A couple of days ago I attended a regional meeting of local REALTOR Association leadership. We had officers and staff from around the greater San Francisco Bay Area all gathered in a room. Folks from San Francisco, Contra Costa, Alameda, San Mateo, Santa Clara, Santa Cruz, and Monterey counties all got together to talk about how we can better serve our customers. I sat next to a broker from Santa Clara county, and I asked her how the Santa Clara County Market is doing. “It’s bad,” she said. “Bad?” I asked. “How bad?” And she said home prices are down 10-12% versus a year ago.
That would be pretty bad – if it were true. I hear stuff like that a lot from different agents. But then when I go and dig into the stats, I usually find there’s more to the story – or a different story altogether. So imagine my surprise when I dug into the stats and found that actually, prices were down by much more than 10-12%. Houses took about twice as long to sell in Q1 2019 vs. Q1 in 2018. And the number of sales has dropped by nearly 10%, while the number of new listings is up by almost 4%.
Santa Clara County Q1 2019 Real Estate Wrap-Up Video
In case you’re not a regular consumer of my social media, you may not know that I have a “TV” show called SebFrey.TV – I made a special episode where I did a wrap-up of the Santa Clara County real estate market for the first quarter of 2019, comparing it to the year-ago period. Turns out it ran rather long but that’s me, I either have nothing to say or you can’t shut me up. I’m still trying to find the sweet spot in the middle.
Sell Faster, at a Higher Price, with No Cash out of Pocket!
Wondering how to sell YOUR home quickly and easily, for the very highest price possible? Ask me about Concierge Services! With this program, home owners can receive cash up-front which can be used to make the home shine! Painting, flooring, landscaping, roof, plumbing, electrical, the sky's the limit - with no cost, fees, or interest.
Tell Me More about Compass Concierge!
Santa Clara County Q1 Real Estate by the Numbers
Q1 Real Estate Update by Leslie Appleton-Young
Earlier in the month, I attended a Q1 California Real Estate Market Update by Leslie Appleton-Young. She is the Chief Economist for the California Association of REALTORS, and she gives some of the most detailed looks at the California real estate market that anyone ever creates. I recorded the video – the audio quality isn’t great, but if you’re interested you can see it here here:
I did get a copy of the slide deck used by Leslie, if you want a closer and clearer look at the numbers. You can download that here. A few tidbits from Leslie’s presentation are:
- Q1 US GDP: +2.6%
- February 2019 Core Inflation: 2.1%
- US February 2019 Unemployment: 3.8%
- US February 2019 Job Growth: 1.7%
- Bay Area Unemployment Rate around 2.5%
- Mortgage Rates @ 10-month Low
- Bay Area Per Capita GDP = $80,000 (highest in USA)
- 26% Employment Growth since last recession
- Only about 1.6% of sales are “distressed”
- Bay Area Median Price up 21.5% since Prior Peak in May 2007
Boost Your Home's Value by up to $50/sf - or more!
Want to know what you need to do to boost your home's value by up to $50/sf - or more? Request a professional, free room by room review and get a report showing what you'll need to do in each room to dramatically increase your home's sale price. OK Sign me Up!
California Association of REALTORS March 2019 Market Snapshot
- And hot off the presses, the California Association of REALTORS has come out with its March numbers and market report.
- Existing, single-family home sales totaled 397,210 in March on a seasonally adjusted annualized rate, down 0.2 percent from February and down 6.3 percent from March 2018.
- March’s statewide median home price was $565,880, down 5.9 percent from February and up 0.2 percent from March 2018.
- The Unsold Inventory Index was 3.6 months in March, down from 4.6 months in February but up from 2.9 months in March 2018.
- Year-to-date sales were down 8.2 percent in March.
Do you love tacos?
Thinking about selling your home in the next few months? If so, you probably have a lot of questions and would like someone to talk to. Let me take you out to dinner - tacos or otherwise - and let's discuss how you can get your home sold quickly, easily - and for the highest possible price. OK Sign me Up!
- California Real Estate Forecast for 2020 January 8, 2020
- Why I Moved to Compass December 5, 2019
- Talking AB1482 on the Radio October 30, 2019
- Stop the Madness! Just say NO on AB 1482 September 9, 2019
- 2019 Mid-Year Real Estate Update for Santa Clara, Santa Cruz, and Monterey July 11, 2019
Top Posts & Pages
- Property Tax Rates for Santa Cruz Real Estate
- Contact Seb
- San Jose, CA FHA Mortgage Limits 2016
- Just Cause Evictions in Santa Cruz
- 2019 REALTOR Installation Speech
- The Anchoring Effect and Asking Price in Real Estate
- The Worst Kitchen Layout Ever
- The 7-10 Year Real Estate Cycle
- Pitfalls of the HERO Program