What Does the Silicon Valley Housing Market Look Like?

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How is the Silicon Valley real estate market doing? We’re at the end of the first quarter of 2016, so it’s time to look over some data and statistics.

Overall, compared to 2015’s first quarter, it’s looking good! We’ve experienced a slight increase for average sales price and slight decrease in days on the market. Although other numbers in the region have remained consistent, we know real estate is hyper-local. 
San Jose experienced an 8.7% sales price increase to $912,000. Morgan Hill experienced a 9.6% average sales price hike to $871,000. Additionally, in Morgan Hill, the average days on the market decreased to 33 days. We’re seeing some major improvements, but again, it needs to be broken down by specific neighborhoods.

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We anticipate a busy spring and summer season in Silicon Valley real estate.

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For the first three months of this year, we’ve had low inventory, but during each month, more homes have been listed. It’s catching up to buyer demand. More sales are happening from increased inventory and buyer foot traffic. We anticipate a busy spring and summer season. That makes it an opportune time for anyone thinking about listing.

If you’re thinking about buying or selling in the surrounding area, you can reach me by phone or email at your earliest convenience. I’d be happy to provide you localized information about your neighborhood, as well as your home’s market value.