How did 2015 end as compared to 2014 for the Silicon Valley real estate market? It was perhaps not as much appreciation as some may have perceived – and I may be alone, but I think that’s a good thing as realty trends and statistics go. I’ll explain below.
The Annual Silicon Valley RE Report is in for Santa Clara County (links at the bottom for San Mateo County and Santa Cruz County). Here you can view the year over year statistics and market trends for the San Jose area.
Santa Clara County home sales and prices –
As you can see, home sales (solid area) remain fairly low. There’s plenty of demand, just not much inventory for it, hence the pretty much steady rise in pricing overall in Santa Clara County. This is one of the stronger areas in the nation. (When prices are up, consuemers tend to think that Realtors are always making tons of money. But notice the number of sales! Many agents are writing offers and not getting them accepted – so are having a tough time just as their buyers are having a tough time with multiple bids.)
Santa Clara County – prices up over 2014 by 6-8% appx
- Median home prices increased by 7.9% year-over-year to $917,000 from $849,975.
- The average home sales price rose by 6.4% year-over-year to $1,157,360 from $1,088,090.
- Personal note: appreciation in this range is fairly sustainable, as compared to the appreciation in 2014, which was closer to 20%. Double digit appreciation is usually a little worrisome since it often is not sustainable. My sense is that this is healthier, and probably less susceptible to a “correction” than when prices rise more than 10% per year. Hence, I think it’s GOOD NEWS that the average appreciation is in single digits.
Santa Clara County by city within the county
- Median home prices increased by 21.9% year-over-year to $1,170,000 from $960,000.
- The average home sales price rose by 3.7% year-over-year to $1,482,950 from $1,429,870.
Santa Cruz County – prices are off year over year
- Median home prices fell by 0.4% year-over-year to $700,000 from $702,500.
- The average home sales price dropped by 10.4% year-over-year to $801,516 from $894,204.
Want to buy or sell a Silicon Valley home? Please call or email me – I’d love to hear from you.
See what’s selling in Santa Clara County in the interactive map below.