Silicon Valley: December Market Update

 
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December tends to usher in a calmer pace for the Silicon Valley housing market, as the holiday season prompts most buyers and sellers to put their market ambitions on hold until the new year. November’s data paints a picture of a slight increase in inventory and a decrease in sales. A total of 1,082 single-family homes sold over the course of the month, down 17% from October 2018, and marking a 14% drop from November 2017.

San Mateo County’s median sale price for single-family homes in November 2018 increased +2% to $1,500,000 from November 2017, while Santa Clara County’s decreased -2% to $1,250,000 from last year. Homes in these two counties also sold, on average, +2% over list price and took just thirty days to sell. November 2018 inventory levels were up +4.5% year-over-year, to 1.6 months supply. With more inventory in the market, this may provide a slight shift in buying power for homebuyers going into the New Year.

With holidays currently upon us, our local housing inventory still remains sparse. Despite the slowdown with the season, I still consider this a great time of year to both sell and buy with decreased housing inventory and competition in the marketplace.

Stay tuned for my year-end market update where I’ll also include my 2019 predictions.