When numbers talk, we listen. When real estate numbers talk, we analyze. That’s what this week’s blog is all about – where Santa Clara County is at today and how that compares to where we have been.

You may hear headlines that the market is cooling. Prices are decelerating. There is more inventory. But what does all of that really mean? Is real estate still a good investment? Before you get flashbacks to 2008, let’s take a deeper dive into what the numbers actually say.

MEDIAN PRICES

Your heart might sink a bit when you hear that home prices ‘fell’ in July 2021. But note that the median price for a SFR in Santa Clara County is still $1,665,000 with an average price of $2,032,190. And while prices dropped 4.7% from June 2021, they are still 21% higher year-over-year. Suddenly we are all feeling a little grateful for that drop and signs of moderation…

DAYS ON MARKET

Last month, the average SFR in our county spent 13 days on market, the same as June. Yet year-over-year days on market dropped 54%. Demand is still there… inventory is not.

INVENTORY

Speaking of inventory, let’s look at those numbers. Current days of inventory is 21, compared to 15 last month. While that is a 36% jump month to month, there is still a drop of 28% in inventory year-over-year. A balanced market is approximately 5-6 months of inventory – so 21 days is nowhere near a solution to the housing crisis nor an indicator the market is about to be flooded with homes that have no buyers.

Be sure to see all the data HERE on our Real Estate Report presented by Homes of Silicon Valley. Be sure to click each data point for both month-over-month and year-over-year data. Please reach out at any time with any questions as to what this market means for you. The opportunities are here, let us help you actualize them. ~ Mark / 408.290.0072 / mark@homesofsv.com /