What a year it has been! It would take not a blog, but a novel, to tell the tale of 2020 to date. But with regards to housing, the news has been surprisingly positive and consistent with regards to sales and demand. This week, we are providing an overview of the hottest housing topics in Silicon Valley and beyond.
SANTA CLARA COUNTY BY THE NUMBERS
Let’s start with what you really want to know, how is the Silicon Valley market performing compared to this time last year? For August 2020 in Santa Clara County, the median home price for a single family home (SFR) was $1,400,000, up 17.6% year-over-year and nearly +2% from the month prior. The sales-to-list price ratio was lso up 1.9% year-over-year, while days on market and days of inventory have both decreased significantly compared to August 2019. Days on market has decreased to 24 days, while days of inventory is down 36.5%. All in all, the data points to more buyers than sellers, most homes selling at or over-asking, and home prices continuing to rise.
Read More HERE
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BAY AREA’S PLAYGROUND BECOMES ‘THE’ PLACE TO BE
Most sources agree that the pandemic has not ignited the Bay Area exodus that was expected, but it has solidified priorities and Tahoe appears to be #1 for many. Prior to the pandemic, many Bay Area homeowners wanted to own a second home in Tahoe. Now, they feel the NEED to. Tahoe home ownership (and the surrounding land that comes with it) is in huge demand. among those working and schooling from home and desiring a change of scenery. Historically, Tahoe homes have taken 3 or 4 months to sell; now that process is about 4 days according to CNBC. Often receiving between 4 and 12 offers and selling for far above asking price, it is not uncommon for area listings to sell sight unseen.
RENOVATIONS & REBUILDS DEFINE 2020
For homeowners who are not moving up and not buying a home in Tahoe, upgrading an existing residence may very well be the plan at-hand. High-end entertainment systems, swimming pools and refined outdoor living projects are in such demand, that contractors cannot keep up. Instead of a few large projects, many find themselves with many more small projects and lack the skilled labor and project management to complete them all. Read More HERE
On the opposite end of the spectrum, the wildfires ravaging our state are creating a need for home rebuilds in the months and years to come. Our hearts are with the countless individuals and families impacted by the CZU Lightning Complex Fires, and Sereno Group has pledged $10,000 to the Community Foundation Santa Cruz County Fire Response Fund. To give support or get help, please visit https://www.cfscc.org/updates/fire-response-fund.
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If you have any questions, thoughts or feedback on any of the topics above, please feel free to reach out!
Mark Barber
(Homes of SV, A Sereno Group Team)
408.290.0072 / mark@homesofsv.com
License: 01220031 / Equal Housing Opportunity