Behind the Real Estate Scenes in Silicon Valley

April Silicon Valley Real Estate Market Update

noreply@blogger.com (Tom McEvoy, Realtor) — Tue, 28 Apr 2020 23:11:00 +0000

Quick Market Summary: Now, with the Shelter-in-Place extended to the end of May, what does that portend for the real estate market. Many have inquired of just what the market is doing. Most think that prices are "caving in". Well, that's not the case, not the case at all. Even though the real estate industry is classified as "essential" the author believes strongly that everyone has an essential job -- at least to provide for their family. I repeat that if you have an important need for anything at all that is not getting taken care of, please give me a call at 408-230-0365, or email me at Tom's Email Address.

During what I call a transition month -- from normal/open to shelter-in-place mode, the real estate markets did quite well. For March transactions, median prices have logged year over year increases -- 7.9% in Santa Clara County and decreased a mere 0.2% in San Mateo County. That brings the median price in Santa Clara County to $1,403,000 and $1,755,000 in San Mateo County.

Inventory (supply) dropped in each county. A 32.9% drop in Santa Clara County inventory and a 7.3% decrease in San Mateo County inventory added to the incidence of a higher percentage of transactions selling for more than list price and inferring multiple offers -- 71% for Santa Clara County and 65% for San Mateo County. Sales (demand) continues to exceed inventory (supply).

Even with about a third fewer sales (accepted offers) in each county, we're finding that many transactions are occurring even with the social distancing AND above list price! Yes, it's different but many listings have virtual tours and inspection reports available to view and there's a safe way for showings, especially those homes that are vacant. If you are a seller, the SIP commands photo tour companies and inspectors to only enter when the home is vacant or when the sellers are not there. Let me know if you need any work done (e.g., landscape, painting, cleaning, etc.). I can arrange these for you under the right circumstances.

Condo and townhouse median price in Santa Clara County settled at $797,000 in March compared to $835,000 last year or a decline of 4.6%.

March Nuts and Bolts: Inventory or the number of homes available for purchase in Santa Clara County was 760 down sharply from last year of 1,132 or 32.9%. Closes were 708 and 18.8% lower than the same month last year when it was 872.

For San Mateo County, inventory of single-family residences stood at 341 versus 368 a decrease of 7.3% from last year. Closes were 288 compared to 264 for the same month last year, an increase of 9.1%.

Sale price to list price ratio, a key market condition indicator, shows that for Santa Clara County transactions completed during the month, this stood at 105.4% compared to last year's ratio of 101.4%. 71% of homes in Santa Clara County that closed escrow during the month sold for more than list price compared to 53% last year. For San Mateo County, the ratio was 106.0% versus 103.1% last year. The percent sold for more than list price was 65% versus 54% last year.

The hottest market in Santa Clara County again was the Cupertino/Sunnyvale market area with a median price of about $2.150 million) at 108.8% which means that the average closed sale has a sale price 8.8% higher than the list price! It also registered median days on market of 7 which means half the inventory sold in one week! The coolest is the South County market area (Morgan Hill, San Martin, and Gilroy) with a median price of about $0.880 million) with 99.8% and median days on the market of 9.

Days of unsold inventory is another key indicator which is the intersection of supply of available homes compared to demand and stands at 39 for Santa Clara County and 45 for San Mateo County. The current level for Santa Clara County places it in a seller's market condition since the level is below 40. San Mateo County comes in at a balanced market.

The hottest market in San Mateo County last month the North Cities (Brisbane, Colma, Saly City, Pacifica, San Bruno, South San Francisco) market area (median price of about $1.230 million) at 111.9% with median days on market of 8. The coolest is the Expensive (Menlo Park, Atherton, Portola Valley, Hillsborough, Woodside) market area (median price of about $3.775 million) at 99.2% with median days on the market of 9.

As always, I'm here should you want to discuss your real estate plans or need any help during this unbelievable crisis we all are facing.

Check out and “like” my Facebook Business Page (over 775 have done so) or follow me on my Twitter Page. Thank you for reading and please stay safe and healthy. If you need any help, with anything at all, please let me know as I'll be your advocate and resource.

March Silicon Valley Real Estate Update

noreply@blogger.com (Tom McEvoy, Realtor) — Mon, 30 Mar 2020 22:49:00 +0000

Quick Market Summary: Wow, what a difference a month or so makes! We've learned that the Shelter-in-Place was extended to the end of April. We're finding new routines in our homes and only going out if part of the deemed essential nad all others for just food, medicine, gas, etc. Just last Saturday, real estate was reclassified as "essential". So, should you want to discuss any aspect of real estate, please don't hesitate to contact me. If you have an important need for anything at all that is not getting taken care of, please give me a call at 408-230-0365, email me at Tom's Email Address.

As for the real estate markets, before the virus crises hit, the markets were doing well. For February transactions, median prices have logged year over year increases -- 14.8% in Santa Clara County and 5.5% in San Mateo County. That brings the median price in Santa Clara County to $1,378,000 and $1,603,000 in San Mateo County.

Inventory (supply) dropped in each county. A 24.0% drop in Santa Clara County inventory and a 12.9% decrease in San Mateo County inventory added to the incidence of a higher percentage of transactions selling for more than list price and inferring multiple offers -- 64% for Santa Clara County and 56% for San Mateo County. Sales (demand) continues to exceed inventory (supply).

Finally in this overview, we find that transactions are occurring even with the social distancing! Anecdotal information I've obtained finds some listings obtaining a bunch of offers. If you are a buyer who sees a listed home's virtual tour, let me know and I'll try to obtain available information and inspection reports for you to read and review. If you are a seller, the SIP commands photo tour companies and inspectors NOT to go out currently but let me know and as soon as safe and practical, I can get these arranged for you along with any work that is needed (landscape, painting, cleaning, etc.).

Condo and townhouse median price in Santa Clara County settled at $794,000 in February compared to $825,000 last year or a decline of 3.8%.

February Nuts and Bolts: Inventory or the number of homes available for purchase in Santa Clara County was 736 down sharply from last year of 969 or 24.0%. Closes were 609 and were just 0.3% higher than the same month last year when it was 607.

For San Mateo County, inventory of single-family residences stood at 352 versus 404 a decrease of 12.9% from February 2019. Closes were 259 compared to 262 for the same month last year, a decrease of 1.1%.

Sale price to list price ratio, a key market condition indicator, shows that for Santa Clara County transactions completed during the month, this stood at 104.6% compared to last year's ratio of 101.3%. 64.5% of homes in Santa Clara County that closed escrow in February sold for more than list price compared to 50.4% last year. For San Mateo County, the ratio was 105.3% versus 103.6% last year. The percent sold for more than list price was 56% versus 60% last year.

The hottest market in Santa Clara County again was the Cupertino/Sunnyvale market area with a median price of about $2.100 million) at 107.7% which means that the average closed sale has a sale price 7.7% higher than the list price! It also registered median days on market of 8 which means half the inventory sold in 8 days! The coolest is the South County market area (Morgan Hill, San Martin, and Gilroy) with a median price of about $0.920 million) with 99.1% and median days on the market of 11.

Days of unsold inventory is another key indicator which is the intersection of supply of available homes compared to demand and stands at 27.8 for Santa Clara County and 36 for San Mateo County. The current levels place both counties in a seller's market condition since their levels are below 40.

The hottest market in San Mateo County last month the North Cities (Brisbane, Colma, Saly City, Pacifica, San Bruno, South San Francisco) market area (median price of about $1.160 million) at 109.1% with median days on market of 11. The coolest is the Expensive (Menlo Park, Atherton, Portola Valley, Hillsborough, Woodside) market area (median price of about $3.635 million) at 97.6% with median days on the market of 16.

February Silicon Valley Real Estate Market Update

noreply@blogger.com (Tom McEvoy, Realtor) — Wed, 19 Feb 2020 23:37:00 +0000

Quick Market Summary: Small year over year increases continue in our markets. That's what we find analyzing January transactions for both counties. Santa Clara County's January 2020 median price was $1,250,000, a 4.2% increase since January 2019 when it was $1,200,000. Same in San Mateo County which saw an increase of 1.5% to $1,510,000 from $1,487,000.

Inventory (supply) plummeted in each county (again). Demand crossed oversupply last month and continues to be the case. Even though we've seen a lower price trend, demand has moved ahead of inventory. We'll see if it translates into higher prices down the road. Still, sellers need to be more aggressive as to list prices as the market is lower than the market peak which occurred back in Spring 2018. Buyers have lower mortgage rates that help coupled with lowered inventory, making it more difficult to purchase due to the higher level of competition. Multiple offers occur in about half of the transactions in each county.

Condo and townhouse median price in Santa Clara County settled at $772,000 in January compared to $768,000 last year or a slight increase of 1.0%.

January Nuts and Bolts: Inventory or the number of homes available for purchase in Santa Clara County was 543 (second lowest in the last 20 years!) down sharply from last year of 804 or 32.5%. Closes were 449 and were 4.3% lower than the same month last year when it was 469.

For San Mateo County, inventory of single-family residences stood at 272 versus 334 a decrease of 18.6% from January 2019. Closes were 184 compared to 180 for the same month last year, an increase of 1.0%.

Sale price to list price ratio, a key market condition indicator, shows that for Santa Clara County transactions completed during the month, this stood at 100.9% compared to last year's ratio of 99.5%. 47.6% of homes in Santa Clara County that closed escrow in January sold for more than list price compared to 34.6% last year. For San Mateo County, the ratio was 104.7% versus 101.9% last year. The percent sold for more than list price was 53% versus 49% last year.

The hottest market in Santa Clara County again was the Cupertino/Sunnyvale market area with a median price of about $2.100 million) at 106.2% which means that the average closed sale has a sale price 6.2% higher than the list price! It also registered median days on market of 8 which means half the inventory sold in 8 days! The coolest is the South County market area (Morgan Hill, San Martin, and Gilroy) with a median price of about $0.867 million) with 97.3% and median days on the market of 13. Not far behind South County was the Los Altos/Palo Alto market area which had fallen from one of the top hot spots in the valley. Sellers in this market area need to adjust list prices that reflect this reality.

Days of unsold inventory is another key indicator which is the intersection of supply of available homes compared to demand and stands at 35.7 for Santa Clara County and 33 for San Mateo County. The current levels place both counties in a seller's market condition since their levels are below 40. I've seen some so-called experts or recent news articles state that we are in a "buyer's" market, this is clearly NOT the case. Again, sellers need to be careful about their list price and should err more on a lower level lest they get stuck on the market.

The hottest market in San Mateo County last month the Bay Cities (Belmont, Burlingame, Milbrae, San Carlos, San Mateo) market area (median price of about $1.724 million) at 108.2% with median days on market of 9. The coolest is the Expensive (Menlo Park, Atherton, Portola Valley, Hillsborough, Woodside) market area (median price of about $3.528 million) at 98.3% with median days on the market of 16.

As always, markets are dynamic and the supply and demand in a particular area or even neighborhood can vary and it does so sometimes quickly. If you would like specific market condition information for your area or neighborhood or a current home valuation, please feel free to call me, your RE/MAX Gold Agent! You are welcome to leave your comments or questions or contact me directly at my website. Check out and “like” my Facebook Business Page (over 770 have done so) or follow me on my Twitter Page. Thank you for reading

Lunar New Year 2020

noreply@blogger.com (Tom McEvoy, Realtor) — Wed, 15 Jan 2020 23:37:00 +0000

Happy New Year! OK, Happy Lunar New Year! In the Chinese calendar, the longest chronological record in history dating back to 2700 B.C., this year marks the lunar year 4718 -- Year of the Rat. The first day of the lunar year is January 25, 2020. For the Tet Vietnamese New Year it will be the same, Year of the Rat!

Famous people born in the Year of the Rat include William Shakespeare, George Washington, Richard Nixon, George H.W. Bush, Jimmy Carter, Charles I of England, Peter the Great, John McCain, James Cook, Galileo Galilei, Pyotr Ilyich Tchaikovsky.

Here are selected local events celebrating the Lunar New Year in San Francisco. Please check the events for updates.

San Francisco/San Francisco's Chinatown:

Saturday, January 18, 10:00am-8:00pm, Sunday, January 19, 9:00am-6:00pm - 31st Annual Flower Market Fair, Grant Avenue from Clay to Broadway. Pacific, Jackson, and Washington between Stockton and Kearny. The Chinese New Year Flower Market Fair is held on the weekend before Chinese New Year Day. The Flower Fair is the place to come to purchase fresh flowers, fruits, candies and brand new supplies for the home to begin the new lunar year. Non-smoking event.

Chinese New Year Day, January 25, 2020, Year of the Rat

Saturday, February 1, 10:00am-4:00pm - 25th Annual Basketball Jamboree, Betty Ann Ong Recreational Center, 1199 Mason Street, San Francisco. More information: email hoopsterlee@gmail.com

Saturday, February 1, 7:30pm - Miss Chinatown USA Pageant, Palace of Fine Arts, 3301 Lyon Street @ Bay, San Francisco (www.chineseparade.com). Admission fee. For more information contact the Chinese Chamber of Commerce at 415-982-3000.

Friday, February 7, 6:00pm - Miss Chinatown Coronation Ball. The newly selected Miss Chinatown USA and her court will be crowned at the annual Thunder Valley Casino Resort Miss Chinatown USA Coronation Ball. The black-tie dinner/dance, attended by many community leaders, promises to be a highlight of the Lunar New Year festivities. Coronation Ball Tickets are sold through the SF Chinese Chamber of Commerce by dialing at 415- 982-3000.

Saturday, February 8, 5:15-8:00pm, Southwest Airlines Chinese New Year Parade http://www.chineseparade.com Free

History: San Francisco's Chinese New Year Parade began in 1860 and was named by the IFEA to be one of the top ten parades in the world! It is also one of the few remaining night illuminated parades in the country. The parade and festival have grown to be the largest celebration of Asian culture outside of Asia! Since 1958 the parade has been organized and directed by the Chinese Chamber of Commerce.

More Information: Chinese New Year Festival and Parade, Market and Second Streets to Kearny and Jackson. Check out "Gum Lung", the 288-foot-long Golden Dragon! (www.chineseparade.com/) Can't be there? Watch or DVR it on KTVU Fox Channel 2 or KTSF Channel 26 (Chinese broadcast) on Saturday, February 8 from 6:00-8:00pm.

Saturday, February 8, 10:00am-4:30pm - Sunday, February 9, 9:00am-5:00pm, 29th Chinatown Community Street Fair, Grant Avenue from California to Broadway, Sacramento, Washington, Jackson & Pacific between Stockton & Kearny. www.chineseparade.com

You will find over 120 booths and concessions making this a shopper’s paradise. The SF Chinese Chamber of Commerce has planned activities and entertainment for all ages. Enjoy Chinese folk dancing, opera, drumming and much more at the entertainment stage on Washington St. below Grant Ave. Make sure to get a family photo with the giant puppets, dragon and other memorable artifacts from the Parade!

Sunday, March 1, 8:00am start, registration begins at 7:00am, 39th Annual Chinese Chamber of Commerce; Chinatown YMCA 10K/5K Run/Walk, Chinatown/Sacramento and Grant www.sfchinatownrun.org or 415-576-9622

This event comprises a 10K or 5K run or walk and raises funds for the YMCA's youth and teen programs. The event expects 1,700 participants and 250 volunteers.

More Than A Hundred Years of the Chinese (Lunar) Calendar (1912 to 2043)

The Chinese Calendar names each year after an animal and legend has it that a person born under a certain animal will display traits of that animal. I was born in the Year of the Tiger. What sign are you in the Chinese 12-year calendar cycle? Look up in the table below what year you were born and the corresponding animal.

Rat: 1912 1924 1936 1948 1960 1972 1984 1996 2008 2020 2032

Ox: 1913 1925 1937 1949 1961 1973 1985 1997 2009 2021 2033

Tiger: 1914 1926 1938 1950 1962 1974 1986 1998 2010 2022 2034

Rabbit: 1915 1927 1939 1951 1963 1975 1987 1999 2011 2023 2035

Dragon: 1916 1928 1940 1952 1964 1976 1988 2000 2012 2024 2036

Snake: 1917 1929 1941 1953 1965 1977 1989 2001 2013 2025 2037

Horse: 1918 1930 1942 1954 1966 1978 1990 2002 2014 2026 2038

Ram: 1919 1931 1943 1955 1967 1979 1991 2003 2015 2027 2039

Monkey: 1920 1932 1944 1956 1968 1980 1992 2004 2016 2028 2040

Rooster: 1921 1933 1945 1957 1969 1981 1993 2005 2017 2029 2041

Dog: 1922 1934 1946 1958 1970 1982 1994 2006 2018 2030 2042

Boar: 1923 1935 1947 1959 1971 1983 1995 2007 2019 2031 2043

Gung Hey Fat Choy! Chuc Mung Nam Moi! Happy Year of the Rat!

January Silicon Valley Real Estate Market Update

noreply@blogger.com (Tom McEvoy, Realtor) — Tue, 14 Jan 2020 23:30:00 +0000

Quick Market Summary: From year over year decreases to year over year increases! That's what we find analyzing December transactions for both counties. Santa Clara County's December 2019 median price was $1,248,000, 7.5% increase since December 2018 when it was $1,161,000. Same in San Mateo County which saw an increase of 3.4% to $1,499,000 from $1,450,000.

Inventory (supply) plummeted in each county. Demand crossed oversupply last month and continues to be the case. This pattern puts upward pressure on prices and generally signals higher prices depending upon how long it lasts. Still, sellers need to be more aggressive as to list prices as the market is lower than the market peak which occurred back in Spring 2018. Buyers are still looking at low mortgage rates but with a decrease in inventory, there will be more competition when it comes time to submit an offer so buyers need to have all their ducks in a row!

Condo and townhouse median price in Santa Clara County settled at $766,000 in December compared to $775,000 last year or a decrease of 1.2%.

December Nuts and Bolts: Inventory or the number of homes available for purchase in Santa Clara County was 393 (second lowest in the last 20 years!) down sharply from last year of 639 or 38.5%. Closes were 703 and were 13.4% higher from the same month last year when it was 620. This blows the theory oft spread by some agents and in the media who state that sales/closings are constrained by low inventory levels. They lose sight of another major variable in their research that of turnover.

For San Mateo County, inventory of single-family residences stood at 190 versus 276 a decrease of 31.1% from December 2018. Closes were 279 compared to 241 for the same month last year, an increase of 15.8%.

Sale price to list price ratio, a key market condition indicator, shows that for Santa Clara County transactions completed during the month, this stood at 100.5% compared to last year's ratio of 100.2%. 43.7% of homes in Santa Clara County that closed escrow in December sold for more than list price compared to 41.9% last year and 75.3% in December 2017. For San Mateo County, the ratio was 102.3% versus 103.4% last year. The percent sold for more than list price was 51% versus 57% last year.

The following graphs of the Number of Active Listings (Inventory) of single-family residences for Santa Clara County and San Mateo County, respectively. Data are from MLSListings.com transactional information and covers the date range from January 2003 through December 2019. Please notice that for the past 6 years or so the trend has been generally lower.

The hottest market in Santa Clara County again was the Cupertino/Sunnyvale market area with a median price of about $2.002 million) at 103.6% which means that the average closed sale has a sale price 3.6% higher than the list price! It also registered median days on market of 18 which means half the inventory sold in 18 days! The coolest is the South County market area (Morgan Hill, San Martin, and Gilroy) with a median price of about $0.873 million) with 98.1% and median days on the market of 48.

Days of unsold inventory is another key indicator which is the intersection of supply of available homes compared to demand that is flat or slightly up and stands at 33.6 for Santa Clara County and 41 for San Mateo County. The current levels place both counties in a seller's market condition since their levels are below 40. I've seen some so-called experts or recent news articles state that we are in a "buyer's" market, this is clearly NOT the case. Again, sellers need to be careful about their list price and should err more on a lower level lest they get stuck on the market.

The hottest market in San Mateo County last month remains the North Cities (Brisbane, Colma, Daly City, Pacifica, San Bruno, South San Francisco) market area (median price of about $1.091 million) at 106.9% with median days on market of 24. The coolest is the Expensive (Menlo Park, Atherton, Portola Valley, Hillsborough, Woodside) market area (median price of about $3.068 million) at 97.5% with median days on the market of 33.

December Silicon Valley Real Estate Market Update

noreply@blogger.com (Tom McEvoy, Realtor) — Tue, 10 Dec 2019 22:36:00 +0000

Quick Market Summary: Year over year decreases have been the norm in Santa Clara County these past several months but last month saw the median price tie the November 2018 level at $1,260,000 and just a 2.2% decrease since November 2017 when it was $1,289,000. Not so in San Mateo County which saw an increase (what?) of 7.3% to $1,610,000.

Due to the dramatic decrease in supply as we near the end of the year, demand has crossed above supply. This pattern which we saw most of the time during the past several years puts UPWARD pressure on prices and generally signals higher prices depending upon how long it lasts. As was mentioned last month that the trend seemed to have changed has come to pass. We'll see how this new trend change will last. Still, sellers need to be more aggressive as to list prices as the market is lower than the market peak which occurred back in Spring 2018. Buyers are still looking at low mortgage rates but with the decrease in inventory as we get into the Holiday Season there will be more competition when it comes time to submit an offer.

For November results, we see that the Santa Clara County median price for single-family residences is the same as it was the same month a year ago. In San Mateo County the median price stood at $1,610,000 versus $1,500,000 the same month a year ago.

Condo and townhouse median price in Santa Clara County settled at $799,000 in November compared to $850,000 last year or a decrease of 6.0%.

November Nuts and Bolts: Inventory or the number of homes available for purchase in Santa Clara County was 706 down sharply from last year of 1,075 or 34.3%. Closes were 835 and 5.6% higher from the same month last year when it was 791. This blows the theory oft spread by some agents and in the media who state that sales/closings are constrained by low inventory levels. They lose sight of another major variable in their research of turnover.

For San Mateo County, inventory of single-family residences stood at 324 versus 388 a decrease of 16.5% from November 2018. Closes were 335 compared to 345 for the same month last year, a decrease of 2.9%.

Sale price to list price ratio, a key market condition indicator, shows that for Santa Clara County transactions completed during the month, this stood at 100.2% compared to last year's ratio of 100.5%. 40.8% of homes in Santa Clara County that closed escrow in November sold for more than list price compared to 46.5% last year and 77.9% in November 2017. For San Mateo County, the ratio was 103.1% versus 103.2% last year and 56% of the closings sold for more than list price versus 55% last year.

The following graphs of Months of Inventory of single-family residences for Santa Clara County and San Mateo County, respectively. Data are from MLSListings.com transactional information and covers the date range from January 2002 through November 2019. Please notice that for the past 6 years or so the trend has been generally lower.

The hottest market in Santa Clara County again was the Cupertino/Sunnyvale market area with a median price of about $1.852 million) at 103.0% which means that the average closed sale has a sale price 3.0% higher than the list price! It also registered median days on market of 9 which means half the inventory sold in 9 days! The coolest is the South County market area (Morgan Hill, San Martin, and Gilroy) with a median price of about $0.915 million) with 98.3% and median days on the market of 33.

Days of unsold inventory is another key indicator which is the intersection of supply of available homes compared to demand that is flat or slightly up and stands at 32 for Santa Clara County and 37 for San Mateo County. The current levels place both counties back into a seller's market condition since their levels are below 40. I've seen some so-called experts or recent news articles state that we are in a "buyer's" market, this is clearly NOT the case. Again, sellers need to be careful about their list price and should err more on a lower level lest they get stuck on the market.

The hottest market in San Mateo County last month remains the North Cities (Brisbane, Colma, Daly City, Pacifica, San Bruno, South San Francisco) market area (median price of about $1.080 million) at 107.5% with median days on market of 22. The coolest is the Coast (Half Moon Bay, El Granada, Moss Beach, Montara) market area (median price of about $1.150 million) at 96.7% with median days on the market of 33.

November Silicon Valley Real Estate Market Update

noreply@blogger.com (Tom McEvoy, Realtor) — Mon, 11 Nov 2019 22:34:00 +0000

Quick Market Summary: Year over year decreases continue in Santa Clara County as the median price decreased 5.4% from last year to $1,230,000 and now shows a 2.4% decrease since October 2017. Not so in San Mateo County which saw a decrease of 0.9% to $1,580,000 but a two-year increase of 3.6%. Overall, demand continues below supply which puts downward pressure on prices and makes for listings staying on the market longer BUT the trend shows signs of changing or at least stabilizing. Sellers need to be more aggressive as to list prices since the market peak in Spring 2018 as buyers generally do not submit offers well below list price but rather wait for sellers to reduce the list price. Buyers have a few important considerations to think about -- declining or low mortgage rates, decreasing inventory this time of year as we get into the Holiday Season, prices that have decreased and off the all-time highs reached last year. These are helping buyers purchase more home with a smaller monthly payment -- which is to say that there is more value than last year.

For October results, we see that Santa Clara County and San Mateo County median prices for single-family residences are lower than the same month a year ago. For the two-year period, median prices for Santa Clara County stood at $1,230,000 versus $1,260,000 and San Mateo County stood at $1,580,000 as compared to $1,525,000.

Condo and townhouse median price in Santa Clara County settled at $790,000 in October compared to $900,000 last year or a decrease of 12.2%.

October Nuts and Bolts: Inventory or the number of homes available for purchase in Santa Clara County was 1,099, down significantly from last year of 1,393 or 21.1%. Closes were 875 slightly more than 0.7% from the same month last year when it was 869. Inventory levels have been about flat and hovering at low levels for the past three years.

For San Mateo County, inventory of single-family residences stood at 496 versus 545 a decrease of 9.0% from October 2018. Closes were 388 compared to 394 for the same month last year, a decrease of 1.5%.

Sale price to list price ratio, a key market condition indicator, shows that for Santa Clara County transactions completed during the month, this stood at 100.2% compared to last year's ratio of 101.9%. 40.5% of homes in Santa Clara County that closed escrow in October sold for more than list price compared to 54.0% last year and 75.4% in October 2017. For San Mateo County, the ratio was 104.0% versus 106.0% last year and 58% of the closings sold for more than list price versus 68% last year.

The following graphs of Median Days to Sell for Santa Clara and San Mateo counties for single-family residences. Data is from MLSListings.com transactional information and covers the date range from January 2002 through October 2019. Please notice that for the past 6 years or so the indicators have been in relatively narrow ranges but on the low side meaning that sellers generally have had the advantage. Most news/online articles on this topic will have you believe we're in a buyer's market but were are not.

The hottest market in Santa Clara County again was its most expensive as the Los Altos/Palo Alto market area with a median price of about $3.230 million) at 103.0% which means that the average closed sale has a sale price 3.0% higher than the list price! It also registered median days on market of 16 which means half the inventory sold in 16 days. The coolest is the South County market area (Morgan Hill, San Martin, and Gilroy) with a median price of about $0.900 million) with 98.6% and median days on the market of 25.

Days of unsold inventory is another key indicator which is the intersection of supply of available homes compared to demand that is flat or slightly up and stands at 41 for Santa Clara County and 43 for San Mateo County. The current levels place both counties in a balanced market condition since their levels are above 40. Again, contrary to recent news articles which state that we are in a "buyer's" market, this is clearly NOT the case.

The hottest market in San Mateo County last month remains the North Cities (Brisbane, Colma, Daly City, Pacifica, San Bruno, South San Francisco) market area (median price of about $1.150 million) at 108.2% with median days on market of 13. The coolest is the Coast (Half Moon Bay, El Granada, Moss Beach, Montara) market area (median price of about $1.100 million) at 98.9% with median days on the market of 21.

As always, markets are always changing and the supply and demand in a particular area or even neighborhood can vary. If you would like specific market condition information for your area or neighborhood or a current home valuation, please feel free to call me, your RE/MAX Gold Agent! You are welcome to leave your comments or questions or contact me directly at my website. Check out and “like” my Facebook Business Page (over 770 have done so) or follow me on my Twitter Page. Thank you for your i

October Silicon Valley Real Estate Market Update

noreply@blogger.com (Tom McEvoy, Realtor) — Wed, 16 Oct 2019 22:21:00 +0000

Quick Market Summary: Year over year decreases continue in Santa Clara County as the median price decreased 3.2% from last year to $1,225,000 but shows a 3.8% increase since September 2018. Not so in San Mateo County which saw a decrease of 9.7% to $1,490,000 but a two-year increase of 1.7%. Overall, demand continues below supply which puts downward pressure on prices and makes for listings staying on the market longer. Sellers need to be more aggressive as to list prices since the market peak in Spring 2018. Buyers have a few important considerations to think about -- declining or low mortgage rates, more choices and decreasing prices helping buyers purchase a home below record prices using fewer funds for a down payment and ending up with a smaller monthly payment.

For September results, we see that Santa Clara County and San Mateo County median prices for single-family residences are lower than the same month a year ago but both up slightly from two years ago. Median prices for Santa Clara County stood at $1,225,000 versus $1,265,000 and San Mateo County stood at $1,490,000 as compared to $1,650,000.

Condo and townhouse median price in Santa Clara County settled at $835,000 in September compared to $865,000 last year or a decrease of 3.5%, approximating the decrease in median prices of single-family residences.

September Nuts and Bolts: Inventory or the number of homes available for purchase in Santa Clara County was 1,305, down from 1,408 or 7.3%. Closes were 835 down 0.6% from the same month last year when it was 840. This has actually been about flat for three years.

For San Mateo County, inventory of single-family residences stood at 523 versus 553 a decrease of 5.4% from September 2018. Closes were 339 compared to 373 for the same month last year, a decrease of 9.1%.

Sale price to list price ratio, a key market condition indicator, shows that for Santa Clara County transactions completed during the month, this stood at 100.4% compared to last year's ratio of 102.3%. 44.3% of homes in Santa Clara County that closed escrow in September sold for more than list price compared to 54.6% last year and 70.4% in September 2017. It was 59% in San Mateo County versus 69% last year.

The hottest market in Santa Clara County was its most expensive as the Los Altos/Palo Alto market area with a median price of about $3.065 million) at 104.7% which means that the average closed sale has a sale price 4.7% higher than the list price! It also registered median days on market of 15 which means half the inventory sells in 15 days. The coolest is the South County market area (Morgan Hill, San Martin, and Gilroy) with a median price of about $0.850 million) with 99.4%.

Days of unsold inventory and another key indicator which is the intersection of supply of available homes compared to demand that is flat or slightly up and stands at 49 for Santa Clara County and 45 for San Mateo County. The current levels place both counties in a balanced market condition since their levels are above 40. Contrary to recent news articles which state that we are in a "buyer's" market, this is clearly NOT the case.

The hottest market in San Mateo County last month is the North Cities (Brisbane, Colma, Daly City, Pacifica, San Bruno, South San Francisco) market area (median price of about $1.130 million) at 108.0% with median days on market of 13. The coolest is the Coast (Half Moon Bay, El Granada, Moss Beach, Montara) market area (median price of about $1.280 million) at 99.4% with median days on the market of 12.

September Silicon Valley Real Estate Market Update

noreply@blogger.com (Tom McEvoy, Realtor) — Tue, 24 Sep 2019 21:58:00 +0000

Quick Market Summary: Year over year decreases continue in Santa Clara County as the median price decreased 8.5% from last year to $1,188,000 but shows a 3.3% increase since August 2017. Not so in San Mateo County which had an increase on 5.1%! Overall, demand is below supply which puts downward pressure on prices and makes for listings staying on the market longer. Sellers need to be more aggressive as to list prices. Buyers have a few important considerations to think about -- declining mortgage rates, more choices and decreasing prices in Santa Clara County helping buyers purchase a home below record prices and a smaller monthly payment.

For August results, we see that Santa Clara County median prices for single family residences are 8.5% lower than the same month a year ago. San Mateo County median prices increased 5.1% from the same month a year ago. Median prices for Santa Clara County stood at $1,188,000 versus $1,298,000. In the context of looking at the past two years we've seen the median go from $1,150,000 in August 2017 to $1,188,000 or a two-year gain of 3.3%. San Mateo County shows a two-year gain of 8.9%.

Condo and townhouse median price in Santa Clara County reached $840,000 in August compared to $924,000 last year or a decrease of 9.1%.

August Nuts and Bolts: Inventory or the amount of homes available for purchase in Santa Clara County was 1,347 up sharply from 1,197 or 12.5%. Closes were 925 down 0.8% from the same month last year when is was 932. This has actually been about flat for three years.

For San Mateo County, inventory of single family residences stood at 420 versus 498 a decrease of 15.7% from August 2018. Closes were 335 compared to 354 for the same month last year, a decrease of 5.4%.

Sale price to list price ratio, a key market condition indicator, shows that for Santa Clara County transactions completed during the month, this stood at 100.4% compared to last year's ratio of 104.1%. 45.2% of homes in Santa Clara County that closed escrow in August sold for more than list price compared to 67.4% last year and 74.4% in August 2017. It was 56% in San Mateo County versus 77% last year.

The hottest market in Santa Clara County continues to be the Cupertino/Sunnyvale market area with a median price of about $1.860 million) at 101.3% which means that the average closed sale has a sale price 1.3% higher than the list price! It also registered a median days on market of 13 which means half the inventory sells in 13 days. The coolest is the South County market area (Morgan Hill, San Martin and Gilroy) with a median price of about $0.908 million) with 98.9%.

Days of unsold inventory and another key indicator which is the intersection of supply of available homes compared to the demand, moved up and stands at 52 for Santa Clara County and 43 for San Mateo County. The current levels place both counties in a balanced market condition since their levels are above 40. Contrary to a recent San Jose Mercury News article which stated we are in a "buyer's" market, each county is not.

The hottest market in San Mateo County last month is the North Cities (Brisbane, Colma, Daly City, Pacifica, San Bruno, South San Francisco) market area (median price of about $1.139 million) at 110.6% with a median days on market of 13. The coolest is the Coast (Half Moon Bay, El Granada, Moss Beach, Montara) market area (median price of about $1.250 million) at 98.7% with median days on the market of 65.

As always, markets are always changing and the supply and demand in a particular area or even neighborhood can vary. If you would like specific market condition information for your area or neighborhood or a current home valuation, please feel free to call me, your RE/MAX Gold Agent! You are welcome to leave your comments or questions or contact me directly at my website. Check out and “like” my Facebook Business Page (over 775 have done so) or follow me on my Twitter Page.Thank you.

August Silicon Valley Real Estate Market Update

noreply@blogger.com (Tom McEvoy, Realtor) — Thu, 22 Aug 2019 22:27:00 +0000

Quick Market Summary: Last month I stated that sequentially median prices in Santa Clara and San Mateo counties were nudging upwards since the recent low in December of last year. However, that appears to have ended. We've been in a kind of flat market environment these past three or four months. Not a usual thing to see. We see signs that the market is topping as is usual for summer time. As was stated last month and because of the incredible "double ramp up" of prices in the latter part of 2017 and early 2018, we'll continue to see year over year decreases for a while. Overall, demand is below supply which puts downward pressure on prices and makes for listings staying on the market longer. Sellers need to be more aggressive as to list prices. Buyers have two important things going for them -- declining mortgage rates and prices have moderated to help.

For July results, we see that Santa Clara County median prices for single family residences are 3.8% lower than in July 2018. San Mateo County median prices have decreased 3.5% from the same month a year ago. Median prices for Santa Clara County stood at $1,299,000 versus $1,350,000. In the context of looking at the past two years we've seen the median go from $1,168,000 in July 2017 to $1,299,000 or a two-year gain of 11.2%.

Condo and townhouse median price in Santa Clara County reached $820,000 in July compared to $910,000 last year or a decrease of 9.9%. Two-year change was impressive at 11.9%.

July Nuts and Bolts: Inventory or the amount of homes available for purchase in Santa Clara County was 1,369 up sharply from 1,209 or 13.2%. Sales (accepted offers) were 1,006 up 1.3% from the same month last year when is was 993. The number of sales has trended lower for several years.

For San Mateo County, inventory of single family residences stood at 437 versus 414 or an increase of 5.6% from July 2018. Sales (accepted offers) were 350 compared to 382 for the same month last year, a decrease of 8.4%.

Sale price to list price ratio, a key market condition indicator, shows that for Santa Clara County transactions completed during the month, this stood at 100.7% compared to last year's ratio of 105.2%. 48.2% of homes in Santa Clara County that closed escrow in July sold for more than list price compared to 70.6% last year and 74.4% in July 2017. It was 61% in San Mateo County versus 75% last year.

The hottest market in Santa Clara County again belongs to the Cupertino/Sunnyvale market area with a median price of about $1.871 million) at 101.0% which means that the average closed sale has a sale price 1.0% higher than the list price! It also registered a median days on market of 11 which means half the inventory sells in 11 days. The coolest is the South County market area (Morgan Hill, San Martin and Gilroy) with a median price of about $0.943 million) with 98.7%.

Days of unsold inventory and another key indicator which is the intersection of supply of available homes compared to the demand, moved up and stands at 48 for Santa Clara County and 44 for San Mateo County. Both of these are higher than last year's figures of 43 and 34, respectively and the highest since 2012. The current levels place Santa Clara County and San Mateo in a balanced market condition since their levels are above 40.

The hottest market in San Mateo County last month is the North Cities (Brisbane, Colma, Daly City, Pacifica, San Bruno, South San Francisco) market area (median price of about $1.138 million) at 111.1% with a median days on market of 13. The coolest is the Coast (Half Moon Bay, El Granada, Moss Beach, Montara) market area (median price of about $1.250 million) at 99.3% with median days on the market of 40.

As always, markets are always changing and the supply and demand in a particular area or even neighborhood can vary. If you would like specific market condition information for your area or neighborhood or a current home valuation, please feel free to call me, your RE/MAX Gold Agent! You are welcome to leave your comments or questions or contact me directly at my website. Check out and “like” my Facebook Business Page (over 775 have done so) or follow me on my Twitter Page.Thank you.

July Silicon Valley Real Estate Market Update

noreply@blogger.com (Tom McEvoy, Realtor) — Mon, 15 Jul 2019 19:45:00 +0000

Quick Market Summary: Sequentially median prices in Santa Clara and San Mateo counties keep nudging upwards since the recent low in December of last year. There are continued signs the market is topping as is usual for this time of the year (May-June). Last year the peak actually arrived in March and turned into a significant correction. As stated last month and because of the incredible "double ramp up" of prices in the latter part of 2017 and early 2018, we'll continue to see year over year decreases for a while. Overall, demand is below supply which puts downward pressure on prices and makes for listings staying on the market longer.

For June results, we see that Santa Clara County median prices are 4.6% lower than in June 2018. San Mateo County median prices have decreased 0.9% from the same month a year ago. Median prices for Santa Clara County stood at $1,335,000 versus $1,400,000. In the context of looking at the past two years we've seen the median go from $1,182,000 in June 2017 to $1,335,000 or a two-year gain of 12.9%.

Condo and townhouse median price in Santa Clara County reached $873,000 in June compared to $933,000 last year or a decrease of 6.4%

June Nuts and Bolts: Inventory or the amount of homes available for purchase in Santa Clara County was 1,393 up sharply from 1,045 or 33.3%. Sales (accepted offers) were 1,056 down 4.0% from the same month last year when is was 1,100. The number of sales has trended lower for several years.

For San Mateo County, inventory of single family residences stood at 440 versus 397 or an increase of 10.8% from June 2018. Sales (accepted offers) were 423 compared to 431 for the same month last year, a decrease of 1.9%.

Sale price to list price ratio, a key market condition indicator, shows that for Santa Clara County transactions completed during the month, this stood at 101.5% compared to last year's ratio of 107.8%. 53.9% of homes in Santa Clara County that closed escrow in June sold for more than list price compared to 79.5% last year and 72.3% in June 2017. It was 62% in San Mateo County versus 81% last year.

The hottest market in Santa Clara County again belongs to the Cupertino/Sunnyvale market area with a median price of about $1.994 million) at 103.3% which means that the average closed sale has a sale price 3.3% higher than the list price! It also registered a median days on market of 15 which means half the inventory sells in just a bit over two weeks. The coolest is the South County market area (Morgan Hill, San Martin and Gilroy) with a median price of about $0.884 million) with 99.7%.

Days of unsold inventory and another key indicator which is the intersection of supply of available homes compared to the demand, moved up and stands at 46.2 for Santa Clara County and 36 for San Mateo County. Both of these are higher than last year's figures of 33.3 and 32, respectively abd the highest since 2011. The current levels place Santa Clara County in a balanced market condition whereas San Mateo County remains in a seller's market condition since its level is below 40.

The hottest market in San Mateo County last month is the North Cities (Brisbane, Colma, Daly City, Pacifica, San Bruno, South San Francisco) market area (median price of about $1.115 million) at 110.8% with a median days on market of 13. The coolest is the Coast (Half Moon Bay, El Granada, Moss Beach, Montara) market area (median price of about $1.280 million) at 99.7% with median days on the market of 18.

As always, markets are always changing and the supply and demand in a particular area or even neighborhood can vary. If you would like specific market condition information for your area or neighborhood or a current home valuation, please feel free to call me, your RE/MAX Gold Agent! You are welcome to leave your comments or questions or contact me directly at my website. Check out and “like” my Facebook Business Page (over 775 have done so) or follow me on my Twitter Page.Thank you.

May Silicon Valley Real Estate Market Update

noreply@blogger.com (Tom McEvoy, Realtor) — Thu, 16 May 2019 22:36:00 +0000

Quick Market Summary: So the (partial) verdict is in -- the spurt in the market has continued. Similar to the stock market since the end of December (minus the last week or so), median prices in Santa Clara and San Mateo counties have rebounded. April statistical information shows a further increase in prices and is close to the time historically in which a peak occurs near the time of Memorial Day weekend. Last year the peak actually arrived earlier and turned into a significant correction. Sellers that decided to list in the latter part of last year were faced with a sizable price correction to ponder. As stated last month and because of the incredible "double ramp up" of prices in the latter part of 2017 and early 2018, we'll see year over year decreases for a while.

So for April results, we see that Santa Clara County median prices are 6.6% lower than in April 2018. Similarly, San Mateo County median prices have decreased 9.7% from the same month a year ago. Median prices for Santa Clara County stood at $1,326,000 versus $1,420,000. In the context of looking at the past two years we've seen the median go from $1,160,000 in April 2017 to $1,326,000 or a two-year gain of 14.3%. For San Mateo County the median was $1,626,000 versus $1,800,000 in the same month a year ago.

Condo and townhouse median price in Santa Clara County reached $874,000 in April compared to $915,000 last year or a decrease of 4.5%.

A monthly chart of Santa Clara County median prices for single family residences show the tremendous "double ramp up" in late 2017 and early 2018. The second chart shows the same information for San Mateo County. Source: MLSListings.

April Nuts and Bolts: Inventory or the amount of homes available for purchase in Santa Clara County was 1,383 up from 837 or 65.2%. Sales (accepted offers) were 1,180 down 0.3% from the same month last year when is was 1,184.

For San Mateo County, inventory of single family residences stood at 468 versus 377 or an increase of 24.1% from April 2018. Sales (accepted offers) were 436 compared to 454 for the same month last year, a decrease of 4.0%.

Sale price to list price ratio, a key market condition indicator, shows that for Santa Clara County transactions completed during the month, this stood at 102.1% compared to last year's ratio of 112.5%, which set a record.

57.4% of homes in Santa Clara County that closed escrow in April sold for more than list price compared to the record 84.5% last year and 75.9% in April 2017. It was 68% in San Mateo County versus 82% last year.

The hottest market in Santa Clara County again belongs to the Cupertino/Sunnyvale market area with a median price of about $2.000 million) at 104.4% which means that the average closed sale has a sale price 4.4% higher than the list price! It also registered a median days on market of 9 which means half the inventory sells in just a bit over one week. The coolest is the South County market area (Morgan Hill, San Martin and Gilroy) with a median price of about $0.910 million) with 99.5%.

Days of unsold inventory and another key indicator which is the intersection of supply of available homes compared to the demand, moved up a bit and stands at 38.6 for Santa Clara County and 38 for San Mateo County. Both of these are higher than last year's figures of 24.7 and 29, respectively. This places both counties squarely in a seller's market condition since the level is below 40.

The hottest market in San Mateo County last month is the North Cities (Brisbane, Colma, Daly City, Pacifica, San Bruno, South San Francisco) market area (median price of about $1.120 million) at 111.0% with a median days on market of 11. The coolest is the Coast (Half Moon Bay, El Granada, Moss Beach, Montara) market area (median price of about $1.352 million) at 98.4% with median days on the market of 19.

As always, markets are always changing and the supply and demand in a particular area or even neighborhood can vary. If you would like specific market condition information for your area or neighborhood or a current home valuation, please feel free to call me, your RE/MAX Gold Agent! You are welcome to leave your comments or questions or contact me directly at my website. Check out and “like” my Facebook Business Page (over 775 have done so) or follow me on my Twitter Page.Thank you.

April Silicon Valley Real Estate Market Update

noreply@blogger.com (Tom McEvoy, Realtor) — Wed, 10 Apr 2019 23:07:00 +0000

Quick Market Summary: So we've witnessed a sort of spurt in the market, much like what has happened in the stock market since the end of last year. With March transactional information handy could we be seeing a pause or retracement? Well, time will tell but March technical indicators point to a flatening market from February. Historically, we tend to ramp up in the early months of the year with a peak near Memorial Day weekend or a bit before. So far it didn't happen in March. We'll keep an eye to see what comes of April technicals. As stated last month and because of the incredible "double ramp up" of prices in the latter part of 2017 and early 2018, we'll see year over year decreases for a while.

So for March results, we see that Santa Clara County median prices are 11.0% lower than in March 2018. In a twist, San Mateo County median prices have increased 4.8% from the same month a year ago. Median prices for Santa Clara County stood at $1,300,000 versus $1,460,000. In the context of looking at the past two years we've seen the median go from $1,138,000 in March 2017 to $1,300,000 or a two-year gain of 14.2% -- accelerating for now and not too bad. For San Mateo County the median was $1,758,000 versus $1,678,000 in the same month a year ago and showed a two-year increase of 26.0%!

Condo and townhouse median price in Santa Clara County reached $835,000 in March compared to $900,000 last year or a decrease of 7.2%. However, a look at a two-year window shows that the median price increased 19.1%.

March Nuts and Bolts: Inventory or the amount of homes available for purchase in Santa Clara County was 1,132 up from 625 or 81.1%. Sales (accepted offers) were 1,081 down 11.9% from the same month last year when is was 1,127.

For San Mateo County, inventory of single family residences stood at 368 versus 308 or an increase of 19.5% from March 2018. Sales (accepted offers) were 437 compared to 384 for the same month last year, an increase of 13.8%.

Sale price to list price ratio, a key market condition indicator, shows that for Santa Clara County transactions completed during March, this stood at 101.4% compared to last year's ratio of 112.7%.

52.9% of homes in Santa Clara County that closed escrow in March sold for more than list price compared to 83.4% last year and 70.6% in March 2017. It was 54% in San Mateo County versus 82% last year and 76% in March 2017.

The hottest market in Santa Clara County again belongs to the Cupertino/Sunnyvale market area with a median price of about $1.935 million) at 104.0% which means that the average closed sale has a sale price 4.0% higher than the list price! It also registered a median days on market of 10 which means half the inventory sells in just a bit over one week. The coolest is the South County market area (Morgan Hill, San Martin and Gilroy) with a median price of about $0.883 million) with 99.3%.

Days of unsold inventory and another key indicator which is the intersection of supply of available homes compared to the demand, moved up a bit and stands at 36.7 for Santa Clara County and 29 for San Mateo County. Both of these are higher than last year's figures of 17.8 and 28, respectively. This places both counties squarely in a seller's market condition since the level is below 40. San Mateo is in a balanced market condition overall since the level is between 40 and 80. Above 80 represents a buyer's market in most areas.

The hottest market in San Mateo County last month is the Bay Cities (Belmont, Burlingame, Millbrae, San Carlos, San Mateo) market area (median price of about $1.820 million) at 105.2% with a median days on market of 10. The coolest is the Expensive (Menlo Park, Atherton, Portola Valley, Hillsborough, Woodside) market area (median price of about $3.300 million) at 99.1% with median days on the market of 15.

As always, markets are always changing and the supply and demand in a particular area or even neighborhood can vary. If you would like specific market condition information for your area or neighborhood or a current home valuation, please feel free to call me, your RE/MAX Gold Agent! You are welcome to leave your comments or questions or contact me directly at my website. Check out and “like” my Facebook Business Page (over 775 have done so) or follow me on my Twitter Page.Thank you.

March Silicon Valley Real Estate Market Update

noreply@blogger.com (Tom McEvoy, Realtor) — Thu, 14 Mar 2019 23:20:00 +0000

Quick Market Summary: Because of the incredible "double ramp up" of prices in the latter part of 2017 and early 2018, we'll see year over year decreases for a while. So for February results, we see that Santa Clara County median prices are 13.5% lower than in February 2018. Similarly, San Mateo County median prices have dropped 12.6% from the same month a year ago. Median prices for Santa Clara County stood at $1,200,000 versus $1,388,000. In the context of looking at the past two years we've seen the median go from $1,100,000 in February 2017 to $1,200,000 or a two-year gain of 9.1% -- not too bad. For San Mateo County the median was $1,520,000 versus $1,740,000 in the same month a year ago. Inventory has jumped by over 50% in each county and we've seen the median days on market much higher than a year ago which translates in longer times to sell. Demand continues below supply. Buyers take note -- a little longer time to sell in some areas and a stable mortgage rate environment mean better advantages with less competition or fewer offers on average per listing. Sellers need to be more aggressive in pricing and not think of last spring's price level spike which became the top in the market in March/April. Condo and townhouse median in Santa Clara County reached $825,000 in February compared to $840,000 last year or a decrease of 1.8%. In this tempered environment 50.4% of homes in Santa Clara County that closed escrow in February sold for more than list price compared to 83.7% last year and 64.7% in February 2017. It was 60% in San Mateo County versus 79% last year.

February Nuts and Bolts: Inventory or the amount of homes available for purchase in Santa Clara County was 969, up from 615 or 57.6%. Sales (accepted offers) were 928 down 1.9% from the same month last year when is was 946.

For San Mateo County, inventory of single family residences stood at 404 versus 264 or an increase of 53% from February 2018. Sales (accepted offers) were 326 compared to 358 for the same month last year, a drop of 8.9%.

Sale price to list price ratio, a key market condition indicator, shows that for Santa Clara County transactions completed during February, stood at 101.3% compared to last year's ratio of 112.1%.

The hottest market in Santa Clara County belongs to the Cupertino/Sunnyvale market area with a median price of about $1.903 million) at 103.9% which means that the average closed sale has a sale price 3.9% higher than the list price! It also registered a median days on market of 9 which means half the inventory sells in just a bit over one week. The coolest is the South County market area (Morgan Hill, San Martin and Gilroy) with a median price of about $0.830 million) with 99.5%.

Days of unsold inventory and another key indicator which is the intersection of supply of available homes compared to the demand, moved up a bit and stands at 36.5 for Santa Clara County and 43 for San Mateo County. These are substantially higher than last year's figures of 22.8 and 26, respectively. This places Santa Clara County squarely in a seller's market condition since the level is below 40. San Mateo is in a balanced market condition overall since the level is between 40 and 80. Above 80 represents a buyer's market in most areas.

The hottest market in San Mateo County remains the North (Brisbane, Colma, Daly City, Pacifica, San Bruno, South San Francisco) market area (median price of about $1.050 million) at 108.6% with a median days on market of 14. The coolest is the Coast (Half Moon Bay, El Granada, Moss Beach, Montara) market area (median price of about $1.363 million) at 97.4% with median days on the market of 14.

As always, markets are always changing and the supply and demand in a particular area or even neighborhood can vary. If you would like specific market condition information for your area or neighborhood or a current home valuation, please feel free to call me, your RE/MAX Gold Agent! You are welcome to leave your comments or questions or contact me directly at my website. Check out and “like” my Facebook Business Page (over 775 have done so) or follow me on my Twitter Page.Thank you.

February Silicon Valley Real Estate Market Update

noreply@blogger.com (Tom McEvoy, Realtor) — Wed, 13 Feb 2019 23:38:00 +0000

Quick Market Summary: Last month we saw our first year over year decrease in median prices in Santa Clara County. For January results, we see that Santa Clara County median prices are just 1% higher than in January 2018. San Mateo County shows median prices have dropped 4% from the same month a year ago. Median prices for Santa Clara County stood at $1,165,000 versus $1,155,000. In context looking at the past two years we've seen the median go from $920,000 in January 2017 to $1,165,000 or a two-year gain of over 26%. For San Mateo County the median was $1,487,000 versus $1,550,000 in the same month a year ago. Inventory has jumped in each county and we've seen the median days on market much higher than a year ago which translates in longer times to sell. Demand continues below supply. Buyers take note -- longer time to sell and mortgage rates drifting mean better advantages with less competition or fewer offers per listing. Sellers need to be more aggressive in pricing not think of last spring's price levels which was the top in the market. Condo and townhouse median in Santa Clara County reached $768,000 in January compared to $750,000 last year or an increase of 2.4%. In this tempered environment 34.6% of homes in Santa Clara County that closed escrow in January sold for more than list price compared to 73% last year. It was 49% in San Mateo County versus 66% last year.

Nuts and Bolts: Inventory or the amount of homes available for purchase in Santa Clara County was 804, up from 452 or 78%. Sales (accepted offers) were an anemic 561 down 17% from the same month last year when is was 675.

For San Mateo County, inventory of single family residences stood at 334 in January versus 197 or an increase of 69%. Sales (accepted offers) were 246 compared to 252 for the same month last year a drop of 2%.

Sale price to list price ratio, an important key market condition indicator, shows that for Santa Clara County transactions completed during January, stood at 99.5% compared to last year's ratio of 108.5%.

The hottest market in Santa Clara County belongs to the Cupertino/Sunnyvale market area with a median price of about $1.825 million) at 99.9% which means that the average closed sale has a sale price 0.1% lower than the list price! It also registered a median days on market of 24 which means half the inventory sells in just a bit over three weeks. The coolest is the Los Gatos/Saratoga market area with a median price of about $2.415 million) with 98.3%.

Days of unsold inventory moved up a bit and stand at 50 for Santa Clara County and 48 for San Mateo County. These are substantially higher than last year's figures of 23 and 27, respectively.

The hottest market in San Mateo County is in the North (Brisbane, Colma, Daly City, Pacifica, San Bruno, South San Francisco) market area (median price of about $0.965 million) at 105.7% with a median days on market of 14. The coolest is the Coast (Half Moon Bay, El Granada, Moss Beach, Montara) market area (median price of about $1.32 million) at 99.0% with median days on the market of 32.

As always, markets are always changing and the supply and demand in a particular area or even neighborhood can vary. If you would like specific market condition information for your area or neighborhood or a current home valuation, please feel free to call me, your RE/MAX Gold Agent! You are welcome to leave your comments or questions or contact me directly at my website. Check out and “like” my Facebook Business Page (have over 775 likes) or follow me on my Twitter Page.Thank you.

Lunar New Year 2019

noreply@blogger.com (Tom McEvoy, Realtor) — Tue, 29 Jan 2019 23:22:00 +0000

Happy New Year! OK, Happy Lunar New Year! In the Chinese calendar, the longest chronological record in history dating back to 2700 B.C., this year marks the lunar year 4717 -- Year of the Boar or Pig. The first day of the lunar year is February 5, 2019. For the Tet Vietnamese New Year it will be the same, Year of the Boar or Pig!

Famous people born in the Year of the Pig include: Ronald Reagan, Michael Jackson, Thomas Jefferson, Elton John, Alexander the Great, Henry VIII of England, Hillary Clinton, Andrew Jackson, Ernest Hemingway, Snoop Dogg.

Here are selected local events celebrating the Lunar New Year in San Francisco. Please check events for updates.

San Francisco/San Francisco's Chinatown:

Saturday, February 2, 10:00am-8:00pm, Sunday, February 3, 9:00am-6:00pm - 30th Annual Flower Market Fair, Grant Avenue from Clay to Broadway. Pacific, Jackson and Washington between Stockton and Kearny. The Chinese New Year Flower Market Fair is held on the weekend before Chinese New Year Day. The Flower Fair is the place to come to purchase fresh flowers, fruits, candies and brand new supplies for the home to begin the new lunar year.

Saturday, February 9, 10:00am-4:00pm - 25th Annual Basketball Jamboree, Betty Ann Ong Recreational Center, 1199 Mason Street, San Francisco. More information: email hoopsterlee@gmail.com

Saturday, February 16, 7:30pm - Miss Chinatown USA Pageant, Palace of Fine Arts, 3301 Lyon Street @ Bay, San Francisco (www.chineseparade.com). Admission fee

Sunday, February 17, 10:30am-4:00pm - Asian Art Museum, 200 Larkin St., San Francisco. 415.581.3500 Roll in the Year of the Pig with dancing, art-making and storytelling at the Asian Art Museum’s annual Lunar New Year Celebration. This year’s celebration features readings from author Oliver Chin about the zodiac calendar and Year of the Pig characteristics — who knows, you may discover something new about yourself! Then enjoy an interactive lion dance performance with local favorite LionDanceME. (www.asianart.org) Admission fee kids 12 and under free

Friday, February 22, 6:00pm, - Coronation Ball, Hyatt Regency San Francisco at 5 Embarcadero

Saturday, February 23, 5:15-8:00pm, Southwest Airlines Chinese New Year Parade http://www.chineseparade.com Free

Saturday, February 23 10:00am-4:30pm - Sunday, February 24 9:00am-5:00pm, 28th Chinatown Community Street Fair, Grant Avenue from California to Broadway, Sacramento, Washington, Jackson & Pacific between Stockton & Kearny. www.chineseparade.com

Sunday, March 3, 8:00am start, registration begins at 7:00am, 39th Annual Chinese Chamber of Commerce; Chinatown YMCA 10K/5K Run/Walk, Chinatown/Sacramento and Grant www.sfchinatownrun.org or 415-576-9622

This event comprises a 10K or 5K run or walk and raises funds for the YMCA's youth and teen programs. The event expects 1,700 participants and 250 volunteers.

More Than A Hundred Years of the Chinese (Lunar) Calendar (1912 to 2043) --

Rat: 1912 1924 1936 1948 1960 1972 1984 1996 2008 2020 2032

Ox: 1913 1925 1937 1949 1961 1973 1985 1997 2009 2021 2033

Tiger: 1914 1926 1938 1950 1962 1974 1986 1998 2010 2022 2034

Rabbit: 1915 1927 1939 1951 1963 1975 1987 1999 2011 2023 2035

Dragon: 1916 1928 1940 1952 1964 1976 1988 2000 2012 2024 2036

Snake: 1917 1929 1941 1953 1965 1977 1989 2001 2013 2025 2037

Horse: 1918 1930 1942 1954 1966 1978 1990 2002 2014 2026 2038

Ram: 1919 1931 1943 1955 1967 1979 1991 2003 2015 2027 2039

Monkey: 1920 1932 1944 1956 1968 1980 1992 2004 2016 2028 2040

Rooster: 1921 1933 1945 1957 1969 1981 1993 2005 2017 2029 2041

Dog: 1922 1934 1946 1958 1970 1982 1994 2006 2018 2030 2042

Boar: 1923 1935 1947 1959 1971 1983 1995 2007 2019 2031 2043

Gung Hey Fat Choy! Chuc Mung Nam Moi! Happy Year of the Boar!

January Silicon Valley Real Estate Market Update

noreply@blogger.com (Tom McEvoy, Realtor) — Tue, 29 Jan 2019 21:32:00 +0000

Quick Market Summary: A couple of months ago we had the continuation of sequential (month to month) decreases in median prices in Santa Clara County. Well, as of December, we now have a year over year decrease in both counties! Median prices for Santa Clara County have decreased from $1,300,000 in December 2017 to $1,161,000 or 10.7%. In context looking at the past two years we've seen the median go from $950,000 in December 2016 to $1,161,000 or a two-year gain of 22%. The increase in 2017 was incredible and unsustainable at more than 36%. For San Mateo County the median was $1,450,000 versus $1,525,000 in the same month a year ago. We're seeing longer times to sell or days on market on average in both counties. Inventory or the amount of homes available to sell has jumped in Santa Clara County off of a record low but dropped a bit in San Mateo County. Demand continues below supply. Buyers take note -- longer time to sell and mortgage rates drifting mean better advantages. Sellers, you will need to be more aggressive in pricing and look to your competition and not think of spring price levels. Condo and townhouse median in Santa Clara County reached $775,000 in December compared to $835,000 last year or a decrease of 7.2%. Even in this tempered environment 41.9% of homes in Santa Clara County that closed escrow in December sold for more than list price inferring multiple offers. It was 57% in San Mateo County versus 71% last year.

Nuts and Bolts: Inventory or the amount of homes available for purchase in Santa Clara County was 639, up from 291, a record low, from last year. Sales (accepted offers) were an anemic 487 down 11.4% from the same month last year when is was 550.

For San Mateo County, inventory of single family residences stood at 276 in December versus 127, a record low, last year. Sales (accepted offers) were 166 compared to 219 for the same month last year.

Sale price to list price ratio, an important key market condition indicator, shows that for Santa Clara County transactions completed during December, stood at 100.2% compared to last year's ratio of 109.5%.

The hottest market in Santa Clara County belongs to the Moderate market area (Santa Teresa, North Valley, Milpitas, Blossom Valley with a median price of about $0.949 million) at 100.4% which means that the average closed sale has a sale price 0.4% higher than the list price! It also registered a median days on market of 23 which means half the inventory sells in just a bit over three weeks. The coolest is the South County market area (Morgan Hill to Gilroy with a median price of about $0.82 million) with 99.1%.

Days of unsold inventory moved up a bit and stand at 46 for Santa Clara County and 34 for San Mateo County. These are substantially higher than last year's figures of 19 and 20, respectively.

The hottest market in San Mateo County is in the Bay Cities (Belmont, Burlingame, Millbrae, San Carlos, San Mateo) market area (median price of about $1.62 million) at 102.6% with a median days on market of 21. The coolest is the Expensive (Menlo Park, Atherton, Portola Valley, Hillsborough, Woodside) market area (median price of about $3.36 million) at 98.7% with median days on the market of 27.

As always, markets are always changing and the supply and demand in a particular area or even neighborhood can vary. If you would like specific market condition information for your area or neighborhood or a current home valuation, please feel free to call me, your RE/MAX Gold Agent! You are welcome to leave your comments or questions or contact me directly at my website. Check out and “like” my Facebook Business Page (have 775 likes) or follow me on my Twitter Page.Thank you.

November Silicon Valley Real Estate Market Update

noreply@blogger.com (Tom McEvoy, Realtor) — Fri, 16 Nov 2018 22:31:00 +0000

Quick Market Summary: Well, when someone tells you the market is dropping, that's false! We are still seeing year over year increases in the median prices for each county. They may be referring to sequential changes which due to seasonality are bit comparable. The supply of homes available for sale or inventory has jumped in each county with the number of accepted offers (sales) down a bit in Santa Clara County but up in San Mateo County. Demand continues below supply but the difference is more pronounced. Buyers take note as this may not last too long. Sellers, you will need to be more aggressive in pricing and look to your competition. The year over year median in Santa Clara County was up 3.6% to $1,295,000 in October and in San Mateo County the median price was $1,594,000 as compared to $1,525,000 last year at this time or a gain of 4.5%. Condo and townhouse median in Santa Clara County reached $900,000 in October compared to $767,000 last year or a jump of 17.3%. My theory is that condos and townhouses have a lower price of entry into a home than a single family home and we may be seeing an impact of higher mortgage rates which are in the 4 3/4-5% range. Even in this tempered environment 54.0% of homes in Santa Clara County that closed escrow in October sold for more than list price inferring multiple offers and the seventh highest rate for this time of year (last year was a record 75.4%). It was 68% in San Mateo County versus 84% last year.

Nuts and Bolts: Inventory or the amount of homes available for purchase in Santa Clara County was 1,393, up from 618 or 125% from last year. Sales (accepted offers) were an anemic 918 down 7.2% from the same month last year when is was 989.

For San Mateo County, inventory of single family residences stood at 545 in October versus 318 last year or an increase of 71%. Sales (accepted offers) were 382 compared to 312 for the same month last year or an increase of 22.4%.

Sale price to list price ratio, an important key market condition indicator, shows that for Santa Clara County transactions completed during October, stood at 101.9% compared to last year's ratio of 107.9%.

The hottest market in Santa Clara County belongs to the Palo Alto/Los Altos market area (median price of about $3.27 million) at 105.2% which means that the average closed sale has a sale price 5.2% higher than the list price! It also registered a median days on market of just 10 which means half the inventory sells in just a bit over a week and 61% of closings sold above list price! The coolest is the Los Gatos/Saratoga market area (median price of about $2.50 million) with 98.8%.

Days of unsold inventory moved up a bit and stand at 53 for Santa Clara County and 41 for San Mateo County. These are substantially higher than last year's figures of 22 and 31, respectively.

San Mateo County’s overall sale price to list price ratio stands at 106.0% with the highest ratio and hottest market area is in the North (Brisbane, Colma, Daly City, Pacifica, San Bruno, South San Francisco) market area (median price of about $1.05 million) at 109.6% with a median days on market of 16. As I pointed out before, one important advantage of this area is its proximity to San Francisco and a heck of a lot less expensive to purchase or to rent! The coolest is the Coast (Half Moon Bay, El Granada, Moss Beach, Montara) market area (median price of about $1.35 million) at 99.4% with median days on the market of 20.

As always, markets are always changing and the supply and demand in a particular area or even neighborhood can vary. If you would like specific market condition information for your area or neighborhood or a current home valuation, please feel free to call me, your RE/MAX Gold Agent! You are welcome to leave your comments or questions or contact me directly at my website. Check out and “like” my Facebook Business Page (have 775 likes – help me to reach 1,000!) or follow me on my Twitter Page.Thank you.

October Silicon Valley Real Estate Market Update

noreply@blogger.com (Tom McEvoy, Realtor) — Thu, 11 Oct 2018 22:27:00 +0000

Quick Market Summary: Since mid year, we've seen the supply or inventory of homes available exceed demand in a meaningful amount since mid 2016. This has contributed to a slowing down or settling of the market, especially in Santa Clara County. This said, we still have the characteristics of a seller's market with a lot more competition from other sellers now than earlier in the year. Those that are more aggressively priced still sell relatively quickly but generate far fewer offers. In about 18 of the past 20 years, we witness a second spurt of buyer activity after the Labor Day weekend. This year it went proof! The year over year median in Santa Clara County was up 7.2% to $1,265,000 in September and in San Mateo County the median price was $1,650,000 as compared to $1,465,000 last year at this time or a gain of 12.6%. Inventories are up significantly in each county. Condo and townhouse median in Santa Clara County reached $865,000 in September compared to $720,000 last year or a jump of 20.1%. My theory is a lower price of entry into a home than a single family home. Even in this tempered environment 54.6% of homes in Santa Clara County that closed escrow in September sold for more than list price inferring multiple offers and the fourth highest rate for this time of year (last year was a record 70.4%). It was 69% in San Mateo County versus 72% last year.

At least weekly, I review the previous week's statistical and transactional data and there has been much smaller inventory increases AND the number of homes with a pending status (those with an accepted offer) have jumped. Could this be a harbinger of higher activity and a turning point? We'll see! Some buyers are now facing 5% mortgages so they may be "forced" to get off the fence or perhaps be faced purchasing a smaller home.

Nuts and Bolts: Inventory or the amount of homes available for purchase in Santa Clara County was 1,408, up from 700 or 101% from last year. Sales (accepted offers) were an anemic 1,006 down 2.1% from the same month last year when is was 1,028.

For San Mateo County, inventory of single family residences stood at 553 in September versus 396 last year or an increase of 40%. Sales (accepted offers) were 436 compared to 414 for the same month last year or an increase of 5.3%.

Sale price to list price ratio, an important key market condition indicator, shows that for Santa Clara County transactions completed during September, stood at 102.3% compared to last year's ratio of 105.9%.

The hottest market in Santa Clara County belongs to the Palo Alto/Los Altos market area (median price of about $3.00 million) at 105.4% which means that the average closed sale has a sale price 5.4% higher than the list price! It also registered a median days on market of just 11 which means half the inventory sells in just a bit over a week and 62% of closings sold above list price! The coolest is the South County (Morgan Hill, Gilroy, San Martin) market area (median price of about $0.91 million) with 99.8% and 83 days of unsold inventory.

Days of unsold inventory moved up a bit and stand at 49 for Santa Clara County and 44 for San Mateo County. These are substantially higher than last year's figures of 25 and 37, respectively.

San Mateo County’s overall sale price to list price ratio stands at 107.3% with the highest ratio and hottest market area is in the North (Brisbane, Colma, Daly City, Pacifica, San Bruno, South San Francisco) market area (median price of about $1.11 million) at 111.5% with a median days on market of 14. As I pointed out before, one important advantage of this area is its proximity to San Francisco and a heck of a lot less expensive to purchase or to rent! The coolest is the Coast (Half Moon Bay, El Granada, Moss Beach, Montara) market area (median price of about $1.42 million) at 99.7% with median days on the market of 83.

As always, markets are always changing and the supply and demand in a particular area or even neighborhood can vary. If you would like specific market condition information for your area or neighborhood or a current home valuation, please feel free to call me, your RE/MAX Gold Agent! You are welcome to leave your comments or questions or contact me directly at my website. Check out and “like” my Facebook Business Page (have 775 likes – help me to reach 1,000!) or follow me on my Twitter Page.Thank you.

September Silicon Valley Real Estate Market Update

noreply@blogger.com (Tom McEvoy, Realtor) — Fri, 21 Sep 2018 21:53:00 +0000

Quick Market Summary: We're witnessing a continuing settling down of the market. As I mentioned last month, the foot is off the pedal so the market is slowing. We still have the characteristics of a seller's market BUT there's more competition for sellers now than earlier in the year. You've noticed more signs out and probably wondering why homes on the market near you are staying on the market longer. Those that are more aggressively priced still sell relatively quickly but generate far fewer offers. Most years we see a "spike' of sorts in the level of buyer activity after Labor Day weekend and this year is no different. There is increased activity but again not to the level of earlier in the year. The year over year median in Santa Clara County was up 11.3% to $1,280,000 in August and in San Mateo County the median price was $1,475,000 as compared to $1,423,000 last year at this time or a gain of just 3.7%. Inventories are up significantly in each county. Condo and townhouse median in Santa Clara County reached $924,000 in August compared to $760,000 last year same month or an increase of 21.6%. In Santa Clara County 67.4% of homes that closed escrow in August sold for more than list price inferring multiple offers and the second highest rate for this time of year (last year was a record 74.4%. It was 77% in San Mateo County.

Nuts and Bolts: Inventory or the amount of homes available for purchase in Santa Clara County was 1,197, up from 723 or 65.6% from last year. Sales (accepted offers) were an anemic 942 down 16.7% from the same month last year when is was 1,131.

For San Mateo County, inventory of single family residences stood at 498 in August versus 330 last year or an increase of 50.9%. Sales (accepted offers) were 357 for August compared to 393 for the same month last year.

Sale price to list price ratio, an important key market condition indicator, shows that for Santa Clara County transactions completed during August this stood at 104.1% and one of the highest ever for this time of the year. Last year at this time it stood at 106.4%.

The hottest market in Santa Clara County belongs to the Palo Alto/Los Altos market area (median price of about $3.40 million) at 109.9% which means that the average closed sale has a sale price 9.9% higher than the list price! It also registered the lowest median days on market at just 9 which means half the inventory sells in just a bit over a week and 77% of closings sold above list price! The coolest is the South County (Morgan Hill, Gilroy, San Martin) market area (median price of about $0.93 million) with 101.7% and 63 days of unsold inventory.

Days of unsold inventory moved up a bit and stand at 44 for Santa Clara County and 42 for San Mateo County. These are substantially higher than last year's figures of 22 and 29, respectively.

San Mateo County’s overall sale price to list price ratio stands at 108.8% with the highest ratio and hottest market area is in the North (Brisbane, Colma, Daly City, Pacifica, San Bruno, South San Francisco) market area (median price of about $1.14 million) at 113.3% with a median days on market of 14. One major advantage of this area is its proximity to San Francisco and a heck of a lot less expensive to purchase or to rent! The coolest is the Coast (Half Moon Bay, El Granada, Moss Beach, Montara) market area (median price of about $1.20 million) at 100.1% with median days on the market of 44.

As always, markets are always changing and the supply and demand in a particular area or even neighborhood can vary. If you would like specific market condition information for your area or neighborhood or a current home valuation, please feel free to call me, your RE/MAX Gold Agent! You are welcome to leave your comments or questions or contact me directly at my website. Check out and “like” my Facebook Business Page (have 775 likes – help me to reach 1,000!) or follow me on my Twitter Page.Thank you.

August Silicon Valley Real Estate Market Update

noreply@blogger.com (Tom McEvoy, Realtor) — Mon, 13 Aug 2018 22:36:00 +0000

Quick Market Summary: Continued is the trend towards a moderating marketplace. As I like to think about it -- the foot is off the pedal so the market is slowing. We still have the characteristics of a seller's market BUT there's more competition for sellers now than earlier in the year. You've no doubt noticed a bit more signs out and those properties on busier streets staying on the market longer if not more aggressively priced. One aspect of this change in that there is less activity and traffic for showings and open houses than earlier. My forecast is for an increased level of activity after Labor Day that we have most years. The year over year median in Santa Clara County was up 15.6% to $1,350,000 in July and in San Mateo County the median price was $1,638,000 as compared to $1,600,000 last year at this time. Inventories are up in each county. Condo and townhouse median in Santa Clara County reached $910,000 in July compared to $733,000 last year same month or an increase of 24.1%. In Santa Clara County 70.6% of homes that closed escrow in July sold for more than list price inferring multiple offers and one of highest rate for this time of year. It was 75% in San Mateo County.

Nuts and Bolts: Inventory or the amount of homes available for purchase in Santa Clara County was 1,209, up from 834 or 45.0% from last year. Sales (accepted offers) were an anemic 993 down 13.4% from the same month last year when is was 1,146. One thing I've noticed in the stats is that the average size single family home that closed escrow reached 1,799 square feet, highest over the past 14 years and 12% larger in size than when is was 1,605 square feet in 2005.

For San Mateo County, inventory of single family residences stood at 414 in July versus 319 last year of an increase of 29.8%. Sales (accepted offers) were 382 for July and 366 for the same month last year. For both counties, the inventory continues to lag far below the historical average for this time of the year which continues to place pressure on buyers.

Sale price to list price ratio, an important key market condition indicator, shows that for Santa Clara County transactions completed during July this stood at 105.2% and one of the highest ever for this time of the year. Last year at this time it stood at 105.5%.

The hottest market in Santa Clara County belongs to the Cupertino/Sunnyvale market area (median price of about $2.18 million) at 108.5% which means that the average closed sale has a sale price 8.5% higher than the list price! It also registered the lowest median days on market at just 10 which means half the inventory sells in just a bit over a week and 81% of closings sold above list price! The coolest is the South County (Morgan Hill, Gilroy, San Martin) market area (median price of about $0.955 million) with 101.4% and 28 days of unsold inventory.

Days of unsold inventory moved up a bit and stand at 42 for Santa Clara County and 34 for San Mateo County. This means that for San Mateo County that the entire inventory, if held static, would sell out in just over a month!

San Mateo County’s overall sale price to list price ratio stands at 108.6% with the highest ratio and hottest market area is in the North (Brisbane, Colma, Daly City, Pacifica, San Bruno, South San Francisco) market area (median price of about $1.155 million) at 114.3% with a median days on market of 13. One major advantage of this area is its proximity to San Francisco and a heck of a lot less expensive to purchase or to rent! The coolest is the Expensive (Menlo Park, Atherton, Portola Valley, Hillsborough, Woodside) market area (median price of about $4,110 million) at 98.2% with median days on the market of 28.

As always, markets are always changing and the supply and demand in a particular area or even neighborhood can vary. If you would like specific market condition information for your area or neighborhood or a current home valuation, please feel free to call me, your RE/MAX Gold Agent! You are welcome to leave your comments or questions or contact me directly at my website. Check out and “like” my Facebook Business Page (have 775 likes – help me to reach 1,000!) or follow me on my Twitter Page.Thank you.

July Silicon Valley Real Estate Market Update

noreply@blogger.com (Tom McEvoy, Realtor) — Thu, 12 Jul 2018 21:55:00 +0000

Quick Market Summary: Is there a slight draft in this room? Well, the markets in general in Santa Clara and San Mateo counties have cooled a bit. Not too much to bring about a buyer's market but there's less pressure on buyers as inventory has increased and the amount of activity and traffic for open houses has eroded somewhat. You may recall that the markets earlier in the year were on fire and we still have some "hot spots" we can perhaps lay blame on buyer fatigue as well as the normal cooling off of the markets during summer (after Memorial Day lasting historically until Labor Day). The year over year median in Santa Clara County was up 18.4% to $1,400,000 in June and in San Mateo County the median price was $1,665,000. Inventories are up overall but seem like they are topping which is normal for the summer months. Listings for very high-end priced homes throughout both counties remains sluggish and take quite a bit longer to sell than the recent past. Condo and townhouse median in Santa Clara County has reached $933,000. In Santa Clara County 79.5% of homes that closed escrow in June sold for more than list price inferring multiple offers and a record for this time of year. It was 81% in San Mateo County.

Nuts and Bolts: Inventory or the amount of homes available for purchase in Santa Clara County was 1,045, up from 806 or 29.7% from last year. Sales (accepted offers) were 1,100 down 14.1% from the same month last year.

For San Mateo County, inventory of single family residences stood at 397 in June. Sales (accepted offers) were 431. For both counties, the inventory continues to lag far below the historical average for this time of the year which continues to place pressure on buyers.

Sale price to list price ratio, an important key market condition indicator, shows that for Santa Clara County transactions completed during June this stood at 107.8% and the highest ever for this time of the year. Last year at this time it stood at 105.8%.

The hottest market in Santa Clara County belongs to the Cupertino/Sunnyvale market area (median price of about $2.25 million) at 109.0% which means that the average closed sale has a sale price 9.0% higher than the list price! It also registered the lowest median days on market at just 10 which means half the inventory sells in just a bit over a week and 86% of closings sold above list price! The coolest is the South County (Morgan Hill, Gilroy, San Martin) market area (median price of about $0.935 million) with 103.4% and 40 days of unsold inventory.

Days of unsold inventory moved up a bit and stand at 35 for Santa Clara County and 32 for San Mateo County. This means that for Santa Clara County that the entire inventory, if held static, would sell out in about a month!

San Mateo County’s overall sale price to list price ratio stands at 111.4% with the highest ratio and hottest market area is in the North (Brisbane, Colma, Daly City, Pacifica, San Bruno, South San Francisco) market area (median price of about $1.143 million) at 117.0% with a median days on market of 12. One advantage of this area is its proximity to San Francisco and a heck of a lot less expensive or to rent! The coolest is the San Mateo County Coast (Half Moon Bay, El Granada, Moss Beach, Montara) market area (median price of about $1.260 million).

As always, markets are always changing and the supply and demand in a particular area or even neighborhood can vary. If you would like specific market condition information for your area or neighborhood or a current home valuation, please feel free to call me, your RE/MAX Gold Agent! You are welcome to leave your comments or questions or contact me directly at my website. Check out and “like” my Facebook Business Page (have over 775 likes – help me to reach 1,000!) or follow me on my Twitter Page.Thank you.

June Silicon Valley Real Estate Market Update

noreply@blogger.com (Tom McEvoy, Realtor) — Thu, 14 Jun 2018 22:48:00 +0000

Quick Market Summary: My mother, a chef among her many talents, taught me that roasting was at a lower temperature than broiling. Well that's what we have in the Silicon Valley real estate market! We're not quite as hot er, broiling, as before. That said, year over year the Santa Clara County median price jumped to $1,400,000 in May up 17.2% and in San Mateo County the median price was $1,652,000. Inventories are up a bit overall, continuing the recent trend but high demand also continues but not at the breakneck pace of the past several months. This is to be expected as buying is a choice and if buyers are busy with graduations, weddings, vacations and the like, we normally see a diminished level of activity this time of the year. Very high-end priced home market throughout both counties remains sluggish as the cash-buying Asian stampede has subsided significantly. Condo and townhouse median in Santa Clara County has reached $940,000. In Santa Clara County 83.5% of homes that closed escrow in May sold for more than list price inferring multiple offers and a record for this time of year. It was 84% in San Mateo County!

Nuts and Bolts: Inventory or the amount of homes available for purchase in Santa Clara County was 1,022, up from 837 and up 6.5% from last year at this time. Sales (accepted offers) were 1,185 down 11.3% from the same month last year.

For San Mateo County, inventory of single family residences stood at 419 in May, up from 377 in April. Sales (accepted offers) were 454, same as last month. For both counties, the inventory continues to lag far below the historical average for this time of the year which continues to place pressure on buyers.

Sale price to list price ratio, an important key market condition indicator, shows that for Santa Clara County transactions completed during May this stood at 110.6% and the highest ever for this time of the year. Last year at this time it stood at 106.0%.

The hottest market in Santa Clara County belongs to the Cupertino/Sunnyvale market area (median price of about $2.20 million) at 113.5% which means that the average closed sale has a sale price 13.5% higher than the list price! It also registered the lowest median days on market at just 9 which means half the inventory sells in just a bit over a week and 83.5% of closings sold above list price! The coolest is the South County (Morgan Hill, Gilroy, San Martin) market area (median price of about $0.915 million) with 103.1% and 32 days of unsold inventory.

Days of unsold inventory moved up a bit and stand at 30 for Santa Clara County and 32 for San Mateo County. This means that for Santa Clara County that the entire inventory, if held static, would sell out in less than a month!

San Mateo County’s overall sale price to list price ratio stands at 111.8% with the highest ratio and hottest market area in the Bay Cities (Belmont, Burlingame, Millbrae, San Carlos, San Mateo) market area (median price of about $1.94 million) at 113.3% with a median days on market of 10. One advantage of this area is its proximity to San Francisco and a heck of a lot less expensive! The coolest are the Expensive (Menlo Park, Atherton, Portola Valley, Hillsborough and Woodside) market area, (median price of about $3.78 million) and the San Mateo County Coast (Half Moon Bay, El Granada, Moss Beach, Montara) market area (median price of about $1.285 million).

As always, market dynamics change and the supply and demand relationships can vary by area. If you would like specific market condition information for your area or neighborhood or a current home valuation, please feel free to call me, your Remax Agent! You are welcome to leave your comments or questions or contact me directly at my website. Check out and “like” my Facebook Business Page (have over 775 likes – help me to reach 1,000!) or follow me on my Twitter Page.Thank you.

May Silicon Valley Real Estate Market Update

noreply@blogger.com (Tom McEvoy, Realtor) — Tue, 15 May 2018 19:42:00 +0000

Quick Market Summary: The Silicon Valley real estate market broiling continues! Year over year the Santa Clara County median price has jumped to $1,420,000 in April up 22.4% and in San Mateo County the median price sits at $1,800,000. The unbalanced market with super low inventories and high demand contributes to the strong price increases -- sellers take notice. Very high-end priced home market throughout both counties remain The Santa Clara County median price for condos/townhouses reached $915,000. In Santa Clara County 84.5% of homes that closed escrow in April sold for more than list price inferring multiple offers and a record for this time of year. It was "only" 82% in San Mateo County!

Nuts and Bolts: Inventory or the amount of homes available for purchase in Santa Clara County was 837 down 13.6% from last year at this time. Sales (accepted offers) were 1,184 down from 1,265 or 6.4% from the same month last year. You'd think that sales would be down as much as inventory if you believed what some agents say that sales are limited by the low inventory. You have to take another variable into consideration and that is -- turnover. A faster market or one with a shorter number of days on market easily cancels or mitigates a lower level of inventory. Currently we're at the fastest market turnover ever!

For San Mateo County, inventory of single family residences stood at 377 in April also down from last year. Sales (accepted offers) were 454. For both counties, the inventory continues to lag far below the historical average for this time of the year placing pressure on buyers as evidenced in the predominance of multiple offer situations and heated competition between buyers trying to enter the market.

Sale price to list price ratio, an important key market condition indicator, shows that for Santa Clara County transactions completed during April this stood at 112.5% and the highest ever eclipsing the previous all time high of 110.0% reached in the heady days of the “Dot-com” period in 2000. Last year at this time it stood at 106.0%.

The hottest market in Santa Clara County belongs to the Cupertino/Sunnyvale market area (median price of about $2.22 million) at 119.1% which means that the average closed sale has a sale price 19.1% higher than the list price! It also registered the lowest median days on market at just 8 which means half the inventory sells in just a bit over a week and 89% of closings sold above list price! The coolest is the South County (Morgan Hill, Gilroy, San Martin) market area (median price of about $0.91 million) with 103.1% and 30 days of unsold inventory.

Days of unsold inventory are at a record low of just 24.7 for Santa Clara County and 29 for San Mateo County. This means that for Santa Clara County that the entire inventory, if held static, would sell out in less than 25 days!

San Mateo County’s overall sale price to list price ratio stands at 111.9% with the highest ratio and hottest market area in the Bay Cities (Belmont, Burlingame, Millbrae, San Carlos, San Mateo) market area (median price of about $1.93 million) at 116.3% with a median days on market of 11. One advantage of this area is its proximity to San Francisco and a heck of a lot less expensive! The coolest is the Expensive (Menlo Park, Atherton, Portola Valley, Hillsborough and Woodside) market area, (median price of about $3.69 million).

As always, market dynamics change and the supply and demand relationships can vary by area. If you would like specific market condition information for your area or neighborhood or a current home valuation, please feel free to call me, your Remax Agent! You are welcome to leave your comments or questions or contact me directly at my website. Check out and “like” my Facebook Business Page (have over 750 likes – help me to reach 1,000!) or follow me on my Twitter Page.Thank you.

April Silicon Valley Real Estate Market Update

noreply@blogger.com (Tom McEvoy, Realtor) — Mon, 23 Apr 2018 17:53:00 +0000

Quick Market Summary: The Silicon Valley real estate market is HOT and actually even hotter than the recent past! Year over year the Santa Clara County median price has incredibly accelerated to $1,460,000 up 28.3% and in San Mateo County increased "only" 20.3% to $1,678,000. The hot streak continues -- sellers take notice. Supply and demand -- low inventory or supply coupled with high demand means higher prices. The Santa Clara County median price for condos/townhouses reached $900,000, up 28.4% from the same month last year. In Santa Clara County 83% of homes that closed escrow in March sold for more than list price inferring multiple offers and a record for this time of year. It was 82% in San Mateo County.

Nuts and Bolts: Inventory or the amount of homes available for purchase in Santa Clara County was 625 down 26.8% from last year at this time. Sales (accepted offers) were 1,227 up from 1,170 up 4.9% from the same month last year. You'd think that sales would be down as much as inventory if you believe what some agents say that sales are limited by the low inventory. They forget that there is another variable to consider -- turnover. A faster market or one with a shorter number of days on market easily cancels or mitigates a lower level of inventory. Currently we're at the fastest market turnover ever!

For San Mateo County, inventory of single family residences stood at 308 in March, down 8.3% from last year. Sales (accepted offers) were 384, down 6.3% from March 2017. For both counties, the inventory continues to lag far below the historical average for this time of the year placing pressure on buyers as evidenced in the predominance of multiple offer situations and heated competition between buyers trying to enter the market.

Sale price to list price ratio, an important key market condition indicator, shows that for Santa Clara County transactions completed during March this ratio stood at 112.7% and the highest ever eclipsing the previous all time high of 110.0% reached in the heady days of the “Dot-com” period in 2000. Last year at this time it stood at 103.9%.

The hottest market in Santa Clara County belongs to the Cupertino/Sunnyvale market area (median price of about $2.28 million) at 118.6% which means that the average closed sale has a sale price 18.6% higher than the list price! It also registered the lowest median days on market at just 8 which means half the inventory sells in just a bit over a week! The coolest is the Los Gatos/Saratoga market area (median price of about $2.36 million) with 105.2% and 49 days of unsold inventory. Notice that the median price of Cupertino/Sunnyvale is closing in on Los Gatos/Saratoga!

Days of unsold inventory are at a record low of just 17.8 for Santa Clara County and 28 for San Mateo County. This means that for Santa Clara County that the entire inventory, if held static, would sell out in less than 18 days!

San Mateo County’s overall sale price to list price ratio stands at 112.6% with the highest ratio and hottest market area in the Bay Cities (Belmont, Burlingame, Millbrae, San Carlos, San Mateo) market area (median price of about $1.89 million) at 116.6% with a median days on market of 10. One advantage of this area is its proximity to San Francisco and a heck of a lot less expensive! The coolest is the Expensive (Menlo Park, Atherton, Portola Valley, Hillsborough and Woodside) market area, (median price of about $4.08 million).

As always, market dynamics change and the supply and demand relationships can vary by area. If you would like specific market condition information for your area or neighborhood or a current home valuation, please feel free to call me, your Remax Agent! You are welcome to leave your comments or questions or contact me directly at my website. Check out and “like” my Facebook Business Page (have over 750 likes – help me to reach 1,000!) or follow me on my Twitter Page.Thank you.