Santa Clara County - Real Estate Market Report JANUARY 2024
Santa Clara Monthly Market Report
Median House Sales Price :
- The median sales price in Q4 2023 was up approximately 12% from Q4 2022.
- The chart indicates a significant increase in median house sales price over the years, with seasonal fluctuations peaking typically in Q2.
- Buyers should be aware that prices are currently on an upward trend year over year. This could imply that waiting to purchase might result in higher prices. However, they should also be prepared for potential seasonal fluctuations, which could offer slightly better pricing opportunities.
- Sellers might consider this a favorable market condition to list their properties, especially if they are looking to capitalize on the year-over-year price increase. Listing ahead of the typical peak season may allow for better pricing before any seasonal adjustments.
Annual Sales Volume:
The sales volume in 2023 was down about 23% from 2022.
- A decrease in sales volume might indicate less competition among buyers. However, it could also signify a lower number of listings, which could drive up prices due to demand and supply dynamics.
- Sellers might face less competition in selling their homes due to the reduced sales volume. However, it's important to price homes competitively to attract potential buyers in a possibly less active market.
Mortgage Interest Rates (as of January 2023):
- The weekly average 30-year interest rate showed a decline to 6.61% by the end of December 2023, indicating a trend of decreasing rates from a peak of 7.79% in October 2023.
- With interest rates showing a declining trend, it might be a good time for buyers to consider locking in mortgage rates before any potential increases.
- Lower interest rates can increase the pool of potential buyers who can afford to purchase homes, which could be advantageous for sellers looking to close deals.
Active and Coming-Soon Listings (as of January 1, 2024):
- The number of active listings on January 1, 2024, was significantly lower at 713 compared to previous months in 2023, suggesting a tight market with fewer options for buyers.
- Buyers should be prepared for a competitive market with lower inventory. They might need to act quickly and decisively when suitable properties come onto the market.
- With active listings at a low, sellers could benefit from less competition and potentially higher demand, possibly leading to quicker sales and better offers.
In conclusion, the housing market in Santa Clara County in the latest quarter of 2023 and beginning of 2024 indicates a market with rising prices, decreased sales volume, declining mortgage interest rates, and a tight market with low active listings. Buyers should be prepared for higher prices and act quickly due to low inventory, while sellers could take advantage of the reduced competition and potentially higher demand for homes.
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