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.
Next, 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?
This 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.