Real Estate Market Update - Santa Clara County

Here's a good old-fashioned real estate market update for you this weekend! And yes, if you follow these updates, you know that things are finally cooling off a bit.  Just like the summer this year, a bit cooler than normal. 

Homes are still selling over asking, but not by as much. In June, the average sales came in at 103.4 percent of list price, down from the month before and noticeably lower than last year. Prices have dipped slightly, and homes are taking a little longer to sell, around 18 days on average now.  The good ones still sell in a week with multiple offers, so now it's more important than EVER to really spend the time to prep your home for sale to the MAX!  If you don't, you might be on the market for 18 days or longer. 

The big shift is in inventory. Depending on which data set you look at, there were between 484 and 660 active listings in June. Either way, that’s the most we’ve seen for this time of year since 2022. More listings means buyers have more options, but demand is still pretty strong, so it's not like it's a true "buyers' market", but buyers have a better shot at getting a good home than this time last year. 

Most sellers right now aren’t your typical “move-up” buyers; they’re investors cashing out, folks relocating, families selling estates, death, and divorce.  That kind of stuff, where you HAVE to sell or have no other great options than to sell.  And while more homes are hitting the market, we’re still well below pre-pandemic norms of higher inventory.

So what does it all mean? The market’s still competitive, but there’s a bit more balance than we’ve had in a while.  Not a whole lot of change in the last 3 months.  Whether you’re buying, selling, or just watching from the sidelines, I’m happy to help make sense of what’s going on in your corner of the market.  Have a great week!