Real Estate Report presented by BOYENGA TEAM

February 2018 Report

Single Family Homes in Santa Clara County, Los Altos, All Neighborhoods Change >


Median Price
$2,950,000
-12.4%
Average Price
$3,315,000
-7.6%
No. Sold
7
-58.8%
Pending Properties
17
+142.9%
Active
9
+80.0%
Sale/List Price Ratio
111.6%
+0.8%
Days on Market
5
-59.9%
Days of Inventory
39
+337.1%

Market Barometer

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Market Commentary

Prices Keep Rising

Prices for both single-family, re-sale homes and condos jumped by double-digits in January, year-over-year.

The median price for homes has been higher than the year before by double-digits eight months in a row. The average price was up by double-digits for the seventh month in a row.

The median price for homes rose 25.2% over last January to $1,163,000. That was a small decline from the record high set in December.

This is also the 71st month in a row the median price has been higher than the year before.

The average price for homes rose 14.3% to $1,439,310.

The median price for condos gained 22.4%. Notably, the median price for condos has been higher than the year before every month since July of 2011!

The average price for condos was up 21.7% over last January.

Multiple offers continue to be the norm. The sales price to list price ratio, or what buyers are paying over what sellers are asking remains at triple digits: 108.8% for homes and 113.3% for condos. That’s the highest it has ever been for condos.

The ratio has been over 100% for homes since March 2012 and for condos since April 2012.

Homes and condos are flying off the shelf. It is taking only twenty-one days to sell a home, on average. Condos are taking twelve days.

All this is due to an incredible lack of inventory. Since January 2000, Santa Clara County has averaged 94 days of inventory. Last month it was twenty-five.

Condos have averaged 87 days since 2000. Last month it was eighteen.

As of January 5th, there were 376 homes and 91 condos for sale in Santa Clara County.

Getting Your Home Ready to Sell

I know, I know. You’re thinking, “I live in Silicon Valley where everything is selling with multiple offers! Why bother fixing anything?”

Well, not quite. Well-kept homes properly priced ARE selling quickly with multiple offers. Yet, there are still homes that have been on the market for over thirty days. P.S. We are averaging twenty-one days on market.

Homes that have been on the market over thirty days are either over-priced and/or not spiffed up.

Well-maintained homes priced properly will receive multiple offers in this market. Also, a clean, well-kept home will sell for more money than one that is run down.

If you are ready to sell your home, we have some tips for you.

First, make sure people will be enticed into your home when they first look at it from their car. This is called curb appeal. The next time you drive up to your home, look at it as if you were thinking of buying it. What could you do to make it more appealing from the curb? Is the yard neat? The grass green? The bushes trimmed? The kid’s toys put away? Is the front door clean? The garage door? A little paint and elbow grease here ensures more people will visit your home.

Next, you know all those little niggling things you’ve been meaning to fix? The squeaky door. The door knob that doesn’t work properly. The closet door that slides roughly. Fix them!

Go for the spacious look. You are going to be moving, that’s why the house is on the market. Start packing. Pack everything but the essentials, then put them in storage. This goes for the kitchen as well. Take all those appliances and containers off the counter tops and pack them away.

Spruce up your back yard. The back yard has evolved into one of the most important rooms of the house. Buyers will be attracted to back areas that have a nice deck or patio area with plenty of space for dining, grilling, and entertaining. And if you have a section of your yard that is child-friendly -- perhaps with a swing set, sandbox or play area -- play it up as much as possible.

Make your windows sparkle. Make sure your windows are nice and clean.

Keep your walls light. If you're thinking about touching up the paint on your walls before you put your home on the market, keep the colors neutral and light. A light yellow or beige will make the room feel cooler than darker hues, like brick red or dark taupe.

Let the light in. Open blinds and curtains so plenty of light illuminates the home's interior.

Keep the pool clean. If you have a pool or spa, make sure it's clean. If you have a fence, make sure locks and latches are working properly.

All this may seem like a lot of work, and it is, but it means a quicker sale with less hassle and more money in your pocket. Not to mention the pleasure you and your family will receive from living in a well-kept home.

To set the proper price, a seller must be aware of current market conditions, including what has sold recently in your neighborhood, and what is your competition.

Your local REALTOR®, that’s me, can assist you with this. Call me.

Prices & Sales

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Days of Inventory

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Sales to Date

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Sales Price Ratio

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