Happy near year! Here’s to a wonderful 2018 for all of our faithful blog readers. We’re starting the year with a fresh look at the Silicon Valley real estate market. The median list price of Silicon Valley property is $2,350,000, which is not far from December’s median of $2,298,000. While inventory and prices have been relatively stable for the past few months, over the past few weeks, inventory has gone down a bit. Prices have been trending up gradually. Houses are spending an average of 150 days on the market, which is not much different than last month’s 156 days. The asking price per square foot has gone up to $784 from $642 last month.
Silicon Valley Property Is Seeing Price Increases
Let’s take a look at the quartiles to get a more complete picture of how Silicon Valley real estate is selling. Starting at the bottom quartile, the median price is $850,000, quite close to the median of last month of $882,500. These houses are 1,862 square feet, with three bedrooms and two bathrooms. They spend an average of 118 days on the market. The next quartile has a median price of $1,848,500, a small increase over last month’s median of $1,548,500. These houses have four bedrooms, 3.5 bathrooms and have 2,944 square feet. They sell in an average of 160 days. Homes in the second quartile from the top have a median price of $3,594,000, just a little more than last month’s $3,344,500. With an average of 3,539 square feet, homes in this quartile have four bedrooms and 4.2 bathrooms. They are selling in an average of 97 days. The top quartile has a median price of $5,250,000. This is down somewhat from last month’s $5,868,000. Houses in this quartile have an average of 5,800 square feet. They have five bedrooms and 5.5 bathrooms and spend an average of 229 days on the market.
If you’re planning on buying or selling in the new year, please get in touch with our office. We’re happy to put our year of experience at your disposal.