We don’t know about you… but since the start of the new month and end of summer, the days are flying by! Time to stop and read the news, yeah right – there’s barely time to drink your coffee! That is what we are here for. This week we are summarizing some Silicon Valley stats in a data drop designed to give you some insight into our market, our community and our place that we all call home.

Silicon Valley Data Drop

Wealthiest  Zip Codes

| Did you know that the 10 wealthiest zip codes in Silicon Valley DO NOT necessarily sell the region’s most expensive homes?! The most expensive home sold in Santa Clara County last year was not in the wealthiest zip code… but the one that ranked #3. Guess the grass can be a bit greener on the other side!

| Los Gatos ranks #5 among the Biz Journal’s report, with a median household income of $171,688 and median home value of $1,980,700.

| Saratoga ranks #6 on the list, with a median household income of $169,986 and a median home value of $1,734,300.

| Palo Alto zip codes holds spots 7,9 and 10 while Los Altos and Portola Valley locales rank 1 & 3 and 2, respectively.

| One more fun zip code fact… Homes of Silicon Valley has helped clients buy and sell homes in virtually EVERY one of the wealthiest zip codes. When we tell you we love the heart of everything about Silicon Valley real estate – we mean it!

The Million Dollar Club

| The Bay Area has 46 cities where the median home value is $1 million or more – more than any other metro in the nation!

| Several more cities are on track to join the $1 million club – including East Palo Alto, Daly City, Brisbane, Alameda, Newark and Fairfax (in Marin County).

| Over the past 5 years, the number of US cities with million-dollar median home prices has doubled.

| While overall home value growth is expected to slow, cities with million-dollar median home prices are on track to meet a new all-time high over the next 12 months!

Eye On Prop 13

| In the 40 years since Prop 13 has been adopted, it could change BIG TIME to allow more seniors to keep a lower tax base when selling.

| Voters are carefully considering the consequences of the newly proposed portable Prop 13 on the ballot this fall; it could increase inventory and help the state’s housing crisis… but also create an estimated annual $2 billion-dollar loss in tax revenue for local governments and schools.

| Currently, only 11 counties accept inter-county transfers of property tax assessments; if passed, the bill would allow transfers of property tax bases to any county in the state.

Need more data? Want to know what home prices are doing in your neighborhood? Be sure to reach out for a complimentary home valuation. The fall market can be an ideal time to sell with the potential for maximum ROI depending on your strategy, location, home type and where you want to go next. Let us know if we can help!

All our best,

Mark & Jason

Resources Used:

These are Silicon Valley's 10 wealthiest ZIP codes in 2018

East Palo Alto, other Bay Area cities are joining the $1 million home club

Prop. 13's next act: Big changes are eyed for California's landmark tax law — could they actually ease the housing crisis?

Brace yourself, Californians: Here are the 12 ballot measures you get to decide in November

Bill would expand property tax portability for older CA homeowners