Record Heat in the Bay Area Real Estate Market
Summer heat may have you wondering, just how hot is the Bay Area’s real estate market? Consider Santa Clara County, the heart of Silicon Valley and home to San Jose – in June, sales hit a record $1.775 billion on 1,231 homes – up 23% over last year. That’s an average sale price of $1.4 million. The last time these numbers even came close was June 2005, when total sales hit $1.463 million on 1,604 homes. Multiple Listing Service (MLS) data shows an interesting phenomenon across this region: • Inventory dropped each month for the last seven months, yet sales continue to rise • San Mateo and Santa Clara Counties saw the most significant inventory declines (25% and 21%, respectively), yet showed the largest increase in sales (14% and 13%, respectively) •Median sales prices increasing every month for the last six months; ranging from an average of $535,000 in San Benito County to $1.4 million in San Mateo County Whether you’re considering selling your home or are an anxious buyer trying to figure out how you can get into the market, be aware the market often undergoes minute-by-minute changes. Working with a real estate professional who has access to the MLS may be the most important decision you can make. For example, MLSListings data is updated in real time, allowing agents to see what homes are coming onto the market, deals that have fallen through, and properties that just closed and for how much. These invaluable insights can help you price your home to move fast or land a hot property.