It sure is hot out there- the market and the weather! We know you may be thinking ‘well the Silicon Valley market is always hot!’, so this week we wanted to share some of the nationwide home sales trends for comparison.
The infographic below summarizes home sales, inventory and median prices across the nation as of March 2021 compared to March 2020. Year-over-year sales and prices are up double digits in the last twelve months, while inventory has dropped over 35%.
So how does this compare to Silicon Valley?
MEDIAN PRICE - Up 17.2% Nationwide / Up 14.3% In Santa Clara County
INVENTORY - Down 36% Nationwide / Down 50% In Santa Clara County
Sales (Month/Month) - Down 3.7% Nationwide / Up 47.2% In Santa Clara County
SALES (YEAR/YEAR) - Up 12.3% Nationwide / Up 37.7% In Santa Clara County
Similarly, foot traffic trends show some variation across regions. The just-released Sentrilock data illustrates that home showings are up 45% year-over-year across the nation. When broken down further, showings are up across all regions – but vary greatly by how much: West +99%, South +34%, Northeast +20% and Midwest +14%.
The value in comparing national and local data is two-fold. First, potential and current homeowners may get some perspective that what is happening with housing demand is not just happening here – but everywhere. And while it feels like Silicon Valley prices are rising a lot, a median price increase of 14.3% is still less than the nationwide average of 17.2%. Second, the variance in figures is a reminder that while national and local trends can differ, micro-market trends within counties and cities can vary even more! One of the often unspoken but highest-value services your agent can offer you is real-life experience and objective perspective into home trends within cities, across zip codes and in the neighborhoods you are most interested in.
THE BOTTOM LINE: Before you decide if it’s time for you to buy, sell or invest – take a look at data on all levels (national, regional, local and hyperlocal) and weigh your options accordingly. The best news: we can provide all of the data and the list all of the possibilities.
I am always up for a chat, so please text or call at any time!
Mark / 408-596-5526