South Bay - Weekly Market Report: DEC 27, 2023 - JAN 2, 2024

Check out this DEC 27, 2023  - JAN 2, 2024 market report! Get the best insights on when to place a plan for your new home with this weekly market guide in South Bay.

📍 Campbell 📍 Cupertino 📍 Los Altos 📍 Los Gatos
📍 San Jose 📍 Santa Clara 📍 Saratoga

Campbell shows a relatively fast-moving market with a median of 6 days on the market, suggesting a high demand for properties. The median sold price of $1,500,000 indicates a robust market, potentially driven by buyers seeking more affordable options compared to neighboring areas. The balance between active listings (7) and recent sales (3) suggests a healthy turnover, but with only 2 new listings, inventory may be tightening.

Cupertino's market is characterized by a higher median sold price of $2,426,030, reflecting its premium property segment. The longer median days on the market (31 days) compared to Campbell hints at a more deliberate purchasing process, likely due to higher price points and discerning buyers. Stability is indicated by no price changes and a consistent flow of new listings (2), maintaining a steady market.

Los Altos stands out with the highest median sold price at $4,700,000, marking it as a luxury market. The median days on the market (13) are reasonable for such a high-value market, indicating a strong demand for luxury properties. However, with only 9 active listings and 1 new listing, the market appears more exclusive with limited inventory.

Los Gatos presents an interesting case with the highest number of active listings (49), yet a lower median sold price of $1,049,000. This discrepancy suggests a wide range of property types and prices. The market here is more varied, catering to different buyer segments. However, with only 1 new listing, future inventory might become a concern.

San Jose, with the highest number of both active listings (228) and sales (43), is evidently the most active market. The median sold price of $1,500,000, coupled with a higher median days on the market (35), indicates a diverse market with a range of property types and buyer preferences. The volume of transactions shows robust market movement.

Santa Clara shows a relatively higher median sold price of $1,737,000 with a quick median turnover time of 6 days. This combination points to a competitive market with high demand and buyers willing to pay premium prices for desired properties. The steady addition of new listings (4) suggests a responsive market to buyer demand.

Saratoga's market is distinguished by a high median sold price of $3,671,000 and a quick median sale time of 7 days, indicating a strong demand for its high-end properties. With 16 active listings and only 1 new listing, the market seems tight but highly sought after, suggesting a preference for quality over quantity.

Overall Analysis

The regional market exhibits a range of dynamics. High-end markets like Los Altos and Saratoga show strong demand for luxury properties, while areas like San Jose and Santa Clara demonstrate robust activity across diverse price ranges. The variation in median days on the market across cities indicates differing buyer behaviors and market expectations. The general stability in price changes across all cities suggests a market that is currently balanced, without sudden shifts in pricing. The key trend across these cities is the consistent demand in the face of varying supply levels, indicating a healthy and active real estate environment in the region.

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