Real Estate Report presented by Mary Pope-Handy

August 2018 Report

Single Family Homes in Santa Clara County, San Jose, Alum Rock Change >


Median Price
$803,000
-2.8%
Average Price
$833,305
-3.1%
No. Sold
39
-23.5%
Pending Properties
55
+10.0%
Active
73
0.0%
Sale/List Price Ratio
104.4%
-0.9%
Days on Market
27
+16.4%
Days of Inventory
56
+35.3%

Market Barometer

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Market Commentary

Slowly We Turn, Step by Step, Inch by Inch

TIP: Click on table above to get year-over-year statistics.

The Silicon Valley real estate market slowed a bit this summer. Multiple offers, while still the norm, have slowed from 10-15 offers per house to “only” 2-3.

Also, from the trenches, we are hearing some sellers are more willing to negotiate. They are accepting contingencies, paying for repairs, or negotiating price.

Of course, this all depends upon the house and the neighborhood. The most highly regarded properties – schools, location, price, are still getting a high number of offers.

Statistics confirm the anecdotes: sales are down, inventory is up, the sales price to list price ratio is falling, and prices are weakening.

The next question becomes is this the start of a trend or just an aberration. That is something only time will tell.

In the meantime, mortgage rates peaked in May and have been declining since.

The median price for homes peaked at $1,450,000 in March and is now at its lowest level since January. It was still up 14.9% year-over-year.

The average price for homes also peaked in March and is at its lowest level since January. It was up 15.3% over last July.

The sales price to list price ratio, or what buyers are paying over what sellers are asking has been declining and is now at it’s lowest level since July 2017. Nevertheless, it remains at triple digits: 105.6%.

Days of Inventory rose nine days to forty-one days in July. That’s the highest the indicator has been since January 2017. Since January 2000, Santa Clara County has averaged ninety-four days of inventory.

It is taking nineteen days to sell a home. Home sales were down, year-over-year, for the third month in a row. Sales fell 16.6% from last July.

The number of homes for sale is at its highest level since October 2016.

As of August 5th, there were 1,151 homes and 413 condos for sale in Santa Clara County.

Prices & Sales

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Days of Inventory

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Sales to Date

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Sales Price Ratio

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