With the new year upon us, and with the data from January finally in, how does the housing market look in the South Bay Area?
For Santa Clara County as a whole for Single Family Homes, Townhouses and Condos, the median sales price for January was $1,025,000. That is down 2.4% from January last year. Just looking at Single Family Homes (SFH), the median sales price was $1,160,000. That is only $10k off of January 2018's median sales price, so less than a 1% difference.
The housing market so far is starting to feel more like a typical year; the market begins to pick up after the Super Bowl, continues to appreciate through spring and summer, slowing down at the end of July and August, a slight bump in September/October, then dropping to the end of the year. Properties in good condition or desirable locations are selling with multiple offers. Properties that are over-priced or need work are sitting on the market longer.
Inventory (available properties) is up 81% and properties took 40 days on average to accept an offer (up from 18 days last year, a 122% increase). That is due to a very hot market at the end of 2017, and a very slow market at the end of 2018.
Here is a breakdown for the median sales price for the SFHs of each area in Santa Clara County, compared to January of last year. If you want a price valuation of your property specifically, just send me an email.
Morgan Hill/Gilroy/San Martin: $830k (-2%)
Santa Teresa: $905k (-6%)
Evergreen: $945k (-17%)
Alum Rock: $737,500 (+5)
Berryessa: $1,027,500 (-3)
Milpitas: $1,010,000 (-7.8%)
Santa Clara: $1.2m (-17.8%)
Central San Jose: $1,009,750 (+5.2%)
Willow Glen: $1,435,000 (-6.7%)
South San Jose: $777k (-0.4%)
Blossom Valley: $974,975 (+4.2%)
Almaden: $1,350,000 (-26%)
Cambrian: $1,167,500 (-11.5%)
Campbell: $1,325,000 (-14%)
Los Gatos: $2,450,000 (+18.6%)
Saratoga: $2,379,650 (-11.6%)
Cupertino: $1,980,000 (-15.7%)
Sunnyvale: $1.7m (-11%)
Mountain View: $2,168,500 (-9.6%)
Palo Alto: $2,710,000 (-30.5%)
Los Altos: $2,747,500 (-11%)
Los Altos Hills: $4.6m (-16.4%)