As Santa Clara County experiences unseasonably warm weather with temperatures in the 90s, our real estate market is showing signs of its own gentle warming trend. The recent Federal Reserve rate cut has added a new dimension to our evolving market, prompting both buyers and sellers to reconsider their plans. Let's explore the current trends and their meaning for our local community.
Market Dynamics
Year-to-Year Sale Volume
While sale volume has cooled year over year, with seven out of ten cities showing a decrease compared to September 2023, there's a silver lining. Recent weeks have brought an uptick in open house attendance, suggesting a renewed interest from potential buyers in our neighborhoods.
Price Resilience
Our local market has shown impressive strength. Despite the earlier slowdown in sales, median home prices have remained robust, with eight out of ten cities seeing increases. Los Altos Hills led the way with a remarkable 52.68% jump, highlighting the enduring appeal of our communities.
Bidding Conditions and Market Speed
The spirit of competition is still alive in our market. Most cities are seeing homes sell above the asking price, with Sunnyvale leading at 113% of the list price. Meanwhile, well-priced homes are moving quickly, with six out of ten cities reporting faster sales.
Looking Ahead
The recent surge in open house attendance is an encouraging sign for our community. Coupled with the Fed's rate cut, we could see more vibrant activity in the coming months. If additional rate cuts follow in November and December, it could open doors for many families dreaming of homeownership or looking to make a change. This potential for increased activity could lead to more sales, continued strength in home prices, and exciting opportunities for both buyers and sellers in our area.
As we look towards the winter months and into 2025, Santa Clara County's real estate market promises to keep us on our toes. Whether you're considering buying your first home, upgrading to accommodate a growing family, or considering downsizing, opportunities are on the horizon.
Remember, having a knowledgeable local guide in this dynamic market can make all the difference. As your neighbor and realtor, I'm here to help you navigate these changes and find the best path forward in your real estate journey. Let's work together to make your housing dreams a reality in our wonderful community.
(This report covers from Redwood City to Cupertino. Redwood City and Menlo Park fall under San Mateo County. Palo Alto, Mountain View, Los Altos, Cupertino, Sunnyvale, and Santa Clara fall under Santa Clara County. Data include single-family home sales only. Data is from CA MLS and is deemed reliable but not guaranteed. Private sales are not included.)
Connect with Wendy at [email protected] for personalized insights and strategies to make the most of our current market conditions.
Posted on October 2nd, 2024
