Housing and Market Updates
Townhouse and condominium home sales data from December is in! As you’ll see in the detail charts below, Silicon Valley and our neighboring counties illustrated that the market for these more affordable homes has strong demand! They are still, on average, selling at about the same pace as single family homes (about 36 days to sell) but for three of our neighboring counties - Alameda County, Santa Cruz County and Contra Costa County - prices went UP year-over-year, which is not what we saw for single family home sales during the same period.
Here are the new median sales prices for condos and townhomes across our 6 local counties:
⬇️Santa Clara County - $879K ($920K in December 2021)
⬇️San Mateo County - $825K ($880K in December 2021)
⬆️Santa Cruz County - $812K ($669K in December 2021)
⬇️Monterey County - $590K ($678K in December 2021)
⬆️Alameda County - $720K ($719K in December 2021)
⬆️Contra Costa County - $537K ($529K in December 2021)
With such a low inventory of homes for sale and the relative affordability of condominiums and townhomes, I expect we’ll continue to see this part of the housing market hold their value through 2023. If you’re interested in learning more about the market sales trends for single family homes, check out my most recent blog post.
If you’ve been thinking about buying a home, this could be a fabulous time of the year to take advantage of the seasonally low prices of the winter … before prices climb as we head toward the spring season.
Here are the detail charts for Silicon Valley (Santa Clara County) and our nearby bay area and coastal counties:
How the most recent market changes affect home values is “hyper” local! That’s why if you’re thinking of making a move, it’s important to begin those conversations early with a trusted, local real estate expert that knows the real-time trends about home sales in your neighborhood.
Please don’t hesitate to reach out (DM, text, email, call) with any questions. For a home value estimate, click here. For more information about our local housing market and 2023 market forecasts, check out my latest blog post here.
Hello! I'm Janet Souza, lifestyle blogger and REALTOR® at Christie's International Real Estate Sereno. I live and work in Silicon Valley and love everything our wonderful area has to offer. If you live in Silicon Valley or are thinking about moving here, you've come to the right place! Stay up to date with local events, theater, concerts, Real Estate and more!
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