If you’re just moving into the area you may be wondering about the different housing markets for the greater Silicon Valley area. The counties are a perfect place to start!
Here are the real estate market reports for three major Silicon Valley counties (and where I’m most active in my work): Santa Clara County, San Mateo County, and Santa Cruz County. Generally, “Silicon Valley” is 95% within Santa Clara and San Mateo Counties, plus a little of Santa Cruz County and a small part of Alameda County. Alameda County uses a different MLS system, and I don’t usually sell there, so am not covering it in my reports.
Each section below includes first the data for single family homes and then condos and townhomes for each region.
If you’re ready to dive a little deeper, I also provide regular monthly market updates on some of the popular communities within Santa Clara County over at my Valley of Heart’s Delight blog. Scroll the most recent ones here.
Spring 2022: Three Silicon Valley Counties
Santa Clara County Real Estate Market Report for April 2022
First, Santa Clara County – home to San Jose, Cupertino, Sunnyvale, Mountain View, Palo Alto, Los Altos, Santa Clara, Campbell, Los Gatos, Saratoga, Monte Sereno, Milpitas, Morgan Hill, and a number of other cities and towns.
The market is cooling with fewer offers, which is not something we have good data on, but prices are rising just the same.
Here’s a look at the AVERAGE sale price for houses (single family homes) since 2016. Imagine that the “average” home has gained $1 million in value in just 6 years.
While the winter was hot, spring of 2020 experienced a massive slowdown in market activity at the start of the pandemic, falling to it’s lowest point in Santa Clara County around May and June. This put pressure on the market by stifling spring activity and, over the next two years, created a backlog of demand with severely low available inventory. This has driven prices sky high and bolstered a heightened averae sales to list price ratio, yet inventory continues to fall as demand snowballs out of control!
Despite improving conditions in the pandemic and the Ukraine war’s impact on stocks and inflation, Santa Clara County is keeping up the momentum into a raging hot spring market!
And the condominium and townhouse report for Santa Clara County
While a little less white hot than the single family home market, the condo and townhouse market is also experiencing a brisk seller’s market for most homes.
Keep reading for updates on the San Mateo and Santa Cruz county markets.