South Bay - Weekly Market Report: NOV 1 - 7, 2023
Check out this NOV 1 - 7, 2023 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
Starting with Campbell, the market here shows a healthy level of activity with a modest inventory suggesting a balanced market. The median sold price indicates a premium community, with properties not lingering too long on the market, reflective of steady demand. The absence of price changes points to a stable pricing environment, which could be attractive to buyers looking for predictable market conditions.
Moving to Cupertino, the market is characterized by high-value transactions, as evidenced by the significant median sold price. This city is known for its top-rated schools and being the headquarters of many tech giants, which justifies the price points. With the quickest median days on the market, Cupertino's properties are highly coveted, indicating a seller's market with more room for price negotiations in favor of sellers.
Los Altos follows suit with a similarly high median sold price, underscoring its status as a luxury market. The rapid turnover of properties here, with the fewest median days on the market, showcases a high demand among affluent buyers. Despite the low number of new listings, the rate of sales is proportionate, suggesting that Los Altos homes are just as sought-after as those in Cupertino.
In contrast, Los Gatos presents a more varied market with the highest number of active listings. This could signal a greater choice for potential buyers or could hint at a cooling phase where supply slightly exceeds demand. Nevertheless, the median sold price is still robust, aligning with the overall affluent nature of the region.
San Jose, the largest city in the region, shows the most significant market activity. With the highest number of new listings and sales, it is the epicenter of real estate transactions in Silicon Valley. The median sold price here is more accessible compared to its neighbors, which may appeal to a broader range of buyers. However, a single price change suggests a stable market despite the high volume of transactions.
Santa Clara features a quicker turnover rate, with properties spending few median days on the market. This trend, along with a healthy number of new listings relative to sales, indicates a dynamic market. The median sold price is reflective of the city's growing popularity among tech professionals seeking convenience and centrality.
Lastly, Saratoga offers an exclusive market with a limited number of new listings, which may lead to competitive buying scenarios. The high median sold price is consistent with the city's reputation for luxury homes and elite neighborhoods. The stability in pricing and the balanced pace of sales affirm that even at the higher end of the market, there is a consistent demand.
Overall, Silicon Valley's real estate market is diverse, with each city exhibiting unique trends that cater to different segments of the market, from the relatively bustling and more affordable San Jose to the luxurious and tranquil Saratoga. Across the board, the rapid sales pace and stable pricing suggest that the region remains a highly desirable place to live, with a robust real estate market to match its world-renowned status as a center for technology and innovation.
Want more professional advice on buying houses or listing your home in San Francisco Bay Area?
Contact Tracy Tang Team for more exclusive info:
LinkdIn: Tracy Tang