Realty One Group
Silicon Valley, CA
This area is west of Moffett-NASA Ames complex east of Palo Alto in south of Bay shoreline and just north of Los Altos. It consists of lots of smaller homes and apartments tailored high technology workers. Castro Street and El Camino Real are city most vibrant business streetswith restaurants and outdoor cafes.
Mountain View in relation to Santa Clara County
Single Family homes: 3 br+, 2 bath+ (1300-2000 sf)
Total listings SFH = 14
Inventory: 0.6 month (2.5 month is healthy)
Sold/Asked=110% was 114 and 121% previously
Marketing time=10 days
$1.831 M (Apr-June 2016) $1.834 M (1 yr ago) - 0.2%
$1,120/sf $1,126/sf -0.5%
Since late 2014 the teens (+15% and +10% price increase) enjoyed during 2013 through 2015 have come to a crawl. Before the creation of Google, Linkedin and Microsoft MSN, Powerpoint, Intuit, Mozilla and other nearby companies like Facebook. The town has had unemployment several times when several companies went under (e.g. SGI, video games, and amusement park rides). In recent year Internet Giants has endless users love to click on advertisements. The company uses its revenue to fund self-driving car, Android and Nest technologies that few other companies can match fundings.
Historical Sold vs Listed SF Home prices-Mtn View, CA
Consider this, if one wants a "typical" home bought at $1.85M with 20% down payment at 3.75% mortgage interest the monthly PITI is over $9,300. The minimum required annual income for the 80% mortgage is over $370,000. That does not include car payment, credit cards payments or any other loans. Often the buyers work near by with stock options. The down-payment is often coming from the stock options offered but many dual income wagers do have that kind of savings. Recently these company stocks have not gone up much and one needs to dig into their savings and 401K for it. As a result, the home price has virtually stalled even with an excellent employment in Silicon Valley. The public schools are Mtn View Whisman and MV-Los Altos high schools. They are good but not exceptionally famous. Most homes there are either modern on smaller footprints or older cottage style homes.
Historical avg sold home prices in Palo Alto (1300-2000 sf)
We are having a fantastic real estate boom since last quarter of 2011. It has been over 5.5 years. There are no imminent layoffs except VMware. Linkenin has been acquired rencently by Microsoft.
The market momentum seems to suggest it will be the same as no one is anticipating major layoffs at least not anytime soon. Brexit worries hopefully will not cause a problem too long to affect real estate prices.
Mountain View Home price momentum
West Silicon Valley homes Q1 2016 (West Silicon Valley Home Prices)
Silicon Valley West side homes (2016 quarter 1 West side Silicon Valley home)
Shueh, Sam (Sam Shueh Blogs)
Shueh, Sam (Sam Shueh Realtor website)
I've called San Francisco South Bay home for over 30 years. We love this area and all it has to offer, and I enjoy sharing what I know about homes. I documented in several books about Silicon Valley history. I have much expertise in real estate...please give me a call. ( Four-O-Eight) 425-1601 Sam Shueh Realtor site