Welcome to the first fall market report on Silicon Valley property. We check in at the beginning of every month to let you know how Silicon Valley homes are selling. The median list price for a home in the area is $2,172,500, which is about the same as it was last month. Over the past several month, the market has been cooling over all. Currently, demand lags behind the number of homes on the market. However, because of the tightness of the market in general, we are still considered to be in seller’s territory. If demand continues its decline, we may see that shift.
Looking more closely at the market profile, we see how steady things are. The average price per square foot is $764, down somewhat from last month’s $786. Houses in the area spend an average of 98 days on the market, about the same as September’s 101 days.
Silicon Valley Homes Are Holding Steady in Their Selling Prices
While we talk a lot about the big picture, it’s in the quartiles that we see more diversity in the Silicon Valley property market. Starting at the bottom quarter, the median price is $924,000 and houses are an average of 1824 square feet. These homes sell in 81 days. Next, homes in the third quartile have a median price of $$1,587,000. They are an average of 2142 square feet and sell in 89 days. The second from the top quartile has a median price of $2,749,000 and an average of 3450 square feet. They sell in 63 days. The top quartile houses have a median price of $$5,498,000. These homes are 6768 square feet on average and sell in 160 days. In each quartile, we see prices remaining basically the same as last month or else going down somewhat.
If you are interested in buying or selling in the Silicon Valley market, call our office. We have lots of experience in the area and would be happy to help you.