2019 summer Silicon Valley homes go go gone

By
Real Estate Agent with (408) 425-1601 CA bre 1519182

                                                                                       Sam Shueh

                                                             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.

Areal cost of a typ home                              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.

RATIO OF SOLD OVER ASKED

                                          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. 

SamShuehRealtor@ Gmail.com

Advice of realtors wanting to get into Silcon Valley 

 Silicon Valley Realtor Sam Shueh Website    

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Sales and Marketing
Location:
California Santa Clara County
Groups:
The Art Of Marketing You
Inspiration Station

Spam prevention
Show All Comments
Rainmaker
1,720,075
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

thanks for sharing the information about your market - things are starting to slow a bit here on the east coast

Sep 17, 2019 11:51 AM #1
Rainmaker
1,035,948
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Lise Howe 

I don't think things are much different across the continenet. Home owners make more money and spend more on housing.

Take Care,

Sam Shueh

Sep 17, 2019 12:54 PM #2
Rainmaker
4,577,339
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Sam,

Great post on the market conditions in Silicon Valley...Wishing you a wonderful rest of the day.  A

Sep 17, 2019 01:00 PM #3
Rainmaker
3,303,303
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Multiple offers swift sales frustrated buyers !

Sep 18, 2019 02:43 AM #4
Rainmaker
1,035,948
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Sally K. & David L. Hanson 

It used to be mutiple offers near major high tech jobs center that drove up the home prices. Instead of 10-20 offers first week now sellers barely get a few inquires and they no longer get people overbid (sometimes>$300K for a modest home). Sellers need to price it right dealing with traditional sales. Those who expect that kind of miracles found their homes are still on the market after 2 months vs 1 weekend before.

Sep 18, 2019 06:40 AM #5
Rainmaker
197,307
John Henry, Florida Architect
John Henry Masterworks Design International, Inc. - Orlando, FL
Residential Architect, Luxury Custom Home Design

Thanks for the report Sam.  It's always good to know what is really happening in an area!  I was wondering about Silicon Valley!  How long have you been in that market?  

Sep 28, 2019 02:10 PM #6
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
1,035,948

Sam Shueh

mba, cdpe, reopro, pe
Ask me a question
*
*
*
*
Spam prevention

Additional Information