In July we had a bit of a dip in home prices, but August showed a quick recovery as median home prices are back up with quick sales (i.e. low number of “days on market”) and continued low inventory. It seems as though July home buyers and sellers paused in selling and buying and took advantage of the relaxing of COVID restrictions and finally went on vacation! However, now with school underway and many back at work, the August real estate market heated up again and the competition has also heated back up for buyers trying to purchase homes. Below are the statistics for Silicon Valley (aka Santa Clara County), showing double digit growth year-over-year!
If you’re thinking about selling or buying property in today’s market, there are important steps and strategies to getting the highest possible market price for your home and for buyers, being in a position to “win” when there are multiple offers. Whoever you choose to represent you, please know it’s extremely important that you work with an experienced, hyper-local real estate professional. If you’d like to understand more about how I achieve these results, please contact me and let’s discuss your specific situation!
Market stats for August
- Single Family homes showed an 18% increase in median sales price from $1,400,000 in 2020 to $1,650,000 in 2021.
- Condos / Townhomes showed a 12% increase in median sales price, from $820,000 in 2020 to $915,000 in 2021.