Silicon Valley Real Estate Market Trend Report:

November 2023

Santa Clara County (SCC): Home Prices & Sales Up

Sales of single-family, re-sale homes in San Mateo County rose 2% in October, year-over-year. There were 255 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 up 12.6% compared to last year.

The average sales price rose 9.2% year-over-year.

The sales price to list price ratio fell from 103.4% to 102.8%.

Inventory of single-family, re-sale homes was down 16.1% compared to last year. As of November 9th, there were 458 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 seventy-five to fifty-four days.

It took twenty-three 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 1.7% year-over-year.

Year-over-year, the average sales price rose 3.3%.

Condo sales were down 20.2% year-over-year. There were 50 condos sold last month. The average since January 2003 is 122.

Inventory was down 20.4% year-over-year.

As of November 9th, there were 175 condos for sale in San Mateo County. The average since January 2003 is 350.

Days of inventory rose fell ninety-seven to seventy-eight.

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.

October 2023 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

 

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Ambiguity Rules (SCC & SMC)

Nov 3, 2023 — Maybe yes, maybe no. These weren’t exactly the words used by Fed Chair Powell at his post-FOMC meeting press conference this week, but this message was certainly clear enough. When pressed if the rate-setting committee was still committed to another rate hike this year (as was indicated in members’ September Summary of Economic Projections (SEP)) or whether July’s hike in rates had put monetary policy at a level restrictive enough to achieve the Fed’s inflation goal, he said “We have not made a determination and we’re not […] confident at this time that we’ve reached such a stance. We’re not confident that we haven’t, we’re not confident that we have. And that is the way we’re going to be going into these future meetings.”

Mortgage lenders can only hope things improve to a sluggish pace from the moribund one they’ve endured for months and months now. The Mortgage Bankers Association noted that applications for mortgage credit dropped off by 2.1% in the week ending October 27, with requests for funds to purchase homes declining by 1.4% and those to refinance existing mortgages sliding by 3.5% compared to the prior week. The rally in bonds this week should help lower mortgage rates into next week, but even a drop of a quarter of a percentage point would still see average 30-year FRMs in the mid-7% range, only about as “good” as they were last month.

Construction spending expanded in September, but at a slower pace, managing just a 0.4% increase for the month. Outlays for residential projects rose by a more cautious 0.6% after a gain of more than double it just a month prior, while spending for non-residential structures rose by only 0.1%. Public-works spending had been roaring along for a while, but some steam has run out there, with a increase of only 0.4% in September only about a half or a quarter as strong as those seen earlier this year.

The nearer-term outlook for mortgage rates should see them post a meaningful decline next week; if the drop in the 10-year can manage to hold or improve for another trading day or two, the decline might be as much as a 19-25 basis point decline in the average offered rate for a conforming 30-year FRM as reported by Freddie Mac. If it can’t manage to hold, the decline would likely be something closer to 10-14 basis points. At the moment, we’re leaning toward the larger decline, but will have to wait until Thursday at noon to see what comes.

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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Real estate related Articles

SJM
08-13-2023

TEXAS? FLORIDA? NOPE. BAY AREA REFUGEES ARE FLEEING TO SEATTLE

By Scooty Nickerson and Julia Prodis Sulek

WSJ
08-11-2023

Here’s What a $5 Million Retirement Looks Like in America

By Veronica Dagher Follow and Anne Tergesen

Almanac
06-29-2023

Menlo Park Planning Commission OKs architectural plans for Meta’s Willow Village

By Cameron Rebosio

CNN
06-10-2023

Silicon Valley escalates the battle over returning to the office

By Catherine Thorbecke

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 Rebound Continued in May

S&P Dow Jones Indices (S&P DJI) 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 May 2023 show all 20 major metro markets reported month-over-month price increases for the third straight month. 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

Sales of single-family, re-sale homes in San Mateo County fell 40.5% in September. There were 178 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 up 5.4% compared to last year.

The average sales price rose 10.7% year-over-year.

The sales price to list price ratio rose from 103.3% to 103.4%.

Inventory of single-family, re-sale homes was down 13.6% compared to last year. As of October 5th, there were 458 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, rose from forty-three to seventy-five 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 fell 4.9% year-over-year.

Year-over-year, the average sales price fell 2.4%.

Condo sales were down 37.5% year-over-year. There were 50 condos sold last month. The average since January 2003 is 122.

Inventory was down 20.4% year-over-year.

As of October 5th, there were 168 condos for sale in San Mateo County. The average since January 2003 is 350.

Days of inventory rose from fifty-seven to ninety-seven.

It took an average of forty-one days to sell a condo last month.

If you are planning on selling your property, call me for a free comparative market analysis.

October 2023 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.

 

 

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