Recent statistics reveal that in Mountain View, Sunnyvale, and Cupertino, located in Santa Clara County, homes sell for up to 20% above their listed prices, highlighting these areas as some of the most dynamic markets. This trend and an increase in home listings since January suggest a positive outlook for Silicon Valley’s real estate sector in 2024,
Sunnyvale, Cupertino, and Mountain View are particularly vibrant, with homes in these locales commanding prices up to 20% above their asking prices. Properties near the Apple campus in Cupertino are especially sought after, moving faster than others nationwide.
The expectation of more listings entering the market indicates an intense period of intense competition. Walsh anticipates the market will surpass previous years’ activities, with the active spring season likely extending into July.
Adaptation to current mortgage rates is evident among buyers, as indicated by the rise in available properties and pending home sales. The inventory in Santa Clara County saw an increase to 1,034 properties, a blend of 666 single-family homes and 368 townhomes, marking an 18% increase from the previous month. Pending home sales have also surged, a 65% increase from a month ago.
This uptick in listings and the shortened duration homes spend on the market before selling suggest a heating competition even before the peak spring buying season. The median time on the market in January was 11 days, a decrease from previous months and significantly lower than last year.
The luxury home segment is witnessing heightened interest, with multiple offers on properties priced around $5 million. The scarcity of sales with contingencies underlines the market’s competitiveness.
Economic optimism, fueled by stock market performance, suggests a promising outlook. Walsh predicts a tightening market for buyers as interest rates soften and demand surpasses supply. First-time buyers previously edged out of the market may re-enter, and repeat buyers may become more active as the Federal Reserve adjusts rates. The emerging trend of young adults moving out of their parent’s homes could introduce new potential buyers into the market.
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(Prices and inventory current as of Nov 30, 1999)
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