What’s Happening in the Silicon Valley Market This Quarter?

Enrique Medellin Real Estate Podcast

I’ll discuss some important statistics from Silicon Valley’s third quarter so that you know what to expect moving into the fourth quarter.

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Since we’ve just finished the third quarter, I’d like to go over some numbers from the Santa Clara County market so that you know what’s going on in Silicon Valley real estate moving into the fourth quarter.
There are a little over 1,700 homes on the market right now, including single-family homes, townhomes, and condos. Of these homes, the median list price is $980,000 while the median sales price is about $902,000.
For homes that are active on the market, the average days on market is about 59 days in the entire county. For the homes that did sell, the average days on market was about 30 days. The total sales for the last month of the quarter was a little over 1,200 sales, which is down by about 4% from the previous month.
What do all of these statistics mean to you as a home buyer or seller?

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If you find a home that meets your needs, jump on it now.

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If you’re a buyer, you have a little bit more inventory to choose from and interest rates are still historically low. We’re also not seeing quite as much competition on the market, so your odds of getting into a bidding war are much less likely than they would have been earlier this year. So if you find a home you like that fits your needs and is in a great location, jump on it and make an offer.
On the flip side, if you’re thinking about selling your home, don’t worry; homes are still selling. Homes are sitting on the market a bit longer in some areas, which may call for a more aggressive pricing and marketing strategy. Overall, we need to adjust our expectations a bit, especially as we approach the winter months. For this reason, you should be sure to plan your sale accordingly. In any case, if it’s time to sell your home, you can definitely do so and get a great price for it.
This is just a brief overview of what we’ve seen in the market this past quarter, so if you have any other questions about whether it’s the right time to buy or sell a home in Santa Clara County, give me a call or send me an email. I’d be happy to help you!