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March is here and you know what that means… Silicon Valley selling season is well underway! Those of you on our email list already know about our interactive, monthly Real Estate Report presented by Homes of Silicon Valley. If you’re not on our list… have no fear: the Santa Clara County data that you need is here! This month, we’ll provide a month-over-month comparison of median home prices, days on market and inventory levels so you can see how things have changed as spring officially approaches.
Before we launch into the data drop, we also wanted to address the highly-anticipated IPO activity that is slated to boost prices in 2019. As reported by Gizmodo, a February event titled “Tech IPOs effect on Bay Area Real Estate” released some shocking numbers: $250 billion in total valuation of local companies expected to IPO this year. The long list of Bay Area ‘heavyweights’ includes Lyft, Uber, Palantir, Pinterest, Airbnb, Slack, Postmates, and Instacart. One projection in the article estimates a result of 211 tech buyers purchasing property above the $10 million mark, and thousands of buyers expected to buy above the $1 million mark. Read more here: https://tinyurl.com/y45rc6qy
Now for that data drop….
As you can see, average prices (+ 3.4%), completed sales (+ 33.5%), pending sales (+ 56.5%) and sales vs. list price (+ 1.7%) ratios are up. Days on market (- 18.3%) and days of inventory (-25.9%) are lower than the previous month, and median home prices have dropped 0.8% - putting that Santa Clara County SFR median home price at $1,175,000. Overall inventory is up 10%, and condo re-sale prices have risen compared to last month.
One more ongoing trend: Bay Area buyer exhaustion. Home sales are down year-over-year for the 10th month in a row. 482 homes were sold in Santa Clara County last month… though the average since 2000 is 987 per month.
If you have any questions about what the current market activity or projected IPO rush means for you… please don’t hesitate to reach out!
View the full, interactive March report here!
Cheers,
Mark & Jason