While November is typically a slow month for the real estate, this year we are seeing a fair amount of action in the Bay Area real estate market. For homes in Los Gatos, the median price was just under $2.4 million. This represents a strong trend upward in pricing, though it is below the high point of the summer. The median Bay Area home size is 3,174 square feet, which makes the median price per square foot $796. The average number of days on the market is 131, which is also strongly trending upward. Of homes on the market, 31% have had a price decrease. Taking a long view, the market seems to have achieved a stasis of supply and demand. However, inventory is still pretty low, which means that overall, we have a seller’s market.
Bay Area Home Quartiles Each Have Their Own Trajectories
Looking more closely, we can see distinct trends for the four major quartiles of the Bay Area real estate market. The lowest priced homes are selling for a median price of just below $1.2 million. On average, these homes are 1,772 square feet in size and spend 81 days on the market. The lower-middle priced homes have a median price of $1.9 million and are around 2,776 square feet. They spend 131 days on the market. The upper-second quartile houses go for a median price of just under $2.8 million and are 3,650 square feet. These homes spend about 108 days for sale. The top-priced homes sell for about $4.9 million. They are an average of 5,517 square feet and are on the market for an average of 205 days before selling.