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.

Where Is the Silicon Valley Market Heading?

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Looking to sell in the Silicon Valley? Get a Home Price Evaluation

What's the state of our marketplace and where is it heading moving forward? This is the question we're asked more than any other, and we want to address it for you here today.

Here's what we've seen the market do since last year:

- 10% increase in sales price ($795,000 to $875,000)
- Days on market has dropped by a day
- The number of sales has increased (16,426 to 17,112)
- 17.5% fewer active listings (4,284 to 3,523)

During this time of year, we're often asked whether it's better to wait until spring to sell. With the numbers we're seeing now, and with as few homes available as we're currently seeing, it may be the perfect time to sell depending on your neighborhood. If there's not a single house from your neighborhood on the market, it might just be the perfect time to sell quickly and get top dollar for your home.

The combination of less competition and low inventory make now possibly the best time to sell your home. If you think now might be the best time for you and your family, or if you're unsure and want sound real estate advice, we would love to hear from you. We're always here to help!