Memorial Day weekend is just about here, which typically marks the unofficial but very much anticipated start to summer! As we transition from a spring to summer market and prepare to wrap-up quarter two of 2019 next month, you may wonder what is happening in housing. You have no doubt seen the recent CNBC report which declared that home sales fell 0.4% month-over-month, and 4.4% year-over-year. But is that the only figure that matters? And how does that statewide data compare to what homeowners in Silicon Valley are experiencing?

To answer the questions above, we encourage you to visit our interactive monthly market report HERE. The settings currently reflect single-family homes in Santa Clara County, but you can easily modify the data to fit your curiosity by changing the county, city and property type.

In summary, single-family home sales in Santa Clara County have decreased 0.4%, which equates to 706 homes sold compared to 709 last month (not a huge difference!). In addition, the median home price ($1,300,000) has remained the same, while the average home price ($1,641,690) has actually increased 8.3%. Inventory in our county has climbed 20.5%, while days on market has decreased to 25 days. Pending properties are up 4%.

What does all of this mean for you? With the average sales price at its highest since June of last year, and the days on market decreasing – home sales are showing signs of picking up. In addition, inventory is continuing to expand (every month for 11 months in a row!). With the sales-to-list price ratio also increasing, this is still a great time to sell – while it’s also an opportune time for buyers who have more options (which means less competition).

If you have any questions about what options the current market presents for you or simply want to know your home’s current value based on a complimentary market valuation, please don’t hesitate to reach out.

All our best & Happy Memorial Day Weekend!

Mark & Jason