We know how busy life gets, and that the only way you can keep up with real estate sometimes is to watch the signs coming and going in your neighborhood. This month, we are sharing some data you deserve to know stat about the current market with regards to pricing, inventory and sales units per the latest available data.
6 STATS TO KNOW NOW
#1: The median single-family home price is UP 2.9% compared to August (now $1,225,000 vs. $1,190,000).
#2: The sales to list price ratio has leveled out to 100.4% (meaning sellers are getting the prices they are asking).
#3: The days of inventory is UP almost 20% to 53 days, yet still below average (there were 1,313 homes on the market as of 10/5/2019, while the average since 2000 has been 2,778).
#4: Home sales are UP 2.1% year-over-year compared to this time in 2018.
#5: Pending properties are UP 2.9% month-over-month and 4.7% year-over-year.
#6: Condo inventory is UP 65 days, while still below the county average since 2000 by (617 on market today vs. 757 on market per county average).
See data in full HERE at the Homes of Silicon Valley Real Estate Report.
Well, what do you think?
SELLERS: Note that the sales to list price ratio is stable. Not every home and neighborhood is experiencing a price drop to achieve a sale this fall, contrary to popular media belief. Obtaining the price you want is also a function of how precisely your agent prices your home and what marketing strategy he/she/they employ(s). While median home prices are up compared to last month, they are down year-over-year.
BUYERS: This data is especially important for you. Inventory levels, particularly for condos, are growing which means you have more choices than you have in a long time! With pending properties also on the rise, it means that other buyers are succeeding, and you can too. Similarly, the days on market is increasing for both SFR’s and condos as there is more inventory and more time to decide, instead of jumping in before the open house even hits.
If you have any questions about market normalization, what signals may be your personal triggers to buy or sell depending on your goals or just want to say hello – we would love nothing more than to be your first call.
We also want to make sure that our Homes of Silicon Valley Blog continues to cover everything you want & need to know, so if there is a topic we have NOT covered this year that you’d love to learn about, please email us today: team@homesofsv.com.
All our best,
Mark & Sarah