Santa Clara County - Real Estate Market Report FEBRUARY 2024

Santa Clara Monthly Market Report

Market Trends:

  • According to the first image, there has been a significant upward trend in median house sales prices since 1990, with prices peaking in 2022 before slightly declining. However, in January 2024, there was a 13% year-over-year increase in the 3-month rolling median house sales price.
  • The second image shows the seasonality of home sales volume, with peaks typically in spring and dips in January of each year. The volume of sales took a hit when the pandemic started but has since shown recovery.
  • The third image provides census data snapshots, indicating that the majority of homes are owner-occupied (54%) and single-family units (62%). It also shows that a substantial portion of the population (41%) is foreign-born, with a notable part coming from Asia/Oceania (69%).

Recommendations for Sellers:

  • Pricing: Given the recent increase in median sales prices, sellers should price their homes competitively to reflect the current market value. Consider the 3-month rolling median as a benchmark but adjust for the specific features and location of your property.
  • Timing: Plan to list in early spring when sales volumes typically increase. Avoid listing in December, as January sees the lowest sales volumes due to December market activity.
  • Presentation: With the majority of homes being older constructions (37% built between 1960-1979), sellers with updated or newer homes should highlight renovations and modern features.
  • Marketing: Target the significant Asian/Oceania demographic in the marketing strategy, ensuring that listings are accessible in relevant languages and platforms.

Recommendations for Buyers:

  • Market Timing: Consider purchasing during the off-peak seasons, like January, when there is less competition and potentially more room for negotiation.
  • Budgeting: Be prepared for a competitive market, especially with the recent uptick in prices. Budget for above-list offers if you're aiming for high-demand areas.
  • Housing Type: With single-family homes being the most prevalent, buyers looking for condos or townhouses may find less competition and better deals.
  • Location: With a diverse population and a significant number speaking languages other than English at home, consider the cultural community and language resources when choosing a location.

The Santa Clara County real estate market is competitive with a clear seasonality effect. Prices are on the rise, but sales volumes dip at the beginning and end of the year. Sellers should aim to list in the spring and highlight modern features, while buyers may find better deals in the off-peak seasons and should consider the community demographics in their decision-making process.

Want more professional advice on buying houses or listing your home in San Francisco Bay Area? 
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