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Welcome to The Rossetti Realty Market Update.
If you’re considering buying or selling residential real estate, it’s essential to understand the current market trends.
According to MLS Listings, the marketplace for Santa Clara County residential properties, here’s what happened on the 3rd Quarter in 2022 versus the 3rd Quarter in 2023:
The Number of SOLD listings decreased by 16% to 2778 properties, with a top sale of $16,750,000 million at 1025 Lincoln Avenue, Palo Alto.
The Average Sales Price increased by 8% to $1,825,271 million, and the Average Price Per Square Foot increased to $1,023 per square foot.
As measured in quarterly supply, the inventory of properties available for sale decreased by 6% to 1.50 quarterly worth of properties for sale.
The average 30-year fixed mortgage rate increased to 7.55%, according to Bank Rate.com.
If you’re considering buying or selling residential real estate, please get in touch with Gail.
