Silicon Valley Real Estate Articles and Community News

Feb. 15, 2018

Silicon Valley Market Report - January 2018

My Silicon Valley Market Report for January 2018 shows that prices are up in every community except Los Altos. But even there, the prices were less than 1% below January 2017's average. Cupertino homeowners seemed eager to put their homes on the market. They were the only Silicon Valley community in this report to show an increase in new listings. While inventory increased in Cupertino and Los Altos, levels all throughout the Silicon Valley real estate market remain extremely low.

Silicon Valley Market Report - January 2018

Cupertino Real Estate Market - January 2018

Cupertino home sales fell dramatically from last year. In January 2017, a total of 20 Cupertino homes were sold. In January 2018, that total dropped to just 11 (a 45% decrease). Inventory, on the other hand, jumped over 30% going from 1.3 months available in January 2017 to 1.7 months available in January 2018. That's more than three times the amount we had in December 2017 (0.5 months available). Cupertino buyers paid $2,327,023 on average for a home in January 2018 (31.3% over the list price). Back in January 2017, they spent an average of $1,854,949 (7% over the list price). That's a 25.4% hike in 12 months. As you can imagine, the price-per-square-foot (PPSF) rose as well. Cupertino reported $943 PPSF in January 2017. By January 2018, that rose to $1,124 PPSF, 19.2% higher.

Los Altos Real Estate Market - January 2018

Like Cupertino, Los Altos home sales dropped as well. In January 2017, a total of 17 Los Altos homes were sold. In January 2018, only nine were reportedly sold. That marked a 47.1% decline compared to 2016. Also like Cupertino, Los Altos' inventory increased as well. Back in January 2017, they showed just 1.3 months available. However, in January 2018, that rose 23.1% to 1.6 months available. It's also more than five times the amount of inventory shown in December 2017 (0.3 months available). Los Altos remains the priciest Silicon Valley market covered in this report. Los Altos buyers paid an average of $3,232,222 in January 2018 (0.6% under the list price). Back in January 2017, they paid an average of $3,254,235 (6.3% above the list price). That's an ever-so-slight 0.7% shrinkage in 12 months. On the other hand, the price-per-square-foot experienced a dramatic jump. Los Altos reported $1,162 PPSF in January 2017. By January 2018, that escalated to $1,506 PPSF, 29.6% higher.

Mountain View Real Estate Market - January 2018

Continuing a Silicon Valley real estate market theme, Mountain View's year-over-year home sales were also lower. In January 2017, a total of 21 Mountain View homes were sold. In January 2018, that figure dropped 23.8% to 16. Unlike the Cupertino and Los Altos markets, however, Mountain View's inventory fell. In January 2017, they showed 1.1 months of inventory available. In January 2018, that had fallen by 27.3% to 0.8 months available. However, that is four times the amount of inventory shown in December 2017 (0.2 months available). Prices surged from $1,324,063 in January 2017 (10.7% below the list price) to $1,739,488 in January 2018 (20.6% above the list price). That means Mountain View buyers paid 31.4% more in January 2018 than they did the prior January. The price-per-square-foot increased 20.2%, going from $909 PPSF in January 2017 to $1,093 PPSF in January 2018.

San Jose Real Estate Market - January 2018

While Los Altos may be the priciest area in this Silicon Valley market report, San Jose continues to be the most active. Even so, sales declined 16.6% from 435 in January 2017 to 363 in January 2018. Inventory decreased as well. In January 2017, they showed 1.5 months available. In January 2018, that fell 53.3% to 0.7 months available. Like every other market in this report, San Jose's prices rose as well. In January 2017, San Jose buyers paid an average of $840,859 (7.6% below the list price. In January 2018, they increased to $1,033,476 (1.8% below the list price). The price-per-square-foot experienced an increase, too. In January 2017, San Jose reported a $540 PPSF. By January 2018, that rose 27.8% to $690 PPSF.

Santa Clara Real Estate Market - January 2018

Unlike the rest of the Silicon Valley communities in this report, Santa Clara's year-over-year sales experienced an uptick. In January 2017, they sold a total of 27 homes. In January 2018, that figure surged 63% to a total of 44. Unfortunately, inventory plunged 58.8%. In January 2017, they reported 1.7 months available. In January 2018, that number fell to 0.7 months available. Prices exploded. Santa Clara buyers paid an average of $1,270,557 in January 2018 (13.8% over the list price). Back in January 2017, they paid an average of $835,370 (14% below the list price). Their price-per-square-foot also saw a dramatic upswing. In January 2017, Santa Clara reported a $677 PPSF. This surged 36.8% in January 2018 to $926 PPSF.

Sunnyvale Real Estate Market - January 2018

Like Santa Clara, Sunnyvale's total sales increased from last year. In January 2017, a total of 40 Sunnyvale homes were sold. In January 2018, that increased 10% to 44. Like every other community in this Silicon Valley market report, inventory levels dropped here as well. They fell from 1.1 months available in January 2017 to just 0.6 months available in January 2018, a decrease of 55%. Sunnyvale prices saw the largest increase out of all the Silicon Valley communities in this report. In January 2017, Sunnyvale buyers paid an average of $1,169,597 (1.1% below the list price). In January 2018, this jumped 48.8% to $1,740,606 (22% above the list price). The price-per-square-foot hit its highest ever, going from $810 in January 2017 to $1,141 in January 2018. That marked a whopping 40.9% jump in just 12 months.

Silicon Valley Market Report - January 2018 Summary

Buyers struggle to find available Silicon Valley homes due to these low inventory levels. Interest rates are expected to hit 5% later this year. Some industry experts predict that we could see them go even higher than that by the end of 2018. Until more construction is complete or more sellers put their homes on the market, Silicon Valley buyers will continue to pay more for a home...that is, when they can actually find a property to purchase. Contact your Silicon Valley REALTOR@ to find out what's available. And feel free to visit our Home Buying Page or helpful tips about the entire home buying process.

StynesGroup Real Estate Services, your source for Silicon Valley Real Estate 

Jan. 21, 2018

Sunnyvale Real Estate Market Report - 2017 Year in Review

Sunnyvale Real Estate Market Report - 2017 Year in Review

Inventory levels all over the Silicon Valley real estate market hit their lowest levels ever in 2017. Just like Mountain View and Santa Clara, Sunnyvale reported the lowest inventory in the Silicon Valley real estate market, with just 0.1 months available inventory by the end of the year. Year-over-year sales totals were higher, just like the Los Altos and San Jose markets. This pushed the price-per-square-foot to its highest levels as well. As we start 2018, we expect to see further price appreciation until either new construction increases or people move out of the area.

Sunnyvale Real Estate Market - Total Sales

Sunnyvale Real Estate Market Report - Year in Review 2017 - Total Sales per Month 

Overall, 3.2% more homes were sold in Sunnyvale in 2017 (911) than in 2016 (883). January 2017 started off with 40 total sales, 24.5% less than those sold in January 2016 (3). They dropped off slightly in February but began a drastic increase each month after. Total sales reached their peak of 106 in May. Even so, June, July, and August also reported high sales totals, with 101, 94, and 98, respectively. In September, they fell dramatically. They picked up again in October and then tapered off to just 54 in December.

Sunnyvale Real Estate Market - Inventory

 Sunnyvale Real Estate Market Report - Year in Review 2017 - Inventory Available per Month

Just like the rest of the Silicon Valley market, Sunnyvale Buyers continue to struggle with inventory levels. 2017 began with 1.1 months of available inventory. It stayed exactly the same in February, but dropped to 0.7 months in March and never came back up again. In June, it fell to 0.3 months before picking up a little in July and then falling to 0.2 months in August. By December, the Sunnyvale market reported just 0.1 months of available inventory.

Sunnyvale Real Estate Market Report - Average Sale Price

Sunnyvale Real Estate Market Report - Year in Review 2017 - Average Sale Price per Month 

The average sale price for a Sunnyvale home rose by 41.2% in 2017. Sunnyvale Buyers paid an average of $1,169,597 in January 2017 (1.1% below list price). By June, the average sale price was $1,523,650. It dropped slightly in July but continued to increase until the end of the year. That's when prices reached their peak of $1,651,300 (10.8% above list price).

Sunnyvale Real Estate Market Report - Price-Per-Square-Foot

Sunnyvale Real Estate Market Report - Year in Review 2017 - Price-Per-Square-Foot per Month 

The price-per-square-foot for Sunnyvale homes started 2017 at $810 in January 2017. By April, it was over $900 for the first time ($927). In September, it surpassed the $1,000 mark ($1,003) and never went below that again. In December, reports showed it to be $1,098, its highest average price-per-square-foot for the year. This price increased 35.6% increase in 12 months.

Silicon Valley Market Report - Sunnyvale 2017 Year in Review Summary

The most significant concentration of homes sold throughout Santa Clara County during December was in the $800,000 to $1,000,000 range, which made up 17.7% of the total sales for the entire county. The $1,651,300 average the Sunnyvale market reported in December 2017 fell in the range of 4.6% of Santa Clara County totals. Inventory levels for the county as a whole averaged around 0.3 months (or approximately ten days) available. Sunnyvale fell below this average. Active listings available for sale dropped from 1,990 in December 2016 to 977 in December 2017, a 51% decrease. 

As prices go up and inventory goes down, Silicon Valley buyers turn to lower priced areas like Morgan Hill and Gilroy. Until more inventory comes on the market, this will continue to be business as usual in the Silicon Valley. Low unemployment and high consumer confidence have financial experts expecting to see Federal interest rates increase three times in 2018. 

If you're interested in purchasing a property, please contact your Silicon Valley REALTOR@ to find out what's available in the area you're interested in. Visit our Home Buying page to learn more about the home buying process.

StynesGroup Real Estate Services, your source for Silicon Valley Real Estate 

Jan. 21, 2018

Santa Clara Real Estate Market Report - 2017 Year in Review

Santa Clara Real Estate Market Report - 2017 Year in Review

Inventory levels all over the Silicon Valley real estate market hit their lowest levels ever in 2017. Just like the Mountain View real estate market, Santa Clara's inventory levels showed just 0.1 months of availability by the end of 2017. The average sale price and price-per-square-foot reached their highest levels ever by the end of the year. As we start 2018, we expect to see further price appreciation until either new construction increases or people move out of the area.

Santa Clara Real Estate Market - Total Sales

Santa Clara Real Estate Market - 2017 Year in Review - Total Sales per MonthThe Santa Clara real estate market began 2017 with a total of 27 homes sold. Monthly sales rose each month until reaching their peak of 126 in June. They fell to just 87 in July but picked right back up in August with a reported 114. As temperatures cooled off, so did the Santa Clara market. It ended the year with 66 total sales reported in December 2017, 10% more than the 60 reported in December 2016.

Santa Clara Real Estate Market - Inventory

Santa Clara Real Estate Market - 2017 Year in Review - Inventory Available per Month

Inventory here, just like the rest of the Silicon Valley market, has been hit hard. The Santa Clara real estate market began 2017 with 1.7 months of available inventory, its peak for the year. In February, it fell to 0.9 months' availability. It never went higher than that for the rest of the year. By December 2017, Santa Clara reported just 0.1 months of inventory available, just like Mountain View.

Santa Clara Real Estate Market Report - Average Sale Price

Santa Clara Real Estate Market - 2017 Year in Review - Average Sale Price per Month

The average sale price for a Santa Clara home rose by 31.5% in 2017. Santa Clara Buyers paid an average of $835,370 in January 2017 (14% below list price). In March, the average sale price hit $1,087,446. It never fell below $1,000,000 for the rest of the year. By December 2017, the average sale price reported was $1,303,247, the highest average sale price for the year and 8.1% above list price.

Santa Clara Real Estate Market Report - Price-Per-Square-Foot

Santa Clara Real Estate Market - 2017 Year in Review - Santa Clara Price-Per-Square-Foot per Month

The price-per-square-foot for Santa Clara homes started 2017 at $677 in January 2017. By July, it was $814. In October, it dipped slightly to $806. Prices rose again in November and ended the year at its peak of $902, a 33% increase in 12 months.

Silicon Valley Market Report - Santa Clara 2017 Year in Review Summary

The most significant concentration of homes sold throughout Santa Clara County during December was in the $800,000 to $1,000,000 range, which made up 17.7% of the total sales for the entire county. The $1,303,247 average Santa Clara reported in December 2017 fell in the range of 10.2% of Santa Clara County totals. Inventory levels for the county as a whole averaged around 0.3 months (or approximately ten days) available. Sunnyvale fell below this average. Active listings available for sale dropped from 1,990 in December 2016 to 977 in December 2017, a 51% decrease. 

As prices go up and inventory goes down, Silicon Valley buyers turn to lower priced areas like Morgan Hill and Gilroy. Until more inventory comes on the market, this will continue to be business as usual in the Silicon Valley. Low unemployment and high consumer confidence have financial experts expecting to see Federal interest rates increase three times in 2018. 

If you're interested in purchasing a property, please contact your Silicon Valley REALTOR@ to find out what's available in the area you're interested in. Visit our Home Buying page to learn more about the home buying process.

StynesGroup Real Estate Services, your source for Silicon Valley Real Estate 

Jan. 21, 2018

San Jose Real Estate Market Report - 2017 Year in Review

San Jose Real Estate Market Report - 2017 Year in Review

Inventory levels all over the Silicon Valley real estate market hit their lowest levels ever in 2017. Just like the Los Altos real estate market, San Jose inventory levels showed just 0.3 months' available by the end of 2017. Even with lower inventory available, year-over-year sales totals were higher, also like the Los Altos market. This pushed the price-per-square-foot to its highest levels ever. As we start 2018, we expect to see further price appreciation until either new construction increases or people move out of the area.

San Jose Real Estate Market - Total Sales

San Jose Real Estate Market - 2017 Year in Review - Total Sales per MonthOverall, 1.4% more homes were sold in San Jose in 2017 (8,174) than in 2016 (8,061). January 2017 started off with 435 total sales, 25% less than those sold in January 2016 (579). Monthly sales rose each month dramatically until they reached their peak of 915 in June. Summer continued its hot streak with 808 sales in July and 824 in August. Then, they began to decrease until ending the year with 491 total sales in December. That was 56.7% higher than the 313 reported in December 2016.

San Jose Real Estate Market - Inventory

San Jose Real Estate Market - 2017 Year in Review - Available Inventory per Month

The inventory squeeze felt throughout all of the Silicon Valley market certainly plays a huge factor in why sales have declined since last year. The San Jose real estate market began 2017 with 1.4 months of available inventory. February saw a slight jump to 1.5 months (its peak for the year). However, after that, it declined. By May, levels fell below one month of availability and never hit one month or higher again for the rest of the year. By the end of 2017, only a reported 0.3 months of inventory were available, the average for the entire Santa Clara County.

San Jose Real Estate Market Report - Average Sale Price

San Jose Real Estate Market - 2017 Year in Review - Average Sale Price per MonthBesides total sales, San Jose's extremely low inventory played a factor in prices. The average sale price for a San Jose home rose by 27.8% in 2017. San Jose Buyers paid an average of $840,859 in January 2017 (7.6% below list price). In October, the average sale price hit $1,018,687, the first time the average was over $1,000,000 in the San Jose real estate market's history. They continued to climb each month through the end of the year when prices reached their peak of $1,074,605 (12.6% above list price).

San Jose Real Estate Market Report - Price-Per-Square-Foot

San Jose Real Estate Market - 2017 Year in Review - Price-Per-Square-Foot per MonthThe price-per-square-foot for San Jose homes started 2017 at $540 in January 2017. By June, it was over $600. It continued to increase each month of the year. Finally, it hit its peak of $668 in December 2017, a 23.7% increase in 12 months.

Silicon Valley Market Report - San Jose 2017 Year in Review Summary

The most significant concentration of homes sold throughout Santa Clara County during December was in the $800,000 to $1,000,000 range, which made up 17.7% of the total sales for the entire county. The $1,074,605 average San Jose reported in December 2017 fell in the range of 5.6% of Santa Clara County totals. Inventory levels for the county as a whole averaged around 0.3 months (or approximately ten days) available. This was right where San Jose's inventory was reported. Active listings available for sale dropped from 1,990 in December 2016 to 977 in December 2017, a 51% decrease. 

As prices go up and inventory goes down, Silicon Valley buyers turn to lower priced areas like Morgan Hill and Gilroy. Until more inventory comes on the market, this will continue to be business as usual in the Silicon Valley. Low unemployment and high consumer confidence have financial experts expecting to see Federal interest rates increase three times in 2018. 

If you're interested in purchasing a property, please contact your Silicon Valley REALTOR@ to find out what's available in the area you're interested in. Visit our Home Buying page to learn more about the home buying process.

StynesGroup Real Estate Services, your source for Silicon Valley Real Estate 

Jan. 21, 2018

Mountain View Real Estate Market Report - 2017 Year in Review

Mountain View Real Estate Market Report - 2017 Year in Review

Available inventory in the Silicon Valley real estate market hit their lowest levels ever. Just like Cupertino and Los Altos, Mountain View inventory levels fell below one month. Total sales for the year came in lower as well due to fewer homes to sell. Both factors have forced the average sale price and price-per-square-foot to their highest levels ever. As we start 2018, we expect to see further price appreciation until either new construction increases or people move out of the area.

Mountain View Real Estate Market - Total Sales
Mountain View Real Estate Market - 2017 Year in Review - Total Sales Per Month

Overall, 2.3% fewer homes were sold in Mountain View in 2017 (559) than in 2016 (572). January 2017 started off with quite a bit less total sales than in January 2016 (35 in 2016 vs 21 in 2017). Each month after that, they increased through May. After a slight drop in June, sales began to go up again until they reached their peak of 60 in August. Eventually, they ended the year with 42 total sales in December, much higher than the 15 reported in December 2016.

Mountain View Real Estate Market - Inventory
Mountain View Real Estate Market Report - 2017 Year in Review - Inventory Available per Month

Extremely low inventory could be a major factor for why year-over-year sales have tapered off. The Mountain View real estate market began 2017 with 1.1 months of available inventory. February saw a slight jump to 1.2 months (its peak for the year), but that was only temporary. From then on, inventory remained well below one month of availability. In fact, it ended the year at just 0.1 month of inventory, which translates to only a few days of inventory available.

Mountain View Real Estate Market Report - Average Sale Price
Mountain View Real Estate Market Report - 2017 Year in Review - Average Sale Price per Month

Mountain View's extremely low inventory could also have helped force the average sale price to rise by 8.7% in 2017. Mountain View Buyers paid an average of $1,324,063 in January 2017 (10.7% below list price). This part of the Silicon Valley real estate market hit its peak in June with an average sale price of $1,712,571 (33.9% above the list price). However, by the December, it had come back down to $1,438,616 (4.1% below list price).

Mountain View Real Estate Market Report - Price-Per-Square-Foot
Mountain View Real Estate Market Report - 2017 Year in Review - Average Price-Per-Square-Foot per Month

The price-per-square-foot for Mountain View homes started 2017 at $909 in January 2017. By May, it climbed to $1,016 and stayed over $1,000 for the remainder of the year. It reached its peak of $1,124 in November. But then, it dropped off slightly in December 2017 to end the year at $1,103.

Silicon Valley Market Report - Mountain View 2017 Year in Review Summary

The most significant concentration of homes sold throughout Santa Clara County during December was in the $800,000 to $1,000,000 range, which made up 17.7% of the total sales for the entire county. The $1,438,616 average Mountain View reported in December 2017 fell in the range of 6% of the Santa Clara County totals. Inventory levels for the county as a whole averaged around 0.3 months (or approximately ten days) available. Mountain View fell below this average. Active listings available for sale dropped from 1,990 in December 2016 to 977 in December 2017, a 51% decrease.

As prices go up and inventory goes down, Silicon Valley buyers turn to lower priced areas like Morgan Hill and Gilroy. Until more inventory comes on the market, this will continue to be business as usual in the Silicon Valley. Low unemployment and high consumer confidence have financial experts expecting to see Federal interest rates increase three times in 2018. 

If you're interested in purchasing a property, please contact your Silicon Valley REALTOR@ to find out what's available in the area you're interested in. Visit our Home Buying page to learn more about the home buying process.

StynesGroup Real Estate Services, your source for Silicon Valley Real Estate 

Jan. 16, 2018

Los Altos Real Estate Market Report - 2017 Year in Review

Los Altos Real Estate Market Report - 2017 Year in Review

Like most of the Silicon Valley real estate market, including the Cupertino market, Los Altos housing inventory dropped to its lowest levels at the end of 2017. Total sales rose. Both of these factored into forcing the average sale price and price-per-square-foot to their highest levels ever. As we start 2018, we expect to see further price appreciation until either new construction increases or people move out of the area.

Los Altos Real Estate Market - Total Sales

Total home sales for the Los Altos real estate market in 2017

Overall, 15.5% more Los Altos homes were sold in 2017 (381) than in 2016 (330). January reported a total of 17 homes sold. There was a steady increase for each month until the Los Altos real estate market hit its peak in June with 49. Sales began to decrease in July but went up again in September, hitting its second highest peak in November with 41 sold. Finally, the year ended with 18 sold in December, only slightly higher than where it started the year out.

Los Altos Real Estate Market - Inventory

Total available inventory in the Los Altos real estate market throughout 2017

Throughout all of the Silicon Valley real estate market, inventory levels have dropped dramatically. The Los Altos market is no exception. January started off with 1.3 months of inventory available. It increased slightly to 1.4 months available in February, but never again went above one month of availability for the rest of the year. In December, they closed out the year with just 0.3 months available, the average for the entire county. That's only about ten days of inventory available.

Los Altos Real Estate Market - Average Sale Price

Average sale price in the Los Altos real estate market throughout 2017

Low inventory partnered with high demand could have contributed to the 6.1% increase in the average sale price in 2017. Los Altos Buyers paid an average of $3,254,235 in January 2017 (6.3% above the average list price). The Los Altos market saw prices roller coaster each month, with some months showing an increase while others fell lower. It ended the year at $3,451,236, (25.4% above the average list price and the highest average sale price in 2017).

Los Altos Real Estate Market - Price-Per-Square-Foot

Average price-per-square-foot in the Los Altos real estate market throughout 2017

The average price-per-square-foot for a Los Altos home started off at $1,162 in January 2017. It went up to $1,359 in February and then began to decrease each month after that until reaching $1,242 in July. In August, it experienced a slight bump up but dipped again in September before starting to go upwards again in October. December's average price-per-square-foot came in at $1,360.

Silicon Valley Market Report - Los Altos 2017 Year in Review Summary

The most significant concentration of homes sold throughout Santa Clara County during December was in the $800,000 to $1,000,000 range, which made up 17.7% of the total sales for the county. The $3,451,236 average Cupertino reported in December 2017 represented a portion of 3.2% of the Santa Clara County totals. Inventory levels averaged around 0.3 months (or approximately ten days) available. Active listings available for sale in the entire Santa Clara County dropped from 1,990 in December 2016 to 977 in December 2017, a 51% decrease. As prices go up and inventory goes down, Silicon Valley buyers turn to lower priced areas like Morgan Hill and Gilroy. Until more inventory comes on the market, this will continue to be business as usual in the Silicon Valley. Low unemployment and high consumer confidence have financial experts expecting to see Federal interest rates increase three times in 2018. 

If you're interested in purchasing a property, please contact your Silicon Valley REALTOR@ to find out what's available in the area you're interested in. Visit our Home Buying page to learn more about the home buying process.

StynesGroup Real Estate Services, your source for Silicon Valley Real Estate 

Jan. 9, 2018

Cupertino Market Report - 2017 Year in Review

Cupertino Real Estate Market Report - 2017 Year in Review

Like most of the Silicon Valley real estate market, Cupertino housing inventory dropped to its lowest levels at the end of 2017. Total sales for the year came in lower as well due to fewer homes to sell. Both of these factors have forced the average sale price and price-per-square-foot to their highest levels ever. As we start 2018, we expect to see further price appreciation until either new construction increases or people move out of the area.

Cupertino Real Estate Market - Total Sales

Total home sales in the Cupertino real estate market throughout 2017

Overall, 6.6% fewer homes were sold in Cupertino in 2017 (328) than in 2016 (351). January 2017 started off with the same amount of sales as for January 2016 (20). A drop in February lead to a steady rise until its peak of 39 in June. July and August sales fell off slightly with a boost back up to 38 in September. Then, they started to taper off until ending the year with 22 in December.

Cupertino Real Estate Market - Inventory

Total inventory in the Cupertino real estate market throughout 2017

The reason for the lower sales could be due in part to the extremely low inventory. The Cupertino real estate market began 2017 with 1.3 months of available inventory. February saw a quick jump to 2.2 months but that was only temporary. From then on, inventory remained at one month or less. Finally, it ended the year at just 0.5 months’ available.

Cupertino Real Estate Market Report - Average Sale Price

Average sale price of a home in the Cupertino real estate market throughout 2017

The lower inventory may have helped force the average sale price to rise by 13.8% in 2017. Cupertino Buyers paid an average of $1,854,949 in January 2017 (7% above list price). It dipped in February but began a steady climb up to $2,062,156 in August. At that time, the average sale price decreased but finished off strong at $2,111,535 in December 2017 (22% below list price). That was the highest average sale price for a Cupertino home throughout all of 2017.

Cupertino Real Estate Market Report - Price-Per-Square-Foot

Price-per-square-foot changes for homes in the Cupertino real estate market throughout 2017

The price-per-square-foot started 2017 at $943 in January 2017. But it stayed over $1,000 the rest of the year, finishing at $1,223 in December 2017.

Silicon Valley Market Report - Cupertino 2017 Year in Review Summary

The most significant concentration of homes sold throughout Santa Clara County during December was in the $800,000 to $1,000,000 range, which made up 17.7% of the total sales for the county. The $2,111,535 average Cupertino reported in December 2017 made up 8.2% of the Santa Clara County totals. Inventory levels averaged around 0.3 months (or approximately ten days) available. Active listings available for sale dropped from 1,990 in December 2016 to 977 in December 2017, a 51% decrease. As prices go up and inventory goes down, Silicon Valley buyers turn to lower priced areas like Morgan Hill and Gilroy. Until more inventory comes on the market, this will continue to be business as usual in the Silicon Valley. Low unemployment and high consumer confidence have financial experts expecting to see Federal interest rates increase three times in 2018. 

If you're interested in purchasing a property, please contact your Silicon Valley REALTOR@ to find out what's available in the area you're interested in. Visit our Home Buying page to learn more about the home buying process.

StynesGroup Real Estate Services, your source for Silicon Valley Real Estate 

Jan. 3, 2018

Silicon Valley Home Buyers: Get Approved and Stay Approved

The end of 2017 brought some exciting news to the Silicon Valley real estate market. Freddie Mac and Fannie Mae announced new loan limits. The median sale price for a San Jose home hit its highest mark yet ($1,050,221). And President Trump signed a new tax bill that caps mortgage interest rate and SALT deductions (State and Local Taxes). Inventory in the Silicon Valley real estate market continues to tighten. When you find a home, you don't want to lose it due to some silly mistake. For Silicon Valley home buyers, getting approved for your home loan is only the first step. Staying approved can be a little trickier.

First, Silicon Valley home buyers need to find a home to purchase. Then, they need to get approved. Don't make these silly mistakes or you'll turn your loan approval into a loan declined.

Silicon Valley Home Buyers: Get Approved and Stay Approved

Keep Spending to a Minimum

Search North Bayshore Homes for Sale

You haven't even signed your final documents yet, but you're already remodeling your new Silicon Valley home. Perhaps new furniture is at the top of your list. Maybe you want a new car to go with your new home. Or, the lease is close to ending, and you can't wait a moment longer to upgrade to something else. Time to hit pause on the spending. Big purchases need to wait until AFTER you have your new house keys in hand. New debt and new credit affect your debt-to-income ratio as well as your credit score. If either one of these dips changes from what it was when your lender approved you, your "approval" could become a "decline." Even opening smaller lines of credit, or applying for a new cellphone can negatively impact you. It's best to just wait it out.

Pay Your Bills on Time No Matter What

This one should go without saying. But, when buying a Silicon Valley home, the last thing you want is to get your credit dinged for a late payment. This includes credit card bills, student loans, car payments, and utilities. Even if you're disputing a charge, you need to pay it anyway. Otherwise, you risk hurting your credit score and losing your loan approval.

Stay Employed

Next, here's another one that shouldn't have to be said. But, if you're contemplating a job change, don't do it in the middle of your loan process. The job history of Silicon Valley home buyers is a contributing factor in the home buying process. Even switching from hourly to salary can affect your creditworthiness in the mortgage company's eyes. The only exception? A promotion with a bump in pay is always good.

No Money Transfers

Finally, keep your money where it is. Don't transfer large sums of cash between accounts without talking to your lender or Mortgage broker first. Lastly, don't deposit or withdraw large sums either without a very well documented paper trail of where the money came from or is going to. It's best just to let it lie where it is until after you move into your new Silicon Valley home.

Silicon Valley home buyers continue to have difficulty finding the perfect home. When you do locate the ideal home, you want to make sure you don't lose it to someone else due to negligence on your part. Avoid silly mistakes. Get approved. Then, stay approved. Contact me when you're ready to start looking for your next Silicon Valley home.

StynesGroup Real Estate Services, your source for Silicon Valley Real Estate 

Dec. 27, 2017

How the New Tax Bill Affects Silicon Valley Homeowners

Just last week, President Trump signed into law a new tax bill. For some, it may help. For others, it may not. How will the new tax bill affect Silicon Valley homeowners? You might want to consider paying some extra money before the new plan begins on January 1st, 2018.

It's not too late for Silicon Valley homeowners to save some money before the new tax bill goes into effect on January 1st. But you must act quickly.

Silicon Valley Homeowners and the New Tax Bill - The Good

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Under the new tax bill, the standard mortgage deduction for individual filers will be $12,000. For married couples filing jointly, it'll be $24,000. This doubles the current deduction. For those who don't itemize their taxes, this is great. However, for Silicon Valley homeowners, you might want to consider itemizing. Expecting a year-end bonus or one more paycheck before 2017 comes to a close? Ask to defer it to January 1st. Many Silicon Valley homeowners might find themselves in a lower tax bracket. If you don't receive this income until the new year begins, you could end up with a higher net income on their paychecks. 

Silicon Valley Homeowners and the New Tax Bill - The Bad

Many people across the U.S. could see a little more money in their pockets for a bit of while under the new tax bill. However, luxury markets like Silicon Valley will feel a bit of a sting. Currently, you're allowed to deduct the interest paid on as high as a $1,000,000 mortgage. But, as you're aware by now, as of October 2017, even the San Jose average sale price hit above $1,000,000. As of the most recent stats available check out the latest edition of the Silicon Valley Market Report.  The Los Altos market showed an average sale price of $3,264,678. On the plus side, if your mortgage was taken out before December 15th, 2017, you'll automatically be grandfathered in at the previous $1,000,000 cap.

Another place Silicon Valley homeowners may feel a pinch is when it comes to their state and local taxes (SALT). Currently, all local taxes (income, sales, and property) are deductible. As of January 1st, there's a $10,000 cap. And, homeowners must choose between one of the three instead of utilizing them all.

What Can Silicon Valley Homeowners Do to Save Some Money Before the End of the Year?

First, financial experts suggest that you make an extra mortgage payment before December 31, 2017. The mortgage interest paid can then be deducted when you file your 2017 taxes. Next, pay your Silicon Valley property taxes early. Just make sure you talk to your lender or mortgage company first if your taxes are automatically get paid through your escrow account. You don't want to end up paying twice or get hit with a prepayment penalty of any kind. Also, you have four more days to make some charitable contributions. Your church, the local Salvation Army or Goodwill, women's shelters, and animal rescue organizations always appreciate any donations you send their way. Finally, make sure that you have met all your contribution limits for your 401(k), IRA or Roth accounts. For 401(k) accounts, the limit is $18,000 of pre-tax money. If you're 50 years old or older, it's $24,000. IRA and Roth accounts each have $5,500 limits. While the new tax bill doesn't affect any of these limits, it's always a smart money move to make.

Always talk to your financial adviser or Tax Advisor before making any significant money decisions. I'm not a tax expert. Nor am a licensed CPA. They know your specific financial situation as well as the ins and outs of the new tax bill. They can tell you which options are the best for you. 

StynesGroup Real Estate Services, your source for Silicon Valley Real Estate 

Dec. 19, 2017

Protecting Your Credit During the Holidays

With just six more shopping days until Christmas, everybody's in a mad rush to finish up their shopping. Credit cards come out, and the potential for fraud goes up. If you're in the market for a Silicon Valley home, the last thing you need is to have your credit compromised, especially if you want to utilize one of those no money down loans. Follow these simple yet effective ways of protecting your credit during the holidays. That way, when you're ready to buy a Silicon Valley home, your good credit remains intact.

If you plan on buying a Silicon Valley home anytime soon, protecting your credit during the holidays and any other time of the year should be your #1 priority.

Protecting Your Credit During the Holidays

If you're like most people, you carry very little cash. Instead, you opt to pay with your credit or debit card. Each transaction leaves you open to credit card fraud. With online shopping on the rise, the chances for identity and credit card theft increases even more. Protecting your credit during the holidays as well as any other time of year comes down to being vigilant and practicing cautious usage of your cards.

Chip It

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First of all, most point of sale machines now include a microchip reader. If your card utilizes a chip, use the chip reader instead of swiping. This is the more secure method.

PINs are Your Friends

Next, you're used to entering a PIN (personal identification number) anytime you use your debit card. But did you know that you can use a PIN for your credit card as well? This adds an extra layer of protection. If someone does get a hold of your card, they're going to have to know your PIN in order to use it. Merely swiping or entering the credit card number won't be enough. Contact the number on the back of your credit card to activate the PIN feature.

No Debit Online

Also, many people prefer to shop online rather than wrestling the maddening crowds at brick and mortar stores. If this is the route you choose to take, never use your debit card online. By law, if a thief gets a hold of your account, you may be liable for up to $50 on a credit card. However, if the same thief nabs your debit card, you may be held accountable for $500 or more. As a precaution, always use a credit card online. You can post a payment to your card for the exact amount of your purchase separately. It may be an extra step, but it's worth it to avoid having a thief steal your bank information.

Read Your Monthly Statements

It's easy to let credit card statements get lost in the mountain of mail you receive. If you opt for the paperless billing, it's even easier. Always read your monthly statements as soon as they are available. Better yet, log in to your account online at least once a week. Look for questionable purchases. Don't rely on your credit card company or bank to contact you if something looks out of place. If you spot something, contact your credit card company right away.

Hacking Hurts

Credit card companies can get hacked. Companies that use credit card readers can get hacked. Target, Staples, Kmart, Jimmy Johns...all of these companies have been hacked. And who can forget the huge Equifax breach revealed earlier this year? Don't ignore a "protect your credit" letter from your credit card company. Take a moment to read it thoroughly and follow whatever instructions they provide to help you protect your credit in the future.

Annual Credit Report Check

Finally, check your credit reports once a year. You're legally entitled to receive one free credit report from Experian, TransUnion, and Equifax every 12 months. You can either rotate those to concentrate on one every four months. Or, you can pull all three at one time. Scan for any errors. Report errors to the appropriate agency right away. You'll also need to provide proof of the error. Visit any of these companies online. They have specific departments set up for credit disputes. Just follow their directions.

Protecting your credit during the holidays is essential. It's also important to be wary of potential credit card fraud throughout the rest of the year. But it's especially important to take care of any issues before you start looking for your next Silicon Valley home. It would be heartbreaking to find the perfect Silicon Valley property just to discover that your credit has been compromised.

StynesGroup Real Estate Services, your source for Silicon Valley Real Estate