Oftentimes, the Silicon Valley real estate market in the month of August is a little slower than most of the rest of the year (worse still: December). But with our prolonged and dire inventory shortage, I wondered if the market was slowing much this August. So rather than guess or ask around what other agents are experiencing, I went to the source, our local MLS, to see what the numbers say.
One marker is the speed at which homes sell. For single family homes in Santa Clara County, right now there are about 1.57 months of inventory – that’s pretty good if you’re selling and pretty tough if you’re buying. It’s about the same for regular sales as for all sale types (short sales, REOs etc.)
Days to sell are still pretty short. In August, it remains under a month for regular sales (but longer for distressed properties – if you can find them!).
What’s the takeaway? Home sellers who might be tempted to wait until September to sell may find that August isn’t a bad time after all – this year. Our Santa Clara County real estate market is anything but uniform, so this birds eye view may not apply to your area, home type, pricing tier, etc. Overall, though, even in August, it’s a hot seller’s market in Silicon Valley. (Realtors: it’s a good month to keep working!)