The latest Silicon Valley Real Estate Market Trends Report

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Real Estate Agent with (408) 425-1601 CA bre 1519182
https://activerain.com/droplet/5hWz

                                                                                 Sam Shueh

                                                         Realty One Group

                                                        Silicon Valley, CA

 

The area is as vibrant as ever. In 2019 there has been several ipos in the works. Lyft, Uber, Printest not to mention Levi Strauss just outside the area there are already lots happy stock optioners become instant multi-millionaires. 

 

Our craze on overbidding for the last few years seemed to run out of steam. Like the rest of country since late spring in 2018, with stock volatility people are more cautious not to overreact.  Once 30 offers are reduced to a handful, the sold/asked ratio reduces exponentially to full price. After a less active winter it started seeing life again with homes sold fairly quickly. In Silicon Valley the sellers still call the shots. Very rarely I see a price lower than asked is accepted. As the last 40 years here concession is not a commonly used term as there are still more buyers than sellers.

Sold /asked ratio for SFH

 

           Figure 1 Sold/asked ratio for SFH SJC

 

The days to market a home has been normalized. Gone are the 1 weekend 20 offers sales. Agents have to spend every week market, do open house like other cities in the US cities. 38 days was the average time to get an offer accepted by the often disappointing seller at 2018 year end. It is the market not the agent that changed the pace.

DOM 

    Figure 2 Marketing time for Silicon Valley(SJC) 

Home prices maxed out in May of 2018 at $1,266,000 (average price for a tract home). At the end of 2018 home sellers saw -17% price drop in a few months. This trend follows most of SFBA and other urban cities as well.  The more desirable neighborhood and larger homes experienced more price erosion.  In March we saw some regroup and possibly more active market. It really is determined by the local economy and whether there are more high tech hiring from out of town. The ipos could precipitate higher interest in estates ourchase north west of Silicon Valley to the Peninsula through San Mateo into San Francisco. Silicon Valley consists mostly brick motar tract homes. 

 

Avg Sold price

     Figure 3 Average home sold price (1300-2000 sf SFH), SJC

 

 I want to mention that condos, town homes are currently out of fashion. Sellers no longer can get previous stellar prices as potential home owners flock to make offers on the single family homes. A few home sellers made price adjustment(S) to get the deal closed. Last year I saw 10 offers made often way over asked price. Lately, it is just a few interested people often do not have the sufficient downpayments. Sellers want to control the price and do not take concession as before. This is Silicon Valley, N California.

 

The inventory currently stays between 2-2.5 months which is fairly healthy for Silicon Valley.  Previous it was as low as 0.5-.8 month resulted in more sales than the supply. For this area 2 month or higher is very much a neutral (not seller or buyer) market.

 

 

   References: 

Sam Shueh Realtor Google Map 

Sam ShuehRealtor 

 I've called San Francisco South Bay home for over many 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 and technology...please give me a call. 

SamShuehRealtor@ Gmail.com0

Advice of realtors wanting to get into Silcon Valley 

 Silicon Valley Realtor Sam Shueh Website   Phone (4-O-8)  425-1601   

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California Santa Clara County San Jose
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Tags:
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Rainmaker
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Sheri Sperry - MCNE®
Coldwell Banker Residential Brokerage - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

HI @Sam, Thanks for sharing the market information on Silicon Valley. 

Apr 09, 2019 08:50 AM #1
Rainmaker
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Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Sam,

What a great market report from you on the state of affairs in Silcon Valley.  Wishing you continued success.  A

Apr 09, 2019 10:54 AM #2
Rainmaker
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Sam Shueh
(408) 425-1601 - San Jose, CA
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Ron and Alexandra Seigel 

Glad you stop by. You have a wonderful day.

Sam Shueh

Apr 09, 2019 06:40 PM #3
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Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-953-8818

Sam Shueh Now I know who to call when I have a client relocating to the Silicon Valley N.Ca.  

Apr 09, 2019 06:48 PM #4
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Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Hi Sam - nice presentation of the current market trends in San Jose and surrounding areas.

Apr 09, 2019 09:31 PM #5
Rainmaker
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Sam Shueh
(408) 425-1601 - San Jose, CA
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Lottie Kendall 

The eWallet was near your neighborhood off ShellMount in Foster City.

I was not aware that beggars overseas are using QR card while we hand out change. Right now when I see homeless outside McDonald's I buy an extra meal for them give to him on the way out.

 

Apr 09, 2019 09:42 PM #6
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Sam Shueh

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