Silicon Valley Real Estate Market Trends

The Silicon Valley real estate market continues to evolve, and data from August 2023 to August 2024 shows interesting trends. Let's examine the key findings across several cities in the region.

Home Sales Volume
Most cities saw a decrease or stagnation in the number of home sales:

• Atherton experienced the most significant drop, from 12 sales to just 4. 
• Palo Alto, Mountain View, and Redwood City also saw decreases.
• Cupertino and Sunnyvale maintained the same number of sales.
• Los Altos and Santa Clara bucked the trend with slight increases.

Median Prices
Median home prices showed mixed results:

• Atherton saw a dramatic increase, nearly doubling from $8.2M to $16.1M.
• Menlo Park, Cupertino, and Sunnyvale also experienced notable price increases.
• Los Altos was the only city to see a decrease in median price.
  
  

Sale Price to Original Price Ratio
Most cities maintained or increased their sale-to-list price ratios:

• Atherton reached 100%, up from 94% the previous year.
• Sunnyvale showed the highest ratio at 111%, indicating strong demand.
• Los Altos Hills was the only city to see a significant decrease, from 106% to 96%.
  
  

Days on Market
The average time homes spent on the market varied:

• Atherton saw a significant decrease from 105 to 60 days.
• Los Altos Hills experienced a sharp increase from 17 to 56 days.
• Other cities showed minor fluctuations, with most staying within a week of their previous year's average.
  
  

Key Takeaways

The luxury market in Atherton shows some volatility, with fewer sales but much higher prices. Despite lower sales volumes, most cities see steady or increasing prices, suggesting continued strong demand. Homes generally sell at or above the asking price, indicating a competitive market. The time homes spend on the market remains relatively stable in most areas, with a few exceptions.

Overall, the Silicon Valley real estate market remains robust, with high prices and competitive buying conditions persisting across most cities. However, the decrease in sales volume in several areas might indicate a slight cooling or potential inventory constraints. As always, local factors play a significant role, and as a local realtor, I'm here to guide you on the various markets. 

As we move into the latter half of 2024, the latest macroeconomic data paints an encouraging picture for the U.S. economy. With inflation cooling off and the Federal Reserve's anticipated cut of interest rates in the upcoming months, we can expect these factors to inject new life into the housing market for the remainder of the year.