There is a window of opportunity for buyers in our Santa Clara County real estate market in the next 75-90 days as the market is adjusting to the seasonal slow down. The sales numbers of October are suggesting that we're tapering off the super heated market or what I'd like to call "the foot is off the gas pedal". For sellers, this is an important message on pricing. If you want to get the most dollar in the shortest time frame, then, you have to price the home correctly.
In October, the median sales price for the entire Santa Clara County is approximately $780,000. Available active homes/inventory ending in November 7 is approximately 1128 for the county. This is still a relatively low number compared to other years, though a slight improvement
The more telling numbers are the days on the market and sales price to listing price ratio. The median days on the market is about 16 days while the average days on the market is about 38 days. The key distinction between the average and the median is that if a seller prices and markets a home correctly, then the home is selling in 16 days; however, if the pricing or the marketing isn't aligned with the market, then it takes longer (over a month) to sell.
Second number is the sales price to listing price ratio. In October, sellers are receiving on average 102.4% of the listing price. Because of the still restricted inventory, most homes in decent location with appropriate pricing are still receiving multiple offers. HOWEVER, the number of offers are now in the realm of 3-5 offers (compared to the height of 20-30 offers in Spring of this year). This is a reflection of the market is not accelerating at the same rate.
The percent of homes sold where the sales price is higher than listing price is about 55% compared that to 2 months ago at 58% and to 3 months ago at 60%. The trend is suggesting the market is not accelerating at the same rate as earlier this year.
What does this mean for buyers/investors? The is absolutely a window of opportunity as we enter the holiday season. If you really want to achieve your dream of home ownership, ACT NOW! With appropriate counseling and strategy, you can win the more manageable 3-5 multiple offers.
What does this mean for sellers? Don't make the mistake of pricing above the market! You have less buyer activity generally speaking this time of the year - you want to have a right pricing and marketing strategy to maximize you dollar!
Please call me with more details on how I can provide more detailed and personal information on your specific situation.
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