The Silicon Valley real estate market keeps going up! We continued to see double digit increases in all of 2017 vs. 2016. Let’s explore the Top 10 cities in Santa Clara and San Mateo counties with the highest price increases for single-family homes last year.
Interestingly, the coastal city of Half Moon Bay topped the list with an almost +20% increase in median sale price at $1,305,000 in 2017 vs. $1,108,500 in 2016! Santa Clara came in second with a +16.74% increase and a 2017 median price of $1,255,000 vs. $1,075,000 in 2016. Sunnyvale’s median sales price in 2017 was $1,725,000, +15.77% higher than its 2016 median sales price of $1,490,000. San Bruno hit $1,068,000 in 2017 vs. $923,500 in 2016, increasing by +15.71%. Palo Alto came in fifth with a +15.69% increase and with a median sales price of $2,550,000 vs. $2,950,500 in 2016.
Here is a comparative chart of the Top 10 highest median single-family home price increases by city for 2017 vs. 2016.
The three cities that experienced decreases in median sales prices are Hillsborough, Woodside and Atherton. These are typically three of the most expensive markets in Silicon Valley, and they saw declines this past year because there were so many lower-priced homes sold in those markets than we normally see. Buyers snapped up homes that were less than $5 million in Atherton and Hillsborough, and less than $2.5 million in Woodside. As a result, the median price declined. Here are the respective stats:
Here is a comparative chart of median sales price shifts by county from 2016 to 2017.
Do not be discouraged with these price increases if you are a buyer. I am still getting great results for my clients! And, as a seller, I caution you not to take this market for granted. What goes up will come down – at some point; it’s just a matter of when.