Santa Clara County (SCC): Home Sales Up in April
Sales of single-family, re-sale homes were up 1.7%, year-over-year. There were 738 homes sold in Santa Clara County last month. The monthly average since 2000 is 987.
The median sales price for single-family, re-sale homes was up 6.5% compared to last year. The median sales price was $2,130,000.
The average sales price for single-family, re-sale homes was up 2.6% year-over-year. The average sales price was $2,457,980.
The sales price to list price ratio fell from 108.5% to 107.5%.
Pending sales were down 10.5% year-over-year. There are 616 homes in escrow.
Inventory of single-family, re-sale homes was up 52.1% compared to last year. As of May 5th, there were 972 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 39 days to 38 days. The average since 2003 is 89.
It took fourteen 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 1.2% compared to last April. The median sales price was $1,050,000. The average sales price fell 0.2% year-over-year. The average sales price was $1,130,980.
Condo sales were down 7.7%. There were 301 condos sold in April.
The sales price to list price ratio fell from 103.5% to 102.8%.
Pending sales were down 20.9% year-over-year. There are 269 condos in escrow.
Condo inventory was up 102.7% compared to last April.
As of May 5th, there were 673 condos for sale in Santa Clara County. The average since January 2000 is 757.
Days of inventory rose from fifty-eight to sixty-five.
It took an average of nineteen days to sell a condo last month.
If you are planning on selling your property, call me for a free comparative market analysis.
April 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
Negative Effects (SCC & SMC)
May 2, 2025 — With trade policy changes looming, businesses across the U.S. advanced a lot of ordering from overseas at the turn of the year to try to get ahead of expected price increases. In the calculation of GDP, imports are counted as a drag on growth, and when you add in a drop in government spending and a pullback by consumers you’ll likely end up with a decline in GDP, which is exactly what we saw in the first quarter of 2025.
To be sure, the deceleration was a mild one — just 0.28% — but it was the first negative print in three years and a striking change from a solid 2.45% annualized pace of growth in the fourth quarter of 2024. Overall consumption lifted growth, but the 1.21% increase was less than half that seen in each of the last two quarters. Surging imports meant exports were overwhelmed and posted a -4.83% reading, while government spending declined by 0.25%, its first retreat since the second quarter of 2022.
The first quarter of 2025 also featured a new firming of prices, as if anyone hadn’t noticed. The GDP report showed that PCE price indexes for the period posted a 3.6% annualized increase overall, up from 2.4%, and core PCE a 3.5% pace, up from 2.6% in the fourth quarter of 2024.
Based upon the available data, sales of existing homes are expected to be softer, as buying plans in the early spring homebuying season have likely been impacted by rising worries about the economic outlook added on top of affordability issues from high prices and still-high mortgage rates. These issues were reflected in the National Association of Realtors Pending Home Sales Index for March, where this measure of signed contracts to buy declined by 6.1%. We learned last week that closed sales in March slipped 5.9% (reflective of demand and contracts signed in late January and February) and March’s PHSI decline suggests a sluggish outlook at best for April and into May, both part of the peak homebuying buying season.
This slowed pace of activity is also seen in requests for mortgage credit, which started April with a pop but have turned south in each of the last three weeks. The latest applications index data from the Mortgage Bankers Association captured a 4.2% decline in mortgage requests in the week ending April 25, pulled down by a 4.4% decline in applications for loans to buy homes and a 3.7% fall in those to refinance existing mortgages. Per Freddie Mac, mortgage rates rose less than a quarter percentage point from the beginning of the month through the MBA’s latest survey week, but in the context of the unsettled financial market climate, that’s been enough to dent demand.
Construction spending closed the first quarter with a decline. Overall outlays for construction projects fell 0.5% for that month, dragged down by a 0.4% reduction in residential projects, a 0.8% slump in non-residential spending and a 0.2% fall in public-works project outlays. Uncertain demand and uncertainty regarding cost increases may be delaying or even deterring new projects from getting underway, and if so, there’s no way to know when certainty or clarity will return. As such, a sluggish pace may be all that can be expected.
After a very restive early-mid April, financial markets seem to have calmed to a fair degree over the last two weeks. Let’s hope it lasts, as it is key to helping mortgage rates to continue to settle back again. Provided the relative quiet can continue for the next couple of days, we think that the average offered rate for a conforming 30-year fixed-rate mortgage as reported by Freddie Mac will be able to post perhaps a 7-9 basis point decline next week. As is so often the case, negative effects on the economy — even only expected ones — can help bring down interest rates, at least somewhat.
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
| SJM 2-6-2025 | Santa Clara’s newest neighborhood — the Clara District — is coming to life with 2,000 new homes opening this year |
| SJM 12-10-2024 | California’s home insurance crisis: Which Bay Area neighborhoods have lost the most coverage By Jovi Dai |
| Tribune News Service 12-06-2024 | US cities cut red tape to turn unused office buildings into housing By Tribune News Service |
| REDFINE News 12-04-2024 | By Daryl Fairweather and Chen Zhao |
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 3.6% Annua Gain in October 2024
NEW YORK, DECEMBER 31, 2024: S&P Dow Jones Indices (S&P DJI) today released the October 2024 results for the S&P CoreLogic Case-Shiller Indices. The leading measure of U.S. home prices recorded a 3.6% annual gain in October 2024, a slight deceleration 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 & Sales Up in April
Sales of single-family, re-sale homes in San Mateo County rose 5.4% in April, year-over-year. There were 291 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 $2,226315,000. It was up 7.8% compared to last year.
The average sales price rose 7.5% year-over-year.
The sales price to list price ratio fell from 108.1% to 106.8%.
Inventory of single-family, re-sale homes was up 25.4% compared to last year. As of May 5th, there were 429 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 forty-seven days to forty-three days.
It took nineteen 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 4.5% year-over-year.
Year-over-year, the average sales price fell 0.2%.
Condo sales were up 39% year-over-year. There were 107 condos sold last month. The average since January 2003 is 122.
Inventory was up 58.6% year-over-year.
As of May 5th, there were 241 condos for sale in San Mateo County. The average since January 2003 is 350.
Days of inventory fell from seventy-three to sixty-five.
It took an average of twenty-one days to sell a condo last month.
If you are planning on selling your property, call me for a free comparative market analysis.
April 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.