When I get the proverbial question “Hows the real estate market in Santa Clara?” My first inclination is to think about home inventory, and how many homes are available and is the trend increasing or decreasing.
The current level of active homes available in all of Santa Clara at the time of writing this post are 144 homes. These are homes listed in all three zip codes and are comprised of different size and aged homes. The market will vary depending on location, type, and size as all markets do. For the most part however, we are experiencing a market with increasing inventory. At this point last year there were about 25% less homes on the market, an indication that the market is slower this year or buyers are not keeping up with listed properties. Homes are also taking a bit longer to sell this year vs. last year during the spring.
If this trend continues expect the market to soften further as homes are taking longer to sell, potentially causing motivated sellers to lower prices. We are currently in spring so the market is more active now than in other seasons. Remember also that these trends will not affect all properties, exceptional homes or homes in good neighborhoods are still selling well as inventory in these areas is very limited.