Is The KEY To Your Next Market Move In This Month's Data Drop?!
Read On & Find Out!
This is always a bittersweet time of year. The longest days of summer are behind us, the holidays season is ahead of us… and the back to reality is right in front of us. If you are feeling the whirlwind of back to school and back to the grind, you are not alone! We are with you, and we are committed to staying on top of the market trends, so you don’t have to. Please find the latest housing market data drop below and let us know if you have any questions about how these stats may impact your Q4 housing goals.
INVENTORY
Back in May, we were talking about how inventory had grown (we saw a 20.5% month over month increase in the spring!). That trend has changed, and Santa Clara County inventory levels are down 6.5% month over month. The California Association of Realtors® recently reported that while state inventory was down to 3.2 months in July, the Bay Area had dipped to just 2.5 months. Note that while these levels are still 'low', they are a 19.5% improvement over the same period last year.
MEDIAN SALES PRICES
The Santa Clara County median sales price for a SFR (single family residence) is now $1,280,000 (-4.8%), with an average price of $1,555,310 (-4.9%). Statewide, median family home prices are up 2.8% to $607,990. Since the Bay Area is often the first to heat up and then first to cool, it would not be unusual for state prices to moderate with a similar trend in the months to come. Moderating prices are great news for first-time buyers and move-up buyers (hint: get off the fence!).
TOTAL SALES
Santa Clara County SFR sales ended at 821 homes sold in July 2019 – a 0.5% increase. Statewide, sales reached their first yearly gain in 15 months, with a sales unit increase of 1.1% and a monthly total of 411,630 units.
A FEW MORE FAST FACTS:
| Pending sales are up 2.7% year-over-year in Santa Clara County, while statewide pending sales surged to their highest levels in TWO years!
| Mortgage payments have reached their lowest levels in 33 months (have we mentioned…. buyers, get off the fence!).
| The Santa Clara County sales-to-list price ratio is 100.6%, while statewide – 39.6% of listings are seeing a median reduction amount of 4.2%.
Whew! We know that is a lot of information to digest, but we hope it is helpful as you strategize where you are and where you’d like to be. Please do not hesitate to reach out if we can help you determine how to maximize the current market opportunities to meet your needs. You deserve nothing less!
Cheers to a summer that ends just as amazing as it started,
Mark & Sarah