Admin

Silicon Valley area real estate 2023 updates

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

                                                             Sam Shueh

                                                             BRG Realty

                                                           San Jose, CA 95124

                                        SamShuehRealtor at Gmail.com  (408) 425-1601

We have seen a sharp increase in mortgage interest rates last few months. We have also experienced minute reduction in working force in Silicon Valley. What is not clear is the housing industry is still very active. What we do not see is homes still quickly sold over 25% as a few months ago. Rather most homes sellers still have more buyers than they know what to do. Unless homes are grossly overpriced offers come in without viewing.    

As Feds appear to stall interest rate increase, people are expecting lower mortgage interest rate or able to refinance soon. There is no caution we have a market correction.

Housing Inventory  January 31, 2023
  Avg List Price 30 Day  Average Sold Price 30 Day  Average DOM: active/sold 30 Day Trend Number of Active Listings 30 Day 
Alameda County, CA
Single Family $922,550 +4.35% $992,292 +2.70% 55 / 40 -16 / 6 398 89
Luxury Single Family $2,787,322 -3.21% $2,128,609 +8.98% 66 / 31 -24 / 1 133 25
Condo/Town $625,728 +0.37% $616,795 +5.15% 58 / 51 -12 / 1 178 38
Luxury Condo/Town $1,205,589 -2.17% $1,184,285 +0.44% 66 / 51 -27 / 10 56 13
Contra Costa County, CA
Single Family $836,563 +4.58% $748,241 -3.56% 59 / 41 -13 / -3 473 51
Luxury Single Family $2,907,121 +3.80% $2,218,293 +5.05% 77 / 30 -19 / -9 151 12
Condo/Town $509,320 +3.08% $475,813 -2.30% 48 / 49 -18 / 3 130 17
Luxury Condo/Town $1,188,107 +3.30% $1,043,750 -5.61% 44 / 40 -24 / 15 42 7
Monterey County, CA
Single Family $1,080,908 +8.14% $917,190 +8.74% 78 / 45 -9 / 6 194 1
Luxury Single Family $7,829,982 +5.61% $5,411,167 +14.39% 124 / 59 -14 / 8 65 1
Condo/Townhome $611,054 -7.07% $504,062 -2.05% 62 / 33 -2 / 2 24 -1
San Mateo County, CA
Single Family $2,231,435 +8.83% $1,746,471 -5.10% 68 / 35 -19 / 2 205 41
Luxury Single Family $10,824,794 +4.99% $12,245,000 N/A 140 / 29 -26 / -40 66 14
Condo/Town $740,030 -6.80% $817,078 -6.35% 107 / 35 -24 / -14 87 9
Luxury Condo/Town $1,674,101 -5.01% $1,712,332 -0.40% 64 / 91 -16 / 71 28 7
Santa Clara County, CA
Single Family $1,655,020 -1.41% $1,588,776 +0.11% 66 / 25 -25 / -3 382 80
Luxury Single Family $6,134,097 -6.41% $4,512,005 +11.26% 109 / 56 -22 / 15 119 25
Condo/Town $843,243 +5.01% $832,992 +2.04% 63 / 33 -19 / 1 199 54
Luxury Condo/Town $1,819,884 +3.43% $1,617,700 -1.52% 73 / 27 -16 / -3 63 15

Sam Shueh (408) 425-1601

Comments(7)

Show All Comments Sort:
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Sam and thanks for the market report to share with us here in the Rain.  Make it a great Sunday!

Feb 05, 2023 08:55 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Sam, our market is starting to heat up again too, even with the higher interest rates.

Feb 05, 2023 09:20 AM
Hannah Williams
HomeStarr Realty - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-820-3376

Sam Shueh  The rates may be higher but people are not in bidding wars or overpaying for homes the prices are stabilizing. 

Feb 05, 2023 10:52 AM
George Souto
George Souto NMLS #65149 - Middletown, CT
Your Connecticut Mortgage Expert

Sam Shueh this is good information for both Buyers and Sellers in your area.

Feb 05, 2023 06:26 PM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Sam, what is this building you have a photo of?   It is very interesting!

Feb 28, 2023 11:09 AM
Roy Kelley
Retired - Gaithersburg, MD

Families on the move will appreciate your local real estate market reports.

Mar 17, 2023 09:03 AM
Roy Kelley
Retired - Gaithersburg, MD

Good Monday morning, Sam.

Thanks for your comment on my recent post.

Have a productive spring.

Apr 03, 2023 07:47 AM