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.
San Mateo County Real Estate Market for July 2022
Next, 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 – but that gap has shrunk in the heat of the market and this July it was only around 5% – 11% above Santa Clara’s median and average sales prices.
Like the rest of Silicon Valley, summer of 2022 has proven to be a strong seller’s market although not as hot as it was in 2021. July brought sharp cooling for the San Mateo single family housing market!
The condo and townhome report for San Mateo County
The condo and townhome market has also plunged between June and July, and cooled off compared to last year.
Santa Cruz County Real Estate Market Report for July 2022
And lastly, 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.
There’s been a little more up-and-down here compared to the other counties, and the cooling trend appears to be less pronounced month-over-month. Santa Cruz single family homes are in a calming seller’s market with slightly elevated prices year-over-year.
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. Sale prices grew roughly 2% – 6% since last year, a big dip from April when they had gained a value closer to 27%.
Related reading:
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.
