Our current market outlook bodes well for sellers and buyers alike—especially when compared to just a few months ago. Find out more in today’s market update.

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This past winter, we had some abnormally cold weather here in Silicon Valley. At last, it’s beginning to warm up again, but it’s not just the weather—since March, our local housing market is on the upswing as well!  

 

We pay close attention to two market indicators, in particular: days on market and the sale-to-list-price ratio; both saw upward progress, compared to what we saw only a few months earlier.

 

Let’s observe the numbers:


In the first half of March, the average single-family home spent about 26 days on market for our area. As recently as January, that number was at 38 days. In a few months’ time, homes have begun to fly off the market, which is good news.

 

“Given these numbers, there are some great opportunities before sellers and buyers in the present moment.”

 

That trend has also carried over to our condo and townhouse market—in January, these homes were taking 44 days to be in contract to sell, on average. In the first half of March, the number of days fell sharply to 29.  

 

What does this tell us about the state of our market? Buyers are moving into action faster and are being more decisive about going into contract on the home they choose.  

 

We also saw something that was without precedent for our market: For the first time, our sales-to-list-price ratio tumbled below 100% this past January, but has since rebounded and passed the 100% mark. In other words, buyers are willing to pay above listing price right now. At this time last year, the ratio topped 110%.   

Given these numbers, there are some great opportunities before sellers and buyers in the present moment. If you’d like to assess your options, either way, please give us a call at 408-739-5000 or send me an email at Sophie@SophieRealEstate.com. I’d be happy to sit down and go over your individual situation with you. I hope to speak with you soon!