Santa Clara County (SCC): Median Price of Homes Back Over $1MM
The median price of single-family, re-sale homes went back over $1MM in September. Before you start celebrating, the 3-month moving average median price has been lower than the previous month three months in a row.
Sales of single-family, re-sale homes have been lower than the year before eight months in a row. Year-to-date, home sales are down 8.1% in Santa Clara County.
Inventory continues to be a problem. Although it is up 7.6% year-to-date, that’s not saying much as last year’s active listings were the lowest we’ve ever seen. This year is the second lowest.
Pending sales rose in September rose for the second month in a row over the year before.
After months of double-digit gains, home prices, while still rising, are doing so only by single-digit gains. The median price rose 4.2% in September over last year.
Also, while multiple offers are still the norm, the number of offers on any given property are dropping.
We enumerated a number of reasons for the slowdown in the Silicon Valley real estate market in last month’s report. That is available in our on-line report at http://avi.rereport.com/market_reports.
I was reading this article in Money Magazine and decided to share it with you.
There’s a scam afoot, or, shall we say, a-wire that prospective homebuyers may want to be on the lookout for, and it happens like this: You’re nosing around the real estate market — maybe even close to buying a house or piece of property. And then you get a message from your real estate agent urging you to wire money to secure the deal.
As you might have guessed, a scammer is spoofing your real estate agent’s account and is waiting for your money.
Hackers snatch passwords when people log into free Wi-Fi networks or click on things like those cute-puppy emails. They search your inbox or your real estate agent’s inbox for any messages related to real estate transactions. Once they find you’re in the process of buying a home, they’ll send a fake message from your agent or attorney, title representative (or other trusted source), alerting you to new money wiring instructions to a fraudulent account. Once your money is wired, it’s likely gone for good.
To read the full article, click on this link: http://time.com/money/4481906/real-estate-scam/
September Statistics (SCC)
Single-Family Homes
Year-Over-Year
- Median home prices increased by 5.3% year-over-year to $1,000,000 from $950,000.
- The average home sales price rose by 4.3% year-over-year to $1,296,820 from $1,243,850.
- Home sales fell by 4.1% year-over-year to 885 from 923.
- Total inventory* fell 10.4% year-over-year to 2,241 from 2,502.
- Sales price vs. list price ratio fell by 1.9% year-over-year to 101.7% from 103.7%.
- The average days on market rose by 21.3% year-over-year to 28 from 23.
Compared To Last Month
- Median home prices improved by 1.5% to $1,000,000 from $985,000.
- The average home sales price rose by 2.7% to $1,296,820 from $1,262,610.
- Home sales up by 1.1% to 885 from 875.
- Total inventory* increased 1.4% to 2,241 from 2,209.
- Sales price vs. list price ratio increased by 0.2% to 101.7% from 101.5%.
- The average days on market dropped by 3.2% to 28 from 29.
Condominiums
Year-Over-Year
- Median home prices increased by 6.6% year-over-year to $650,000 from $610,000.
- The average home sales price rose by 14.3% year-over-year to $745,147 from $651,826.
- Home sales rose by 5.2% year-over-year to 381 from 362.
- Total inventory* rose 2.8% year-over-year to 759 from 738.
- Sales price vs. list price ratio fell by 2.3% year-over-year to 102.2% from 104.6%.
- The average days on market rose by 11.8% year-over-year to 21 from 19.
Compared To Last Month
- Median home prices slipped by 5.7% to $650,000 from $689,500.
- The average home sales price rose by 2.1% to $745,147 from $729,485.
- Home sales down by 7.1% to 381 from 410.
- Total inventory* dropped 0.5% to 759 from 763.
- Sales price vs. list price ratio dropped by 0.7% to 102.2% from 102.9%.
- The average days on market increased by 1.0% to 21 from 21.
* Total inventory is active listings plus pending listings. Active listings do not include pending.
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
DSnews
June 7th
| DSnews June 7th | Buffett: There is No Housing Bubble |
| The Wall Street Journal By By Eliot Brown June 7th | Neighbors Clash in Silicon Valley |
| San Jose Mercury By Queenie Wong | California eases restrictions on ‘granny units’ |
| July 7th Avi Urban | How to reduce your home loan interest payments. Read more |
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 knowledge-based sector performs. The San Jose Mercury News tracks the largest 150 publicly traded companies headquartered in Silicon Valley via an index called the SV150, which you can lookup at www.mercurynews.com. Stocks are valued based on many criteria, but the most important criterion is a company’s future earnings. Therefore, I view the SV150 as a leading indicator for the Silicon Valley’s real estate market. This month’s annual index chart can be viewed below:
Investors Corner
HOME PRICES GAINS IN JULY SLOW CONCENTRATED IN SOUTH AND WEST
ACCORDING TO THE S&P/CASE-SHILLER HOME PRICE INDICES
NEW YORK, September 27, 2016 – 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 July 2016 shows that home prices continued their rise across the country over the last 12 months. More than 27 years of history for these data series is available, and can be accessed in full by going to goo.gl/rBCc1V
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San Mateo County (SMC): Market Continues to Moderate
Sales of single-family, re-sale homes have been lower than the year before seven of the past eight months. Year-to-date, home sales are down 8.3% in San Mateo County.
Inventory continues to be a problem. Although it is up 2.3% year-to-date, that’s not saying much as last year’s active listings were the lowest we’ve ever seen. This year is the second lowest.
Pending sales rose in September rose for the third month in a row over the year before.
After months of double-digit gains, home prices, while still rising, are doing so only by single-digit gains. The median price rose 6.8% in September over last year.
Also, while multiple offers are still the norm, the number of offers on any given property are dropping.
We enumerated a number of reasons for the slowdown in the Silicon Valley real estate market in last month’s report. That is available in our on-line report at http://avi.rereport.com/market_reports.
SCAMMERS POSING AS YOUR REAL ESTATE AGENT
I was reading this article in Money Magazine and decided to share it with you.
There’s a scam afoot, or, shall we say, a-wire that prospective homebuyers may want to be on the lookout for, and it happens like this: You’re nosing around the real estate market — maybe even close to buying a house or piece of property. And then you get a message from your real estate agent urging you to wire money to secure the deal.
As you might have guessed, a scammer is spoofing your real estate agent’s account and is waiting for your money.
HOW A SCAMMER FINDS THEIR TARGET
Hackers snatch passwords when people log into free Wi-Fi networks or click on things like those cute-puppy emails. They search your inbox or your real estate agent’s inbox for any messages related to real estate transactions. Once they find you’re in the process of buying a home, they’ll send a fake message from your agent or attorney, title representative (or other trusted source), alerting you to new money wiring instructions to a fraudulent account. Once your money is wired, it’s likely gone for good.
To read the full article, click on this link:
http://time.com/money/4481906/real-estate-scam/
You can get more information at: http://avi.rereport.com/market_reports
September Sales Statistics – Market Moderating (SMC)
Single-Family Homes
Year-Over-Year
- Median home prices increased by 6.8% year-over-year to $1,281,000 from $1,200,000.
- The average home sales price rose by 7.9% year-over-year to $1,679,050 from $1,556,170.
- Home sales fell by 10.7% year-over-year to 343 from 384.
- Total inventory* rose 5.8% year-over-year to 953 from 901.
- Sales price vs. list price ratio fell by 2.4% year-over-year to 103.9% from 106.5%.
- The average days on market rose by 18.1% year-over-year to 27 from 22.
Month-Over-Month
- Median home prices improved by 2.5% to $1,281,000 from $1,250,000.
- The average home sales price rose by 7.2% to $1,679,050 from $1,566,280.
- Home sales down by 14.7% to 343 from 402.
- Total inventory* increased 9.2% to 953 from 873.
- Sales price vs. list price ratio dropped by 0.9% to 103.9% from 104.8%.
- The average days on market dropped by 7.8% to 27 from 29.
Condominiums
Year-Over-Year
- Median home prices fell by 7.3% year-over-year to $727,500 from $785,000.
- The average home sales price dropped by 8.2% year-over-year to $765,999 from $834,733.
- Home sales rose by 3.5% year-over-year to 118 from 114.
- Total inventory* rose 2.0% year-over-year to 260 from 255.
- Sales price vs. list price ratio fell by 4.5% year-over-year to 103.2% from 108.1%.
- The average days on market rose by 25.8% year-over-year to 23 from 18..
Month-Over-Month
- Median home prices slipped by 1.9% to $727,500 from $741,500.
- The average home sales price fell by 5.3% to $765,999 from $808,960.
- Home sales up by 3.5% to 118 from 114.
- Total inventory* increased 13.5% to 260 from 229.
- Sales price vs. list price ratio dropped by 0.7% to 103.2% from 104.0%.
- The average days on market increased by 4.6% to 23 from 22.
* Total inventory is active listings plus contingent or pending listings. Active listings do not include contingent listings.
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.
