It’s time for our monthly Silicon Valley real estate market report. The median list price of homes in the area is $2,249,000. This is unchanged from last month. In general, trends seem to indicate a weakening market. Homes spend more time on the market this month than last month, at 99 days now, compared to 97 last month. The asking price per square foot is at $773, up significantly from last month’s $713. We are still very much in seller’s market territory, though it’s hard to say whether that will continue with the present plateau in prices. Properties that have decreased the asking price is at 37%.
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We see a more multifaceted market picture when we look at the Silicon Valley property quartiles. The bottom 25% of houses have a median price of $995,000. These houses are an average of 1956 square feet and sell in an average of 65 days. Last month, these houses sold in an average of 47 days. In the next quartile, houses have a median price of $1,776,500. The are 2396 square feet and sell in an average of 93 days, which is less than last month’s average of 107 days. In the second quartile, houses have a median price of $2,843,944 and are 3174 square feet in size. They sell in an average of 74 days, up one day from last month. The most expensive Silicon Valley real estate have a median price of $4,647,500. They are 5458 square feet on average and sell in 166 days, up four days from last month.
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