South Bay - Weekly Market Report: MAR 27 - APR 2, 2024

Check out this MAR 27 - APR 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 dynamic market with a healthy balance between new listings and sales, indicating a steady demand. The relatively short median days on the market suggest properties in Campbell are moving quickly, a sign of a competitive market likely driven by its affordability relative to nearby cities, along with its appealing community amenities and access to employment centers.

Cupertino, known for its prestigious schools and proximity to major tech employers, exhibits a higher median sold price, albeit with fewer active and new listings than Campbell. This suggests a tighter market with high demand, where properties are slightly slower to sell but command premium prices. The balance between sales and new listings indicates a stable market, though the relatively lower number of sales could also hint at a scarcity of available properties, maintaining upward pressure on prices.

Los Altos, with the highest median sold price among the cities analyzed, underscores its status as a highly desirable location. The larger inventory and longer median days on the market compared to Campbell and Cupertino may reflect a market with more exclusive properties that take longer to match with the right buyers. Despite this, the demand for luxury homes in Los Altos remains strong, driven by its prestigious reputation, excellent schools, and large, private lots.

Los Gatos, presenting the largest number of active listings, indicates a more saturated market. However, with a substantial number of new listings and sales, it's evident that Los Gatos is an active market, appealing to those looking for unique, higher-end properties that offer both a charming downtown and outdoor recreation opportunities. The median sold price reflects its luxury market status, with properties spending a relatively short time on the market.

San Jose, as the largest city in the analysis, naturally shows the highest number of active listings, new listings, and sales, which points to a highly active market. The lower median sold price, compared to neighboring cities, suggests San Jose offers more affordable options, attracting a broader range of buyers. The quick turnover of properties indicates a competitive market, likely driven by its diverse neighborhoods, employment opportunities, and cultural amenities.

Santa Clara combines relatively affordable pricing with a competitive market, as evidenced by the short median days on the market and a good balance of new listings to sales. This suggests a high demand for properties in Santa Clara, likely due to its strategic location near major employment centers, accessibility, and community amenities, making it an attractive option for a wide range of buyers.

Saratoga showcases an exclusive market with a high median sold price, similar to Los Altos, but with fewer active listings and a smaller number of sales, which may indicate a more selective market. Properties in Saratoga likely appeal to those looking for privacy, luxury, and an esteemed community. The relatively quick sale time suggests that, despite the high price point, there is a steady demand for homes in this elite market segment.

Overall Analysis:
Across the board, the Silicon Valley area reflects a robust real estate market characterized by high demand, especially in cities known for their proximity to employment, quality of life, and educational opportunities. The variation in median sold prices and market activity levels highlights the diversity within the region, from more accessible, vibrant markets like San Jose and Santa Clara to the exclusive, luxury markets of Los Altos and Saratoga. The overall trend indicates a strong sellers' market, with most cities showing quick sales and a steady or increasing number of transactions, albeit with variations in inventory levels. The lack of price changes across most cities suggests stable or increasing property values, reinforcing the area's appeal to both buyers looking for long-term investments and those seeking the unique lifestyle Silicon Valley offers.

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