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.
Summer 2022: Three Silicon Valley Counties
Santa Clara County Real Estate Market Report for July 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.
If you’re having trouble reading any of the charts on this page, click to open the full size image.
The market is clearly cooling with longer days on market, fewer sales, and a falling median sales price.
Here’s a look at the AVERAGE sale price for houses (single family homes) since 2016. Imagine that the “average” home has gained almost $1 million in value in just 6 years!
Spring of 2020 experienced a massive slowdown in market activity at the start of the pandemic, but it didn’t last long. Stifled spring activity put added pressure on the market when it opened again, and while fewer sellers chose to list there homes for sale demand shot up! Over the next two years, this buildup of demand with severely low available inventory drove prices sky high as we watched bidding wars and overbids snowballs out of control!
Inflation is finally being checked and we’re seeing that number come down a hair. Despite improving conditions, Santa Clara County remains in a seller’s market.
And the condominium and townhouse report for Santa Clara County
While it had only half the sales of the single family home market, the condo and townhouse market is also experiencing similar trends.
Keep reading for updates on the San Mateo and Santa Cruz county markets.
Sometimes people relocating to Silicon Valley tell me that they’d like to move to a waterfront home, something with a view of the Pacific Ocean or the San Francisco Bay. Most of Silicon Valley is inland, though, separated from the ocean by the coastal mountains.
Ocean View Homes
For those truly set on having a view of the Pacific, home can be found in the Santa Cruz area with lovely ocean and Monterey Bay views. The compromise will likely be a long, winding commute over Highway 17’s mountain pass.
Similarly, ocean lovers may settle close to Half Moon Bay or Pescadero, but will have to slog over the coastal hills on Hwy 35 each day to get to the Peninsula. (Some lucky souls may find employment in Scotts Valley or along the coast, but most of the jobs are not in these places.) If faraway ocean view will work, a home in the Santa Cruz Mountains may be the ideal fit.
Silicon Valley Waterfront Homes
If you want to live along the waterfront within Silicon Valley and not these neighoring communities, there really are not a lot of neighborhoods from which to choose. Most water-view homes involve the San Francisco Bay. There are a few rivers, creeks, ponds (mostly man-made or percolation), lakes, and reservoirs to be found as well, but enjoying lovely water views up close is not the easiest criteria to fill and each come with their own concerns. Waterfront bay views often come down to Foster City and Redwood Shores, which we’ll discuss next. (more…)
One of the many lures to the San Jose area and Santa Clara County generally is the fairly close proximity of the beach at Santa Cruz, Capitola, Rio del Mar, and other scenic places that line the Monterey Bay. From most of Santa Clara County, it’s under a one hour drive. If you live in Los Gatos, it could be just half of that. That said, not all days are created equally when it comes to beach traffic. Go on a regular weekday in summer and it’s pretty much a piece of cake. Go on a weekend or holiday and it’s a whole other matter.
Capitola Beach as seen from the Pier – photo by Mary Pope-Handy
Most of the locals know this about holidays or weekends and the shore: go early or don’t go.
How early is early enough?
If you want to get over the hill before it’s stop and go traffic, I suggest 9:30am or earlier. It can be backed up as early as 9:30 or 10. Coming home from the coast, the line of cars may move sluggishly as early as 3 or 4pm if the fog rolls in early.
If you go early, you can enjoy breakfast with a bay view in Capitola on the esplanade. Or hit wonderful Gayle’s Bakery in that same town with some piping hot coffee before taking in a walk at the coast. Sometimes there may be a marine layer (fog), but it usually burns off by late morning. The beach will be fairly quiet if you arrive before the crowds. Or go a little later and have an early lunch at the Crow’s Nest at the harbor. Play in the surf and sand and return around 3:30 or so, and it will be a lot easier than a 5pm trek across the Santa Cruz Mountains.
Related reading on MPH’s other sites:
Spending Summer Days In Santa Cruz? Some Tips & Favorite Places to Share (Valley of Heart’s Delight blog)
Beach towns in Santa Cruz County (from popehandy.com)