For the most part, Silicon Valley real estate prices continue to rise. Total sales, on the other hand, were a mixed bag. They increased in some areas and decreased in others. The price-per-square-foot was also mixed. Read on to see how each Silicon Valley community fared over last year's statistics.
November 2016 Silicon Valley Market Report
Out of the five Silicon Valley real estate communities analyzed in my November 2016 Silicon Valley Market Report, only Mountain View, CA homes saw a decrease in the median sale price. Mountain View also experienced the only decrease in list-price-to-sale-price ratio. Buyers in all other communities continued to pay above list price.
Cupertino Real Estate - November 2016
Cupertino Buyers paid a median price of $1,780,000 for their home in November 2016. That was 3% higher than November 2015. Also, the price-per-square-foot increased from $911 last November to $947 last month. Active listings went up from 17 last year to 29 this year. Home sales rose 20.8% to 29 total for the month. Inventory levels remain almost the same at 0.8 months.
Los Altos Real Estate - November 2016
Los Altos home buyers paid a median price of $2,560,000 for their new home. That was 1.6% higher than the $2,520,000 median last November. The Los Altos price-per-square-foot was $1,112, a 6% downturn from November 2015. Active listings were up from 12 last year to 20 this year. Sales also rose slightly from 26 in November 2015 to 30 last month. Inventory levels increased from 0.5 months last year to 0.7 months in November 2016.
Mountain View Real Estate - November 2016
As I said before, only Mountain View CA Buyers paid less for their homes in November 2016 than they did in November 2015. The median sale price decreased from $1,300,000 last year to $1,272,500 last month. The price-per-square-foot declined as well: from $959 to $889. Active listings remained almost the same (21 in 2015 vs. 22 in 2016). Total sales increased from 47 last year to 54 last month. Inventory on hand remained the same at 0.4 months.
San Jose Real Estate - November 2016
The median sale price for a San Jose home sold in November 2016 was $785,000. This was 7.5% higher than the same time last year. Their price-per-square-foot went up from $519 last year to $552 this year. San Jose also has the highest amount of active listings (600) and total sales (675) out of all five Silicon Valley communities in this report. Inventory levels decreased from 1.4 months in November 2015 to 0.9 month in November 2016. It appears more buyers are looking in San Jose's Willow Glen, Cambrian Park or Almaden to find value as home prices climb in the neighboring cities of Santa Clara, Cupertino, and Sunnyvale.
Sunnyvale Market Report - November 2016
Out of all five Silicon Valley cities in this market report, Sunnyvale experienced the largest year-over-year median sale price increase. Coming in at $1,320,000 in November 2016, that was a 25.7% surge from last November. The price-per-square-foot increased 4.3% to $833. Active listings decreased from 48 to 42. Total sales dipped slightly from 74 last November to 70 last month. Inventory levels remained the same at 0.6 months.
The statistics compiled for my November 2016 Silicon Valley Market Report came from single-family, townhome and condo sales. While prices rose, for the most part, all Silicon Valley communities still have less than one month of inventory on hand. With continued high Buyer demand for Silicon Valley Real Estate, Sellers may have the opportunity to sell now at a premium. With a new Washington administration in January and an expected interest rate increase on December 14th, we could see a drop off in Silicon Valley home sales in 2017. If you're curious about the value of your home, contact Tom Stynes or check out our home value page.