California and Bay Area Real Estate Market at a Glance

Today we’ll take a look at the housing market from a very high overview position, that is, by metro area within California. How’s the San Francisco Bay Area, which includes Silicon Valley, faring in comparison to the rest of the state? And how is the real estate market within the 9 Bay Area Counties? Have a look at the statistics to get a sense of the market at a glance. (Note: SFH stands for Single Family Homes.)

Silicon Valley is found primarily in Santa Clara County, but also substantially in San Mateo County.  There are some pockets, very small, also in Alameda County and Santa Cruz County.  Santa Cruz County is not considered part of the SF Bay Area, but part of the Monterey Bay Area and the Central Coast (the SF Bay area is considered Northern California.)

Statistics for Bay Area Real Estate Market

Statistics for Bay Area Real Estate Market care of the California Association of Realtors

What does it cost to buy a house in Santa Clara County? And San Mateo County? Both are home to “Silicon Valley”!

Silicon Valley is a large area, with much of it in Santa Clara County (where San Jose is the largest city with almost one million residents) and most of the rest is in San Mateo County along the San Francisco Peninsula.   So what does it cost to buy a house in these areas? Today I spent some time on MLSListings.com, our local multiple listing service, and pulled the data, which I hope that newcomers will find very helpful.

Below is a chart of single family homes purchased between October 1 2013 and the end of January 2014 by price point.

Santa Clara County sales of single family homes:

Santa Clara County home prices Jan 2014

As you can see, only a tiny fraction of homes sell for less than $400,000.  Most people pay between quite a lot more, with many sales happening in the $600,000 to $1,000,000 range (and it’s more in the areas with best schools and short commutes, generally, so many are much higher, too).  The average Santa Clara County home sales price was $1,002,119 and the average price per square foot was $526.

How about San Mateo County prices?  As you may know, The Peninsula is pricier than it’s warmer neighbor to the south. But how much more will it cost you?

Santa Clara County sales of single family homes:

San Mateo County home prices Jan 2014

The average sales price was in San Mateo County for the last three months was $1,254,114 and average price per square foot was $625 (all sizes of houses and lots throughout SMC).  This is about 20% than Santa Clara County.