“A lot of buyers got fed up,” he says. Inventory fell 0.1% from last month, and was down 11.7% year-over-year. You can find out more about which cookies we are using or switch them off in settings. Experts Predict Cooling Off For South Bay Housing Market In 2020 By Devin Fehely January 3, 2020 at 6:56 pm Filed Under: Bay Area Housing Prices , Housing , Housing Prices , South Bay In what is the Valley of Heart’s Delight, is perhaps the heart of the new Silicon Valley.With exceptional growth, comes changes in the character, business focus, and location of residents. (In some areas I’m following closely, prices are dropping. Mostly it seems to be because they’re worried about a recession or ‘overpaying,'” says Redfin agent Kalena Masching, who works mostly in Palo Alto, Mountain View and Menlo Park. popehandy.REReport.com But don’t worry, it’s not all bad news. Inventory fell 3.5% from last month, and was up 24.6% year-over-year. Silicon Valley #housing: uptick in the number of houses on the market in the San Jose metropolitan area might be sign of a loosening market. I help nice folks to buy & sell homes in Silicon Valley, mostly in Santa Clara County. “San Francisco has such a strong tech base, the Uber and Lyft and other IPOs continue to make the city a hot market.”. An area with both entry level and expensive homes, Willow Glen saw a dramatic drop in the market with sales falling 37.3% from the month before, and total numbers of sales down 31.5% year-over-year. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. “A lot of sellers just don’t get it. San Jose may be reaching a state of equilibrium after last year’s highs. For all of San Jose’s condo real estate market, inventory is down (down 2.7% from July and off 10.7% from a year ago) and sales are up. Sereno Group, Los Gatos CA, Copyright © 2007 – 2020. The number of rabid bidding wars among Bay Area home buyers is sinking, with some of the steepest declines in the San Jose metro area, a new report says. Just looking? The average price rose 5.7%, a yearly gain of 14.8%. Trends tracked in the report include median sale prices of homes, average rental rates, interest rates, and foreclosures. But they are still out there. More and more people are waiting on the sidelines to see if the insanity will end.”. This means that every time you visit this website you will need to enable or disable cookies again. Well, that’s because San Jose, like other West Coast markets, is cooling much faster. It was closely trailed by San Jose: 61% of experts believe that city’s housing market will underperform. San Jose is the third-largest city in California, home to roughly a million people. “Next year should be much more competitive and the market should heat back up, unless there’s a recession.”. (We are seeing some more expensive homes selling – this does not mean that individual home values are going up at this time.). Alan Barbic, an agent and president of the Silicon Valley Association of Realtors, says bidding wars still happen when a home has been realistically priced. Although it might not seem like it in San Francisco, the overheated housing market seems to be cooling off. Q3 2020 San José Housing Market Report Now Available. Post was not sent - check your email addresses! Karen D’Souza is a writer for the Bay Area News Group papers, covering healthy living, Bay Area culture and other lifestyle topics. Meeting Agendas City Calendar Accessibility E-Government Policy Sitemap. San Diego was the second most competitive market in the nation, with 21.3 percent of offers on Redfin facing competition. According to a recent report published by Redfin, a nationwide real estate brokerage, the markets with the fastest home sales during the spring of 2018 are now experiencing a significant slowdown. In May 2019, Zillow shared the following forecast for that housing market: “San Jose home values have declined -1.1% over the past year and Zillow predicts they will fall -5.1% within the next year.” Inventory growth has played key a role in that reversal. (Randy Vazquez/ Bay Area News Group), (CLICK HERE, if you are unable to view this photo gallery on your mobile device.). In fact, cooling trends are being reported for some of the nation’s hottest housing markets, like Denver, San Jose and Seattle. It was followed by Boston (16.4 percent), Los Angeles (16 percent), Philadelphia (14.3 percent) and Denver (14 percent). Use the “find a home” link on the menu above (next to the “home” button). San Jose was number one on the list, and San Francisco number two. Wire Silicon Valley's Housing Crisis Easing Up, Finally A drop in funding for tech startups has triggered a cooling-off of the region's torrid real estate market, and that's a good thing. San Jose, CA (+92%) Seattle, WA (+82%) San Francisco, CA (+39%) On the flipside, these big cities broke the trend and decreased in inventory: ... What does a cooling housing market mean for buyers? “As the San Jose example shows, markets can look a lot different compared to … *Graph taken from Zillow as of 06/2020 Statistics for Santa Clara County, San Mateo County, Santa Cruz County, Mary Pope-Handy, Realtor, ABR, CIPS, CRS, SRES Almaden is bucking the tide of most of the rest of San Jose – the market is fairly strong there, while it’s weakening in many other parts of town. The median sales price rose 2.8% from the previous month, up 17.0% compared to last year. He says there were about a dozen interested parties and three made an offer. Prospective homebuyers attend an open house in San Jose, Calif., on Sunday, Feb. 25, 2018. In the San Francisco metro area, which includes Oakland and Hayward, 35 percent of Redfin offers faced a bidding war in July compared to 72.4 percent a year ago. The South San Jose housing market is very competitive. In Silicon Valley, the country's most notoriously overheated real estate market, things are starting to cool off... a little. Perhaps. San Jose home sales dropped sharply in April & May from both the previous month and year as the housing market began to feel the full impact of the coronavirus outbreak and the state’s stay-at-home order. (Randy Vazquez/ Bay Area News Group Archives), Realtor Jackie Purvis, center, discusses some details with Karan Bonda, left, and Kalpana Bonda, right, at an open house at 5893 Taormino Avenue in San Jose, Calif. on Sunday, Feb. 25, 2018. She is a four-time Pulitzer juror, a former USC/Getty Arts Journalism Fellow and a longtime member of the Glickman Drama Jury and the American Theatre Critics Association. Sales increased 10.3% from the month before, and were down 6.8% year-over-year. Markets in cities like Las Vegas and San Jose are cooling off with more price cuts and homes taking longer to sell.
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