The Santa Clara and San Mateo County real estate market continues to be strong in the month of January despite the stock market volatility.
The lack of inventory continues to be an issue. At the end of January, the number of new listings are 30 in Palo Alto, 33 in Menlo Park, 55 in Mountain View, 40 in Redwood City, and 68 in San Mateo. The month of inventory in most of the cities above are in the one month range, signaling tight inventory.
The stock market volatility and China’s slow growth became concerns in the market. We have seen some softening in the luxury market, however real estate market is still being seen as “safe haven” for many investors. Local big technology companies such as Facebook, Google, and Apple are other major companies in the area are expanding production and employment. Apple’s new campus is project to complete in 2016. Facebook’s workforce of 9,000 is predicted to grow as much as 20 percent annually. The Bay Area population is projected to rise 30 percent to 9.4 million by 2040, up from 7.2 million in 2010, according to updated projections from the Association of Bay Area Governments. The demand for housing will continue to be high.
Santa Clara County Year-Over-Year
- Median home prices increased by 12.3% year-over-year to $898,252 from $800,000.
- The average home sales price dropped by 4% year-over-year to $1,087,020 from $1,132,060.
- Home sales rose by 11.1% year-over-year to 512 from 461.
- Active listings fell 12% year-over-year to 1,085 from 1,233.
- Sales price vs. list price ratio rose by 0.1% year-over-year to 102.6% from 102.6%.
- The average days on market fell by 5.8% year-over-year to 37 from 39.
Santa Clara County Compared with Last Month
- Median home prices slipped by 2% to $898,252 from $917,000.
- The average home sales price fell by 6.1% to $1,087,020 from $1,157,360.
- Home sales down by 40.4% to 512 from 859.
- Active listings dropped 5.5% to 1,085 from 1,148.
- Sales price vs. list price ratio increased by 0.3% to 102.6% from 102.4%.
- The average days on market increased by 9.4% to 37 from 34.
San Mateo County Year-Over-Year
- Median home prices increased by 5.0% year-over-year to $1,050,000 from $1,000,000.
- The average home sales price dropped by 11.2% year-over-year to $1,320,630 from $1,486,730.
- Home sales rose by 23.4% year-over-year to 206 from 167.
- Active listings rose 12.3% year-over-year to 464 from 413.
- Sales price vs. list price ratio rose by 1.6% year-over-year to 104.5% from 102.9%.
- The average days on market rose by 2.3% year-over-year to 33 from 33.
San Mateo County Compared with Last Month
- Median home prices slipped by 10.3% to $1,050,000 from $1,170,000.
- The average home sales price fell by 10.9% to $1,320,630 from $1,482,950.
- Home sales down by 38.5% to 206 from 335.
- Active listings increased 2.0% to 464 from 455.
- Sales price vs. list price ratio dropped by 0.1% to 104.5% from 104.7%.
- The average days on market increased by 5.1% to 33 from 32.