Market Reports for Three Silicon Valley Counties

Below please find real estate market reports for three Silicon Valley counties where I’m most active: Santa Clara County, San Mateo County, and Santa Cruz County. First we’ll provide the data for single family homes, then condos and townhomes, for each region. (“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.)

Early Spring 2021: Three Silicon Valley Counties

Santa Clara County Real Estate Market Report for March 2021

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. This area has generally come up in price about 10% since last year, though in March the median sale price is over 14% higher in 2021 than in 2020! Homes took about a week less time to sell in March compared to February, but compared to 2020 they’re taking about a half-week less to sell. Of course, it hasn’t been even growth. While 2020 had a seasonally hot winter, it experienced major changes with the pandemic putting pressure on the market stifling spring activity and creating a sustained high demand with severely low inventory. Typical seasonal trends around this time are cooler creating a softer market, but pent up activity is higher than usual driving both prices and the sales to list price ratio above the norm. Santa Clara County is heating up for a spring market without experiencing more than a hint of winter cooling earlier this year.

Santa Clara County SFR Market Report - Mar 2021

And the condominium and townhouse report for Santa Clara County:

This year shows about a 11% rise in median sales price for condos and townhomes since last year, and a clear rise in sales price, list price, and active inventory from last month.

Santa Clara County Condo_TH Market Report - Mar 2021

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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.