Here’s a market update to get your 2020 started right. Buyers are benefiting from low interest rates, and sellers’ listings are generating a lot of buzz.
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Last year’s market slowed down quite a bit from 2018 in Santa Clara County. In 2019, the median sales price for single-family homes was around $1.257 million, compared to 2018’s $1.337 million—roughly a 5% drop. For condos and townhomes, the median sales price in 2019 was $829,000, compared to 2018’s $880,000.
Already in 2020, we’ve seen a tremendous increase in buyer traffic and enthusiasm. One reason for this is that mortgage rates are still very low; buyers are able to get 3.75%, even 3.5%, for a 30-year fixed-rate mortgage.
“We’re seeing increased activity across various neighborhoods, too, not just one area.”
Though inventory is significantly lower right now than it was during the same time last year, the hesitant buyer of 2019 is now the convinced, confident buyer of 2020. In our first open house of the new year, we had more than 130 families attend. After one weekend, the house received eight offers higher than our listing.
We’re seeing this kind of increased activity across various neighborhoods, too, not just one area. If you’re still hesitating to enter the market, let’s sit down and go over your situation. Maybe you’re a buyer who will decide that it’s time to capitalize on the low interest rates and home prices (which will likely get higher this year). Or, if you’re a seller, you may want to start receiving multiple offers of your own.
Overall, 2020 is looking like it will be a good year. As always, reach out to me via phone or email if you have any real estate-related questions or to seek expert advice.
