The average sale price in all six communities covered in my Silicon Valley Market Report for October 2017 rose to over $1 million. Inventory levels continue to run low while demand stays high.Silicon Valley real estate prices continue to rise while inventory sinks even further. According to my Silicon Valley Market Report for October 2017, inventory levels are well below one month. Santa Clara and Sunnyvale showed the lowest levels at 0.3 months available each. Buyers in each of the six Silicon Valley communities in this market report except Santa Clara paid well over the list price. 

Cupertino Real Estate Market - October 2017

Sales remained the same. In October 2016, a total of 29 Cupertino homes were sold. October 2017 came in at 29 as well. Inventory levels dropped from one month available to 0.6 months available. The lack of inventory continues to drive up sale prices. Cupertino Buyers paid an average of $1,660,562 in October 2016 (16.2% under the list price) compared to $1,976,759 on average last month. This brought the average price-per-square-foot to $1,134, a 6.2% increase from October 2016's $1,068 price-per-square-foot.

Los Altos Real Estate Market - October 2017

A total of 26 Los Altos homes sold in October 2016. This increased 34.6% in October 2017 to 35 Los Altos homes sold. Inventory dropped dramatically from 1.2 months available in October 2016 to just 0.4 months available in October 2017. Prices continued their upward trajectory last month in Los Altos to an average of $3,050,511 (11.8% above list price). This is in comparison to the previous year where Los Altos Buyers paid an average of $2,589,365 in October 2016 (11.4% above the list price). The price-per-square-foot has increased as well to $1,297 in October 2017, up from $1,112 in October 2016.

Mountain View Real Estate Market - October 2017

Search North Bayshore Homes for SaleMountain View experienced a 16.7% drop in year-over-year sales. Fifty (50) homes sold in October 2017 compared to 61 total sales in October 2016. The 0.8 months available in October 2016 dropped off slightly to just 0.5 month’s inventory in October 2017. Like the other Silicon Valley communities we cover, prices continue to go up in Mountain View. Last month Buyers paid an average of $1,445,044 (4% above the list price) compared to the previous year at this time when Mountain View Buyers spent an average of $1,420,941 in October 2016 (8.2% below the list price). Likewise, the average price-per-square-foot increased from $937 in October 2016 to $1,096 in October 2017.

San Jose Real Estate Market - October 2017

Like Mountain View, San Jose total sales were down compared to last year. A total of 691 San Jose homes were sold in October 2016. This dipped 1.9% to 678 in October 2017. Inventory here sunk from 1.5 months available in October 2016 to just 0.5 months available in October 2017. Like the other Silicon Valley communities in this market report, prices marched upward. San Jose Buyers paid an average of $870,515 in October 2016 (2.4% above the list price). In October 2017, they paid an average of $1,019,809 (2.7% above the list price). The average price-per-square-foot increased from $550 in October 2016 to $640 in October 2017.

Santa Clara Real Estate Market - October 2017

Santa Clara sales remained the same as last year. Seventy-nine (79) Santa Clara homes were sold in October 2016 and 79 were sold in October 2017. Like the rest of the Silicon Valley, inventory remains extremely low. The 1.2 months available in October 2016 dropped to 0.3 months available in October 2017. Prices increased as well. Santa Clara Buyers paid an average of $976,053 in October 2016 (3.4% above the list price). In October 2017, they spent an average of $1,130,897 (3.2% below the list price). The average price-per-square-foot rose from $672 in October 2016 to $806 in October 2017.

Sunnyvale Real Estate Market - October 2017

Year-over-year sales increased (11.5%) in Sunnyvale compared to last year. A total of 78 Sunnyvale homes were sold in October 2016. There were 87 sold in October 2017. The supply of homes for sale dropped from one month available in October 2016 to just 0.3 months available in October 2017. Like the other Silicon Valley communities in this report, prices went up here as well. Sunnyvale Buyers paid an average of $1,246,025 in October 2016 (4% over the list price). In October 2017, they paid an average of $1,496,627 (8.5% above the list price). The average price-per-square-foot increased from $830 in October 2016 to $1,020 in October 2017.

Silicon Valley Market Report - October 2017 Summary

It's official. The average sold price for each of the six Silicon Valley communities covered in my Silicon Valley Market Report is now over $1,000,000. Low inventory levels continue to restrict availability for Buyers, forcing prices to rise. We desperately need more inventory to meet Buyer demand and bring prices down.

If you have questions about the content of the Silicon Valley Market Report, please contact the author, your Silicon Valley REALTOR@. To find out what's available on the market right now, visit my Home Buying page for helpful buyer tips.

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