Today we’ll share the market reports for three Silicon Valley Counties. These are from December 2022.
Santa Clara County, San Mateo County, and Santa Cruz County are the areas covered below. 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 we don’t usually sell there, so we are not covering it in this post.
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, we 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.
December 2022: Three Silicon Valley Counties
Santa Clara County Real Estate Market Report for Dec 2022
The first of the three Silicon Valley counties is 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 county is the heart of Silicon Valley.
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.
The condominium and townhouse report for Santa Clara County
While it had fewer than 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.
San Mateo County Real Estate Market for December 2022
The second of the three Silicon Valley counties is San Mateo County – home to Menlo Park, Redwood Shores, San Mateo, Half Moon Bay, and other Peninsula Communities. This area is generally more expensive than Santa Clara County, with variation, of course – a general rule of thumb might be 20-25% more costly most of the time. Any given month it could change, though.
Like the rest of Silicon Valley, fall and winter have delivered lower prices and cooling buying conditions across the county.
The condo and townhome report for San Mateo County
The condo and townhome market has also plunged since the peak in Spring 2022.
Santa Cruz County Real Estate Market Report for December 2022
The last of the three Silicon Valley counties is coastal Santa Cruz County. While Santa Clara County and San Mateo County are part of the San Francisco Bay Area, and considered to be “Northern California”, Santa Cruz County is part of the Monterey Bay and is “Central California” or “Central Coast”.
This region is less expensive than Santa Clara County, so is an attractive destination for retirees who don’t want to move too far from home, but benefit from less expensive housing. Santa Cruz County includes the highly regarded University of California Santa Cruz, exquisite beaches, redwood forests, and plenty of wineries – among more reasons to visit, if not make it your home!
Single Family Home in Santa Cruz County
Note that this data includes detached houses and duet homes – not duplexes. As with the other 2 counties, Santa Cruz s also much more favorable to buyers now than a year ago, but home prices may not have dropped as much.
The condominium and townhouse report for Santa Cruz County
This is area has an incredibly small data set so the report may show significantly more dramatic changes than what the market is actually experiencing.
Looking to buy or sell a home in any of these areas? Please reach out to me for an appointment to chat by phone. If it seems like a good fit, we can arrange to meet and strategize your home buying or selling – no cost, no obligation, no pressure.