Realty One Group
Silicon Valley, CA
As of August 2019 here in Santa Clara County (SFBA South Bay), homes are selling fast. Most homes are sold at or higher than asked prices often have more than one offer. The local economy is very strong. While there were some pessimistic news about market being saturated and there are too many smart phone, antivirus, social media, taxi and self driving car developers. There is no slow down in local employment. Just about every empty in the area has some cluster homes, high rises being constructed.
|Avg List Price||30 Day Trend||Avg Sold Price||30 Day Trend||Avg DOM active/sold||30 Day Trend||No of Act Listings||30 Day Trend|
|Santa Clara County, CA|
|Single Family||$1,258,390||-1.86%||$1,169,103||-6.48%||49 / 20||4 / -3||1,034||-43|
|Luxury Single Family||$4,375,870||-0.74%||$3,714,316||+1.61%||82 / 41||8 / 5||333||-11|
|Condo/Townhome||$701,181||-4.10%||$711,486||-0.11%||46 / 30||3 / -2||493||-21|
|Luxury Condo/Townhome||$1,328,090||+0.83%||$1,349,800||+6.05%||48 / 11||-6 / -1||163||-6|
Fed's interest cut impact on housing demand:
The Feds is debating when to cut the interest rates so as to stimulte the economy. Housing industry heavily depends on interest for demand and expenses. While Feds can only influence federal funds rate, it has a direct impact how lenders set their mortgage rates.
Dr Lawrence Yun, NAR mentioned given the bench rate cut is 25 points it may not sufficient to lower the mortgage interest rate too much. However, if the cut is 50 basis points it would benefit the consumers more.
Figure 1 Areal cost a owning a typ home in Santa Clara County($866/sf)
Typ Home: A tract home 3-4 br, 2 ba+ living area from 1300 sf to 2,000 sf. Nothing elaborate. Most have been upgraded.
Figure 2 Sold vs last asked price ratio for a typ home in Santa Clara County
Sam ShuehRealtor Phone (4-0-8) 425-1601
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.