Market remained strong as there are more buyers than sellers. Both the number of home sold and active listing fell compared with last year. In Palo Alto real estate market, the inventory in September was up to 42 vs 34 in August. 18 homes were sold vs 33 sold in August.
Out of everyone’s surprise, the interest rate remained unchanged after the federal reserve’s meeting in September. Several factors probably contributed to the decision, such as the slowing down of the global economy and stronger US dollar. The increase in the interest rate can make the merging market very vulnerable. Heighten stock market volatility in September was probably also one of the concern. Given all that, the rate hike is not cancelled but postponed. It probably won’t be too long before we see the rate increase.
Since the interest rate has not changed, many home buyers felt that ease of pressure and did not need to jump into making a decision. We saw a tapering effect and the market was not as frenzy as earlier this year. This could be a window of opportunity for buyers who had been outbid in the market.
Santa Clara County Sales Stats
Santa Clara County Year-Over-Year
- Median home prices increased by 12.9% year-over-year to $960,000 from $850,000.
- The average home sales price rose by 11.7% year-over-year to $1,233,240 from $1,104,120.
- Home sales fell by 2.2% year-over-year to 891 from 911.
- Active listings fell 4.2% year-over-year to 2,155 from 2,249.
- Sales price vs. list price ratio rose by 0.3% year-over-year to 103.8% from 103.4%.
- The average days on market fell by 14.7% year-over-year to 23 from 27.
Santa Clara County Compared To Last Month
- Median home prices slipped by 0.8% to $960,000 from $967,400.
- The average home sales price fell by 1.6% to $1,233,240 from $1,252,710.
- Home sales down by 7.7% to 891 from 965.
- Active listings dropped 0.6% to 2,155 from 2,167.
- Sales price vs. list price ratio dropped by 1% to 103.8% from 104.8%.
- The average days on market increased by 3.4% to 23 from 23.