San Mateo, Santa Clara counties-what's the market like?

By
Real Estate Agent with Compass CA DRE# 01215160

We've been sensing a change in the real estate markets in many of our local towns in San Mateo and Santa Clara Counties, the counties south of San Francisco that make up the Silicon Valley. Not every property listed gets multiple offers; not every property sees sale prices far exceeding list prices, although both of those occur regularly.

We all have anecdotal stories, but let's take a look at the data from our Multiple Listing Service.

This first chart shows closed sales of single family homes in San Mateo County for 2016, 2017, 2018 and 2019 to date.

San Mateo County single family median sale pricesNext, we'll take a look at a few sample towns within San Mateo County, comparing median price sales for May 2018 and May 2019. Now we see:

  • Belmont -         May 2018: $1,950,000         May 2019: $1,875,000
  • Menlo Park -    May 2018: $2,551,850         May 2019: $2,565,000
  • Pacifica -          May 2018: $1,155,000         May 2019: $1,250,000
  • San Carlos -      May 2018: $2,020,000        May 2019: $2,110,000

These changes are not too different from the County as a whole, and a one-month period is not the year to date.

Now let's look at Santa Clara County. Will the same trend hold true here?

Santa Clara County, median prices single familyThis chart shows a bit of a drop in median prices county wide. What will various cities show? Here's a look at a few of the Silicon Valley towns:

  • Mountain View -        May, 2018: $2,550,000              May, 2019: $2,213,000
  • Palo Alto -                   May, 2018: $3,235,320              May, 2019: $3,347,500
  • Santa Clara -              May, 2018: $1,510,000              May, 2019: $1,450,000
  • Sunnyvale -                 May, 2018: $2,000,000              May, 2019: $1,750,000

What I find interesting here is that 3 of the 4 selected cities show price declines in May. High priced Palo Alto continued its upward trajectory, while the more affordable Santa Clara shows a decline and do the other two towns, right in the heart of the Silicon Valley. 

Again, one month does not make a year. It will be most interesting to check in again once 2019 draws to a close.

If you are wondering about your town, your neighborhood, your type of property, give me a call. I'm happy to do some research for you.

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Topic:
Real Estate Market Trends
Location:
California
Groups:
Local Expert
San Francisco Bay Area Real Estate
Market Reports
Tags:
single family homes
appreciation
market trends
silicon valley
san mateo county
california

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Rainmaker
4,908,232
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Good morning, Lottie Kendall potential buyers and sellers shoud appreciate the data you've provided.... this is important information for them to understand before selecting a community.... and the only agent for them to call is you, Lottie.... you obviously know the importance of having a firm handle on the marketplace...

Jun 19, 2019 07:06 AM #1
Rainmaker
1,749,178
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Thanks for your comments, Barbara Todaro . Are we at the beginning of a change? Is it simply the normal. Days on market is another information point that helps buyers and sellers, as well as months of inventory.

Jun 19, 2019 07:24 AM #2
Rainmaker
2,479,312
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

I would rely on your expertise when it comes to the San Mateo and Santa Clara counties, I know that you keep an eye on everything.

Jun 19, 2019 07:57 AM #3
Rainmaker
1,749,178
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Thanks, Brian England - so important to our clients for us to keep our pulse on the market.

Jun 19, 2019 01:39 PM #4
Rainer
382,191
Sally Crane
WMS - Unity, WI
Woodland appraisal support.

Thanks for the update, all the best to you as you get many of these properties listed and sold.

 

Jun 19, 2019 07:34 PM #5
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Rainmaker
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Lottie Kendall

Helping make your real estate dreams a reality
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