April 2024 Silicon Valley Monthly Market Update: Strong Demand and Healthy Levels of Inventory.
Let's explore the latest trends from the real estate markets of Santa Clara, San Mateo, and Alameda Counties for April 2024:
Median and Average Sales Prices:
- In Santa Clara County, the median sales price reached $1,900,000, while in San Mateo County, it held strong at $2,150,000, and in Alameda County, it stood at $1,475,000.
- Average sales prices in Santa Clara County were $2,250,000, in San Mateo County were $2,650,785, and in Alameda County were $1,580,859.
Price Change Comparisons:
- Santa Clara County experienced a 10.47% increase in median sales price from April 2023, while San Mateo County saw a robust 9.14% rise, and Alameda County showcased a remarkable surge of 34.09%.
- Comparing average sales prices, Santa Clara County had a 6.09% increase from April 2023, San Mateo County showed a notable 39.80% rise, and Alameda County exhibited a significant 39.80% surge.
Sales Price/List Price Ratio:
- The sales price/list price ratio was relatively consistent across all three counties, with Santa Clara County at 109.59%, San Mateo County at 106.81%, and Alameda County at 106.66%.
Number of Properties Sold & Absorption Rate:
- Santa Clara County had the highest number of properties sold at 1,025, followed by San Mateo County with 297, and Alameda County with 75.
- Absorption rates remained relatively balanced in all three counties, suggesting a healthy equilibrium between supply and demand.
Days on Market (DOM):
- The average days on the market varied slightly, with Santa Clara County at 14 days, San Mateo County at 15 days, and Alameda County at 10 days. All three counties showed a significant decrease from April 2023, indicating a faster-paced market.
Inventory & MSI:
- Inventory levels were highest in Alameda County with 108 properties for sale, followed by San Mateo County with 353, and Santa Clara County with 500.
- Months supply of inventory (MSI) ranged from 1.19 months in Santa Clara County to 1.44 months in Alameda County, suggesting a relatively balanced market environment in all three regions.
New Listings:
- Santa Clara County had the highest number of new listings at 785, followed by San Mateo County with 393, and Alameda County with 146.
In summary, April 2024 showcased dynamic real estate markets across Santa Clara, San Mateo, and Alameda Counties, with varying price trends, sales volumes, and market conditions. Whether you're buying or selling, understanding these nuances can help you make informed decisions in this dynamic market. Please don't hesitate to reach out with any questions or for personalized insights.
In Conclusion, It's fascinating to see how the real estate markets in Santa Clara, San Mateo, and Alameda Counties each have their own unique dynamics. Despite their differences, one thing is clear: all three counties are experiencing active markets with strong demand from buyers and healthy levels of inventory. Whether you're looking to buy, sell, or invest, understanding these trends can help you navigate the complexities of the real estate landscape. As always, if you have any questions or need further insights, I'm here to help. Let's work together to achieve your real estate goals!