Right now in Santa Clara County (which is the bulk of the “Silicon Valley” area), there are 3392 houses available (not under contract) and there have been 853 which have closed in the last month. That’s 3.98 months of inventory, or a seller’s market. (There are 2668 which are under contract, but many are short sales which may never close escrow.) Four months of inventory for the county is pretty strong overall.
For condominiums and townhouses in Santa Clara County, there are currently 1406 on the market and 289 which have sold/closed in the last month, giving us 4.87 months of inventory, which is technically a seller’s market but is very close to a balanced market. (There are 1096 pendings.) The average “days on market” for the solds vary from about 50 days to about 115 days, depending on whether or not it’s a distressed sale.
Whether a home is in a buyer’s or seller’s market depends largely on its location, price point and sales type. It is easiest to sell a home which is a “regular sale” situation, harder to sell a bank owned home and hardest to sell a short sale listing. It’s easier to sell entry level priced houses, harder to sell luxury townhouses or condominiums.
For information on your part of the Silicon Valley real estate market, please email or phone me today!