We’ve just got the numbers showing price comparisons of homes in select Silicon Valley cities between the first half of 2013 and the first half of this year. As expected, prices continue to rise. Let’s look at some prices from Jan.-June 2014 contrasted with Jan.-June 2013. Finding a home in Los Altos Hills during first half 2014 meant being prepared to pay an average of $3,140,000. That’s up 16% from $2,799,000 in the same period a year ago. Current top home price in Los Altos Hills: $27,000,000.
The average home price in Los Altos also rose 16% between the two periods we’re looking at, moving from $2,031,500 up to $2,350,000. Highest asking price currently in Los Altos: $5,988,000.
The average price of homes in Palo Alto went from $2,121,000 in the first half of 2013 to $2,320,000 in the same period a year later – a 9% rise. Palo Alto’s most expensive home currently is $11,995,000.
In Cupertino, the average home price in the periods we’re looking at rose from $1,420,000 to $1,680,000, an 18% increase – the largest increase in home prices among the six cities in our review. Cupertino’s highest priced home currently is $3,988,000.
Mountain View’s average home price rose 5% from year to year, moving from $1,270,000 in the first half of 2013 to $1,337,500 in the first half of 2014. It is the smallest price rise (5%) among our six cities here. Most expensive home currently on the market in Mountain View: $1,825,000.
Finally let’s move to the big city and check out the home prices in San Jose. In first half 2013, the average price was $705,000. In the same period a year later, it had risen 6% to $750,000. San Jose’s current highest priced home: $4,995,000.
Statistics for home prices in other Silicon Valley cities and towns show a similar upward trend. How high will they go? No one can tell, but forward-thinking Realtors are encouraging people who are thinking of buying to do it now – or soon, because the market is historically unpredictable.
I recently represented buyers in two transactions: one was a $1,998,000 home in Stanford; the other a $788,800 home in Mountain View. Yes, buying a home in Silicon Valley isn’t as easy as it once was, what with a reduced inventory and an increase in the number of qualified buyers. But with my experience, strategies and market knowledge, I’m confident I can help you move into the home of your dreams faster than you might think. Call (650) 947-2942 and tell me exactly what you’re looking for.
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