Homes of Silicon Valley hopes that you are enjoying summer to the fullest extent and able to do more of what you love with the company you love to keep. If all that fun is keeping you away from market headlines, have no fear – a quick summary of the 3 hottest trends right now is here!
National trends making the news pertain to an increased demand for condos, price growth acceleration and deceleration based on market metros and more inventory. Snippets of stats are below, with links to the full articles included if you could snag that much time away from the beach or pool! Be sure to reach out at 408-290-0072 to find out the latest Silicon Valley micro market trends and what they mean for you!
Homebuyers Are Turning Back to Condos After Pandemic-Driven Slump
Redfin (Click HERE To Read In Full)
If you have been watching the market over the last 12 months, then you know that the demand for single family homes seemed to outpace the demand for condos – until now. Redfin reports a turn of the tide: “The typical condo in the U.S. sold above its asking price in June for just the second time since at least 2012. Condos are selling above asking price for the first time in at least nine years, and the typical condo is selling in a record 22 days.”
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The Great Reshuffling Is Changing How Far Americans Are Willing to Commute
Zillow (Click HERE To Read In Full)
What kind of property you buy may be less important in the years to come than how close (or far) you are from work. In what is being touted as ‘The Great Reshuffling’, Zillow is tracking home price growth in different market types. Just today, Zillow reported: “In many high-priced markets, home values farther away from job centers rose faster than those closer to downtown as more people take advantage of flexible working conditions and the five day/week commute becomes less essential. In less-expensive metros, short commutes to job centers gained traction and homes in a location boasting quick access to downtown increased in value at higher rates.”
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Inventory Increased 5% Week-over-week, Up 27% from Low in early April
Calculated Risk Blog (Click HERE To Read In Full)
Inventory is not where it needs to be, but it is improving. Calculated Risk Blog reports that seasonal inventory has bottomed. Housing inventory has improved 5% week over week and is up nearly 30% from April lows. Note that inventory levels are still almost 40% lower than this time last year.
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Warmest Regards,
Mark Barber
Homes of Silicxon Valley | A Division of Sereno | License #: 01220031
Phone: 408-290-0072