Silicon Valley: May Market Update

 
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Summer has officially arrived, but is our local market cooling down?

Interestingly, in every city listed above (excluding Atherton), we saw an increase in average days to sell, compared to April. This means it’s now taking, on average, 11 days longer to get a property into contract. We also saw a county-wide uptick in inventory for the month of May which could likely be a contributing factor to the increased number of days to sell. Santa Clara County saw a 14% increase in single-family housing inventory and San Mateo County saw a 31% increase. This influx of inventory is welcomed news for homebuyers as demand and competition for available properties spreads out, and as a result we are seeing less multiple offers on each home. For Sellers, this means property preparation, marketing and pricing strategy is more important than ever.

Are all of these trends just typical seasonality, or will it continue through the rest of the year? It’s still too early to tell, but what we do know is that it is still a strong Seller’s market. Drilling down to the details, we also saw the most expensive sale of the year thus far come out of Atherton, with a home on Betty Lane selling for a record-high of $23,000,000. Whether you are in the market to sell or buy, I’m here to help. Let’s catch up.