It’s hard to believe, but we’re already in December! That means that it’s time for our monthly Silicon Valley real estate market report. The median list price of Silicon Valley property is $2,298,000. This is about the same as last month. Overall, we are seeing flat prices in the market. While we are still firmly in seller’s territory, keep an eye on prices. If they continue to hold steady or decline, we may move closer to a buyer’s market. Inventory has been declining, though it’s hard to tell what effect that will have on prices in the near future. The average number of days on the market is at 156, which is up significantly from November’s average of 115. The average asking price per square foot is at $642, also a steep decline from last month’s average of $712. As we said last month, it’s common for the market to cool somewhat in the winter months but pick up again in the spring.
See the Breakdown of Silicon Valley Property Quartiles
We see a more varied picture of Silicon Valley real estate when we look at the quartile divisions. The bottom 25% of homes have a median price of $882,500, down from last month’s median price of $974,000. These homes have an average of 1,932 square feet, with three bedrooms and two bathrooms. In the next quartile, the median price is $1,548,500. Last month, the median for this quartile was $1,639,000. These homes have an average of 2,849 square feet and four bedrooms with three bathrooms. In the third quartiles, we find a median price of $3,344,500. This is up from last month’s median of $2,888,888. On average, these homes are 3,879 square feet with four bedrooms and 3.8 bathrooms. Finally, in the top quartile, the median price is $5,868,000, which is about the same as last month’s median, which was $5,800,000. The average size of these homes is 7,710, and they have five bedrooms and six bathrooms.
Give our office a call to learn more about buying and selling in the Silicon Valley market. With more than two decades of experience, we’ll be able to get you the best deal, whatever your needs.