Market Trends Report

November 2017 Silicon Valley Real Estate Market Trend Report 

Santa Clara County (SCC): Prices Set New All-Time Highs

Prices for both single-family, re-sale homes and condos jumped by double-digits in October to set new all-time highs.

That’s the fifth month in a row the median price has been higher than the year before by double-digits. The average price was up by double-digits for the fourth month in a row.

The median price for homes gained 16.5% over last October. At $1,220,000, the median price surged over the previous high of $1,195,000 set in May.

This is also the 68th month in a row the median price has been higher than the year before.

The average price for homes rose 17.3% to $1,502,130.

The median price for condos gained 17.1%. 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 17.1% over last October.

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: 107.6% for homes and 108.3% 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 eighteen days to sell a home, on average. Condos are taking thirteen days.

All of 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-two.

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

October 2017 Sales Statistics

* Total inventory is active listings plus pending     listings. Active listings do not include pending.

More information is available in our on-line report at http://avi.rereport.com/market_reports

back-to-top-button-red

 

Want straight answers to your real estate questions?
Call 650-305-1111 or send me a note to schedule a complementary & confidential one-on-one meeting.

VISIT http://avi.rereport.com/ for a free on-line market analysis of your property.
You can also perform your own personal search of properties for sale.

How home buyers are getting robbed of their down payments (SCC & SMC)

A hot new scam targets home buyers: down payment wire fraud.

Hackers send bogus emails, telling buyers where to wire the down payment money. The stolen money disappears. The home buyer ends up with an empty bank account and a broken heart.

Hundreds of millions of dollars have been stolen this way. But you can avoid that fate by making one phone call. It’s that simple.

How the scam happens

Stacy Hennessey, a real-estate agent in Falls Church, Virginia, was targeted with this scam, but she didn’t fall for it. If you follow her example, you won’t get defrauded, either.

Hennessey was buying a house in Maryland. About a week before the scheduled closing, she received an email that appeared to be from her real-estate agent. The email told her that the instructions for wiring the down payment had changed, and it gave her an account number to which she should send $30,000.

Hennessey was suspicious for three reasons:

“They were asking me to wire an incorrect down payment amount, lower than it should have been,” she says. “Why would I wire a partial deposit?”

“And why would I be doing it now, several days before closing?” Usually, the down payment money is wired the day before closing.

The sender’s email address was almost, but not quite, her agent’s email address.

How to stop the scammers

Hennessey prevented crooks from stealing her $30,000 by making one call to her real-estate agent.

“I said, ‘Hey, did you send me this telling me to wire money?’ And they said, ‘No.’ And I said, ‘Your computer’s been hacked because they know that I’m a buyer, closing soon.’”

Had Hennessey followed the scammer’s instructions, she almost certainly would have lost the money. At the time, she didn’t even know whom she should have called if she had fallen for the scam. Read the full story: http://tinyurl.com/yc78fys8

Call or email me if you have any questions.

For further details and a city-by-city breakdown statistics, go to http://avi.rereport.com/market_reports.

back-to-top-button-red

Do you want to be notified
of investment opportunities across the country?send me a note with subject “investment’s opportunities


Real estate related Articles

TECH INSIDER
July 28. 2017
Google has reportedly spent $820 million on properties in Silicon Valley. By Edoardo Maggio
The Santa Clara Weekly
July. 2017 2017
LeEco Sells Former Yahoo Parcel to Chinese Real Estate Development Company. By Carolyn Schuk
Michael RepkaReal Estate Matters. Representing both buyers and sellers: A conflict of interest? Read more Dual Agency
Avi UrbanZESTIMATE – Using it with cautions
How to reduce your home loan interest payments. Read more

California homeowners interested in building accessory dwelling units on their property just caught a break, potentially shaving off thousands of dollars in fees and permits.
In a move proponents say will help ease the Bay Area’s housing crisis, Gov. Jerry Brown on Tuesday signed Senate Bill 1069, making the so-called “granny units” easier and less expensive to build throughout the state.

For more read California eases restrictions on ‘granny units’
and http://www.hcd.ca.gov/policy-research/AccessoryDwellingUnits.shtml

Helpful resource for home owners

Many new home owners or owners who consider remodeling or rebuilding their homes should take advantage of their county Tax Assessor web site. These web site and their respective city building departments web site typically have vest information regarding the process for applying for permits, the impact on their taxes and many other resources that home owners should be aware are available for them.
For the San Mateo County Tax Assessor office visit http://www.smcare.org/default.asp
For Santa Clara County Tax Assessor visit https://www.sccassessor.org/index.php

back-to-top-button-red

The Silicon Valley 150 Index Corner

The Silicon Valley’s Real estate market is a derivative of the local economy–it prospers and withers depending on how well the local innovation-based sector performs. The San Jose Mercury News tracks the performances of the largest 150 publicly traded companies headquartered in Silicon Valley through an index called the SV150, which may be found at www.mercurynews.com. Stocks are valued based on several criteria, but one of the more important criteria is a company’s future earnings. Therefore, I see the SV150 as a leading indicator for Silicon Valley’s real estate market.

Investors Corner

THE S&P CORELOGIC CASE-SHILLER NATIONAL HOME PRICE NSA INDEX REACHES NEW HIGH AS MOMENTUM CONTINUES

NEW YORK, OCTOBER 31, 2017 – S&P Dow Jones Indices today released the latest results for the S&P CoreLogic Case-Shiller Indices, the leading measure of U.S. home prices. Data released today for August 2017 shows that home prices continued their rise across the country over the last 12 months. More than 27 years of history for these data series is available, and can be accessed in full by going to https://goo.gl/WbffxU

Is it time to seriously consider investing in real estate?

Signup for my Real Estate Investment Alerts and you’ll receive my real estate investment opportunities.

back-to-top-button-red

San Mateo County (SMC): Median Prices Set New All-Time Highs

Prices for single-family, re-sale homes rose by double-digits in September.
The median prices for single-family, re-sale homes and condos jumped by double-digits to set new highs again in October.
That’s three of the past four months the median price for homes has been higher than the year before by double-digits.
The median price for homes gained 12.1% over last October. At $1,510,000, the median price surged over the all-time high of $1,485,000 set in July.
The average price for homes rose 3.5% to $1,752,210.
The median price for condos gained 19.2%. The average price for condos was up 10.5% over last October.
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 in the triple digits: 1110.0% for homes and 106.4% for condos.
The ratio has been over 100% for homes since April 2012 and for condos since June 2012.
Homes and condos are flying off the shelf. It is taking only sixteen days to sell a home, on average. Condos are taking eighteen days.
All of this is due to an incredible lack of inventory. Since January 2003, San Mateo County has averaged eighty-four days of inventory. Last month it was thirty. The number of homes for sale as of the fifth of October were 352. The average is 1,287.
Condos have averaged ninety-four days of inventory since 2000. Last month it was fifteen. The number of condos for sale as of the fifth of September was sixty-five. The average is 350.

October 2017 Sales Statistics

* Total inventory is active listings plus pending listings. Active listings do not include pending.

You can get more information at: http://avi.rereport.com/market_reports

back-to-top-button-red

Call or email me if you have any questions.

For further details and a city-by-city breakdown statistics, go to http://avi.rereport.com/market_reports.

back-to-top-button-red

Looking to Downsize?

Keep Your Property Tax Base

Under Proposition 60, California homeowners 55 and older get a one-time chance to sell their primary residence and transfer its property-tax assessment to a new one, but the market value of the new home generally must be equal to or less than the market value of the old home.

Prop. 60 was designed to help longtime California homeowners who want to downsize but don’t want to give up the low property-tax assessment they enjoy in their existing home.

Under Proposition 13, homes are reassessed for property-tax purposes when there is a change in ownership or new construction. In between ownership changes, the assessed value can go up by an inflation rate not to exceed 2% a year. (Homeowners can get temporary reductions when property values go down.)

Prop. 60 lets homeowners 55 or older transfer their base-year value from an existing primary residence to a new primary residence, but there are restrictions.

The new home must be in the same county as the old one or, as Proposition 90 added, in one of eleven counties that accept transfers of base-year value from other counties. The eleven counties are: Alameda, El Dorado, Los Angeles, Orange, Riverside, San Bernardino, San Diego, San Mateo, Santa Clara, Tuolumne and Ventura.

Also, the new home must be purchased or built within two years – before or after – the sale of the original property.

If the new house is purchased before the old house is sold, the market value of the new house on its purchase date cannot exceed 100% of the old home’s market value on the date it is sold.

Register for the Home Buyers Seminar

Register Now

Register for the Home Sellers Seminar

Register Now

SILICON VALLEY REAL ESTATE MARKET TREND REPORT

Get it sent directly to your inbox and stay informed

Subscribe

MARKET TRENDS REPORT


Archives

READ MORE TESTIMONIALS

in


More filtered reviews at the bottom of Yelp Testimonial page


zillow_button