Silicon Valley Real Estate Update for the week of October 24th, 2016.
The leaves are changing color and the fall market is upon us. We are seeing the normal decrease in the amount of listings currently on the market that we would expect this time of year. Demand from buyers has continued to remain strong so as fewer listings are being put on, buyers are buying them up and inventory is decreasing.
There are definitely multiple offers for remodeled homes in good neighborhoods (i.e. schools with high scores) that are priced right. Generally though, homes are selling with one offer and generally within a couple of weeks. Homes that are priced higher and/or are in neighborhoods not as sought after will stay on the market longer.
The total inventory in Santa Clara has been decreasing every week for the last 6 weeks and is at 2,371 of which 1186 is pending sale. In Campbell / W. San Jose inventory is at 128 of which 62 are pending. The median sales price for Santa Clara County has been about the same over the past few weeks at about $1,260,000. The average days on the market is about 28 days.
The top comments I am hearing from agents this week:
- A lot of people are coming through open houses but no offer after 1 week.
- There is hardly anything on tour this week.
- There are very few good homes on the market.
- If the home needs a little updating people won't put in an offer.