Bay Area real estate has been on an upward trend this Spring in terms of inventory and days on the market. Sellers are starting to lower prices and interest rates have been fairly stable, making current conditions more of a buyer's market. Proposed interest rate increases are pending which may create higher numbers of buyers to lock in rates and find their new homes between now and the end of March, changing that trend. For homes in Los Gatos, the median price is currently $2,584,000, with the asking price per square foot at $858. Property prices have been trending downward and a 10% decrease was noted over the last month. The size of the median Bay Area home sold in the last month has decreased to 2875 square feet, showing a trend toward smaller homes of late. The average number of days on the market is currently 174.
Bay Area Home Quartiles Show Distinctness of Neighborhoods
Looking carefully at the statistics, we note some distinct trends for the four major quartiles of Bay Area housing. The lowest priced homes are selling for a median price of just below $1.4 million. On average, these homes are 1,716 square feet in size and spend 81 days on the market, numbers that have stayed steady over the last six months. The lower-middle priced homes have a median price of $2.2 million and are around 2,471 square feet. They spend 184 days on the market, showing that sellers in this quartile are spending longer than usual selling their homes. The upper-second quartile houses go for a median price near $2.8 million and are 3,390 square feet. These homes spend about 138 days for sale, which is slightly higher that previous months, but not noticeably so. The top-priced homes sell for over $5 million. They average more than 5,185 square feet and are typically properties with acreage. These homes have seen increases in days on market stats and sellers are seeing sharp increases in the time it takes to sell a home, averaging up to 10 months.