Anna D. Smith’s Dec. ’23 Silicon Valley real estate market update analyzes Santa Clara and San Mateo trends of low inventory, quick sales, and rising prices that characterize the region.
Silicon Valley based Anna D. Smith is the founder-owner of Anna D. Smith Fine Art and Real Estate Broker, whose trademarked motto is “Fine Art needs a Home and a Home needs Fine Art ®.” In this article she shares her insights into the local real estate market of the Silicon Valley counties of Santa Clara and San Mateo, reflecting on the trends of December 2023. Whether you’re planning to buy your dream home or sell a property in this dynamic region, understanding these trends is key to making informed decisions.
Months Supply of Inventory
In the heart of Silicon Valley, the real estate market is always buzzing. As of December 2023, we’ve seen a fascinating trend in the Months Supply of Inventory (MSI). In Santa Clara County, the MSI stood at a remarkably low 0.62, indicating a market heavily skewed towards sellers.
San Mateo County wasn’t far behind, with an MSI of 0.87. This means that if no new listings were introduced, it would take less than a month in Santa Clara and just under a month in San Mateo to sell all existing homes. This low inventory level is a clear indicator of a competitive market, where sellers have the upper hand.
Months Supply of Inventory Over the Last 12 Months
Looking back over the last year, both counties have experienced significant decreases in inventory levels. Santa Clara County saw a dramatic 27.06% reduction, while San Mateo County’s inventory decreased by 17.92%.
This trend underscores the increasing demand and competitive nature of our local market, making it an opportune time for sellers to list their properties.
List to Sold Price Percentage
An indicator of market heat is the List to Sold Price percentage. In Santa Clara County, homes sold for an average of 102.1% of their listing price, while in San Mateo, the figure was slightly lower at 101.1%. This means that on average, homes are selling for more than their asking prices, a testament to the strong demand and competitive bidding in our market.
Median Days on Market
The speed at which homes are selling is another critical market indicator. In December 2023, the median days on market in Santa Clara County was an astonishingly quick 13 days, while in San Mateo County, it was slightly longer at 21 days. These figures highlight the fast-paced nature of our local market, emphasizing the need for buyers to act swiftly and decisively.
Median Sold Price
Lastly, the median sold price offers insight into the overall market value. In Santa Clara County, the median sold price reached $1,410,000, with San Mateo County close behind at $1,405,000.
These numbers not only reflect the desirability of living in Silicon Valley but also the importance of strategic pricing and market understanding for both buyers and sellers.
Closing Thoughts
The Silicon Valley real estate market continues to thrive, characterized by low inventory levels, high demand, and rapid sales. Whether you’re looking to buy or sell, it’s crucial to navigate this competitive landscape with a knowledgeable and experienced REALTOR® by your side. I’m here to provide you with personalized advice and support every step of the way. If you have any questions or are ready to start your real estate journey, please reach out. Let’s make your real estate dreams a reality in Silicon Valley.
