South Bay - Weekly Market Report: NOV 15 - 21, 2023
Check out this NOV 15 - 21, 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
High-End Markets: Cupertino, Los Altos, and Saratoga stand out as high-end markets with high median prices.
Volume of Sales: San Jose leads in terms of volume, with the most active listings and sales.
Market Dynamics: Cupertino and Los Altos show strong demand with fast sales, while Los Gatos and San Jose offer more variety and volume.
Price Stability: Most cities show stable pricing, with Saratoga as an exception, indicating a more fluctuating high-end market.
Campbell's real estate market is moderately active with 29 active listings, indicating a balanced market environment. The median sold price of $1,299,000 suggests a preference for higher-end properties. Properties here sell quickly, averaging just 8 days on the market, reflecting strong and consistent demand. The market is characterized by stability, with no significant price changes and a steady influx of new listings.
Cupertino's market is distinguished by its premium nature, with a high median sold price of $3,079,444, attracting affluent buyers. With 25 active listings and 6 recent sales, it shows a higher demand compared to Campbell. The properties in Cupertino sell remarkably quickly, averaging 7 days on the market, indicating a highly competitive environment. Stability is a key feature here, with no price changes and a consistent flow of new and pending sales.
Los Altos showcases an extremely dynamic market, with properties selling in an average of just 2 days, the fastest among these cities. It's a high-end market, evident from its median sold price of $2,385,000, appealing to luxury property seekers. With 26 active listings and 4 recent sales, the market balance is maintained, though it leans towards a sellers' market. The absence of price changes signifies a stable, yet highly competitive market environment.
Los Gatos has a more diverse and active market, with 93 active listings indicating a wide range of property choices. The median sold price of $1,315,000 suggests a market with varied property values, catering to a broader audience. The longer median days on the market, 34 days, reflect a more relaxed pace of sales compared to neighboring cities. The presence of a single price change hints at slight market adjustments, possibly due to the diverse property range.
San Jose is the most voluminous market with 444 active listings, indicating a highly dynamic real estate environment. The median sold price of $1,350,000 shows a diverse range of property types and values, catering to various buyer preferences. Properties sell at a moderate pace, averaging 10 days on the market, balancing quick sales with a varied selection. The market shows signs of adjustment with one price change, but overall maintains a healthy activity level with a high number of pending sales.
Santa Clara's market is moderately active with 42 active listings, offering a balanced variety of properties. The higher median sold price of $1,730,000 positions it in the higher-end market segment. Properties sell at a slightly slower pace than Cupertino and Los Altos, averaging 12 days on the market. The market is characterized by stability, reflected in the absence of price changes and a steady flow of transactions.
Saratoga presents an exclusive and premium market with the highest median sold price of $2,580,000 among these cities. With only 24 active listings and 2 properties sold, it indicates a more selective and high-end market. Properties sell relatively quickly, averaging 7 days on the market, underlining strong demand for luxury properties. The market is the most volatile among the cities, with 4 price changes, reflecting a fluctuating high-end market.
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