condos was up 25.3% compared to last February. The median sales price was $1,152,500. The average sales price gained 16.3% year-over-year. The average sales price was $1,177,480.
Condo sales were up 5.8%. There were 218 condos sold in January.
The sales price to list price ratio rose from 101.4% to 104.6%.
Pending sales were up 25.7% year-over-year. There are 289 condos in escrow.
Condo inventory was up 106.1% compared to last February.
As of March 5th, there were 441 condos for sale in Santa Clara County. The average since January 2000 is 757.
Days of inventory fell from sixty-seven to fifty-five.
It took an average of twenty-two days to sell a condo last month.
If you are planning on selling your property, call me for a free comparative market analysis
February 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
Mounting Concerns (SCC & SMC)
February 28, 2025 — Long-term yields moved lower this week, which should help mortgage rates retreat back to at least early December levels. Unfortunately, what drove yields and rates lower appears to be growing concern about the strength of the economy going forward. In recent weeks, there’s already been evidence of uncertainty or unease regarding the impacts of changes to tariff and immigration policies, which have now been joined by headlines of many tens of thousands of federal workers being laid off. Headlines of mass firings can be unnerving and certainly add to the feeling of discomfort.
There is essentially no momentum to be seen in the housing market. We wrote about housing’s winter chill and builder blues in last week’s MarketTrends, but there was more coldness to be added to that this week. Sales of new homes in January slumped by 10.5%, falling from an upwardly-revised 734,000 annual pace to just a 657,000 one. The drop in sales saw inventory levels balloon back up to a nine month’s supply at the present rate of sale, with the 495,000 units available the highest supplies have been since December 2007. More supply and less demand should have helped to temper prices but didn’t, as the median price of a new home sold rose to $446,300, up 7.6% compared to December and 3.7% above year-ago levels. It’s too soon to say, but the increase may be early signs of the impact of tariffs on the many goods that go into building a new house.
Perhaps the market for existing homes can be expected to improve? Probably not, at least not in the near term. The Pending Home Sales Index from the National Association of Realtors — a measure of signed contracts to buy — followed up a 4.1% decline in December with another 4.6% drop in January, leaving this index at its lowest level ever (the series began in 2021). The December drop was partly or mostly reflected in January’s 4.9% decline in existing home sales to a 4.08 million annual pace, and this new PHSI decline makes it likely that a drop back to perhaps a 3.90 million rate will be seen when February sales are tallied. After that, we’ll need to see if the recent decline in mortgage rates spurs any buyers into the market to start the spring homebuying season. Our guess is “some”.
Applications for mortgage credit certainly aren’t improving, either. The Mortgage Bankers Association reported that requests for home loans eased another 1.2% in the week ending February 21. Applications for loans to finance home purchases rose by 0.2%, a bare improvement but the first increase since mid-January, while demand for loans to refinance existing mortgages slid by 3.6%. We may see a little increase in refinancing activity for the last week of February, goosed by slightly lower mortgage rates.
It’s always been the case that bad news brings lower interest rates. To be sure, we aren’t seeing “bad” news of late per se, but rather news that’s simply not as good as it was. The economy is growing, albeit likely at a slower pace. The labor market is still strong, and should remain so overall despite federal job cuts. Prices for certain items are still rising, but some of this may be offset in time with lower fuel costs, and lower interest rates can help ameliorate the effects of higher prices, too. Things may not seem great right now, but they certainly aren’t bleak by any measure.
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.
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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 3.9% Annua Gain in December 2024
NEW YORK, FEBRUARY 25, 2025: S&P Dow Jones Indices (S&P DJI) today released the December 2024 results for the S&P CoreLogic Case-Shiller Indices. The leading measure of U.S. home prices recorded a 3.9% annual gain in December 2024, a slight increase from the previous annual gains in 2024. More than 27 years of history are available for the 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
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San Mateo County (SMC): Home Prices Up, Sales Down in February
Sales of single-family, re-sale homes in San Mateo County fell 5.9% in February, year-over-year. There were 160 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 $2,171,690. It was up 15.2% compared to last year.
The average sales price rose 14.5% year-over-year.
The sales price to list price ratio rose from 103.9% to 106.9%.
Inventory of single-family, re-sale homes was up 20.8% compared to last year. As of March 5th, there were 279 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 fifty-three days to forty-seven days.
It took twenty-two 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 15.9% year-over-year.
Year-over-year, the average sales price fell 5.4%.
Condo sales were down 21.5% year-over-year. There were 51 condos sold last month. The average since January 2003 is 122.
Inventory was up 55.2% year-over-year.
As of March 5th, there were 194 condos for sale in San Mateo County. The average since January 2003 is 350.
Days of inventory fell from one hundred & seventeen to one hundred & three.
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.
If you are planning on selling your property, call me for a free comparative market analysis.
February 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.