Santa Clara County Median Price for Condos Continues Rising 2018 April

For Santa Clara County, the median price for condos was up 28.9%, year-over-year, to $915,444. This is the second month in a row the median price for condos has set new highs. Notably, the median price for condos has been higher than the year before every month since July of 2011! The median price for single-family, re-sale homes stayed at the high it set in March. The median price for homes rose 22.1% over last April to $1,450,000. The median price for homes has been higher than the year before by double-digits ten months in a row. The average price was up by double-digits for the ninth consecutive month.

This is also the 74th month in a row the median price has been higher than the year before. The average price for homes was up 20.0%, year-over-year, to $1,722,370. The average price for condos was up 24.5% over last April. Multiple offers continue to be the norm. The sales price to list price ratio, or what buyers are paying over what sellers are asking remains at triple digits: 112.4% for homes and 114.8% for condos. The ratio has been over 100% for homes since March 2012 and for condos since April 2012.

Homes and condos are flying off the shelf. It is taking only fifteen days to sell a home, on average. Condos are taking nine days. All this is due to an incredible lack of inventory. Since January 2000, Santa Clara County has averaged 94 days of inventory. Last month it was twenty-three. Condos have averaged 87 days since 2000. Last month it was seventeen. As of May 7th, there were 753 homes and 229 condos for sale in Santa Clara County.

Westwood Oaks Real Estate Info 2017 November 21st

Westwood Oaks Real Estate Info 2017 November 21st

Westwood Oaks is a neighborhood in Santa Clara with Cupertino schools.

WestwoodOaks SFR MedianSalesPriceVsYearSold

MapView withThumbnail Westwood Oaks SFR List120Days 2017Nov12th

QuickCMA Westwood Oaks SFR List120Days 2017Nov12th

Westwood Oaks Real Estate Info 2017Nov12th

Westwood Oaks is a neighborhood in Santa Clara with Cupertino schools.

WestwoodOaks SFR MedianSalesPriceVsYearSold

MapView withThumbnail Westwood Oaks SFR List120Days 2017Nov12th

QuickCMA Westwood Oaks SFR List120Days 2017Nov12th

Week of 2017 October 30th Mortgage Rate Summary

This Week's Mortgage Rate Summary

How Rates Move: Conventional and Government (FHA and VA) lenders set their rates based on the pricing of Mortgage-Backed Securities (MBS) which are traded in real time, all day in the bond market.  This means rates or loan fees (mortgage pricing) moves throughout the day, being affected by a variety of economic or political events.  When MBS pricing goes up, mortgage rates or pricing generally goes down.  When they fall, mortgage pricing goes up.  Tracking these securities real-time is critical.  For more information about the rate market, contact me directly.  I’m among few mortgage professionals who have access to live trading screens during market hours. Rates Currently Trending: Lower Mortgage rates are trending lower so far today.  Last week the MBS market worsened by -1bps.  This caused mortgage rates to move sideways.  Mortgage rates were actually very volatile for the week. This Week's Rate Forecast: Neutral Three Things: These are the three areas that have the greatest ability to impact mortgage rates this week. 1) Central Bank, 2) Geopolitical and 3) Domestic. 1) Central Bank: Believe it or not, we have a Fed meeting this week. The market keeps talking about a potential December meeting rate hike, but you never hear about the November 1 meeting. That is because unlike the December meeting, this one is not followed by a live press conference with Janet Yellen. Since they just announced their "taper" last time around, look for no change to that plan. The bond market will be looking for forward guidance on rate hikes. The BofE (Bank of England) will also be in the spotlight as they are widely expected to raise their rates. Fed Chair: We are supposed to learn who President Trump's nomination for Fed Chair on Thursday. 2) Geopolitical: Domestically, we are supposed to get the official Tax Reform bill and will learn what the proposed plan includes. This can have a significant impact on mortgage rates depending on how stimulative bond traders perceive it. Overseas, Spain/Catalonia, as well as North Korea, are still providing upward momentum on long bonds. 3) Domestic: While the markets are expecting a "pass" by the FOMC this week, we have plenty of economic data with the gravitas to shift expectations of their next action with ISM Manufacturing and Services, PCE and Consumer Confidence. But its Friday's Jobs report that will carry the most weight as we look for a major rebound from -33K jobs in the last report to +300K in this report. As usual, Average Hourly Wages will get a lot of attention. This Week's Potential Volatility: High There are a lot of events this week that can move mortgage rates and cause volatility. The Fed Chair announcement and the tax plan being the two big ones, but Friday's jobs report could undoubtedly move rates as well. Bottom Line: If you are looking for the risks and benefits of locking your interest rate in today or floating your loan rate, contact your mortgage professional to discuss it with them.

Single Female First Time Home Buyers Increase to 2011 Levels

Single Female First Time Home Buyers Increase to 2011 Levels

The National Association of Realtors® has released its 2017 Profile of Home Buyers and sellers. Single women were the second-largest segment of the buyer market at 18%, behind married couples, who make up 65% of the market. The percentage of single women, the highest since 2011, is partially attributable to a more favorable job and income prospects.

The survey also found that 92% of all purchases and sales involved real estate agents, leaving just 8% of the transactions were for-sale-by-owner, an all-time low.

The average age of first-time buyers stayed the same, at 32 years, while that of repeat buyers increased slightly from the previous year to 54 from 52 years of age.

First-timers’ income was slightly higher than last year, $75,000 compared to $72,000, while the older repeat buyers reported household income roughly the same: $97,500 compared with $98,000 from the previous year.

Repeat buyers chose houses of the same size from last year, 2,000 square feet, but they paid more for them: $266,500 compared with last year’s average of $250,000.

Most buyers continue to prefer the suburbs; 85% bought in the outlying areas, compared with just 13% remaining in cities. Single-family detached homes retain their preferential position in the inventory, accounting for 87% of the sales for the third straight year. Inventory shortage continues to play a significant part in rising prices; 42% of the buyers paid asking price or higher for their homes compared to 40% last year, but in the western states, 51% paid the list price or higher.

Public perception of the market likely plays a part in these numbers. Although lending standards have remained essentially the same for several years, prospective buyers seem to be more confident in their ability to qualify for a mortgage. The minimum credit standards for conventional loans remains at 620, and 580 for FHA loans. Fannie Mae and Freddie Mac, the investors who buy most mortgages in the U.S., have loosened their qualifying standards slightly, allowing higher debt-to-income ratios than before, allowing more buyers to qualify.

Santa Clara County Real Estate Market Trend Report for 2017 September

Prices for single-family, re-sale homes rose by double-digits in September 2017. That’s the fourth month in a row the median price has been higher than the corresponding month the year before by double-digits. The average price was up by double-digits for the third month in a row.

The median price for homes gained 17.9% over last September. At $1,179,000, the median price is within shouting distance of the all-time high of $1,195,000 set in May. This is also the 67th month in a row the median price has been higher than the year before.

The average price for homes rose 13.7% to $1,463,320, a new all-time high. The median price for condos gained 9.6%. Notably, the median price for condos has been higher than the year before every month since July of 2011! The average price for condos was up 7.9% over last September. Multiple offers continue to be the norm. The sales price to list price ratio, or what buyers are paying over what sellers are asking remains at triple digits: 105.9% for homes and 106.7% for condos.

The ratio has been over 100% for homes since March 2012 and for condos since April 2012. Homes and condos are flying off the shelf. It is taking only twenty days to sell a home, on average. Condos are taking seventeen days. All of this is due to an incredible lack of inventory. Since January 2000, Santa Clara County has averaged 94 days of inventory. Last month it was twenty. Condos have averaged 87 days since 2000. Last month it was twelve.

		Santa Clara County (2017 September)
		Ranking Cities by %Change in Median Price
		for 2017 Sept vs. 2016 Sept
		Single-Family Homes
Cities	Median	Average	Median	Average
Los Gatos	$  2,200,000	$  2,270,420	48.60%	48.30%
Los Altos	$  3,017,500	$  3,425,150	32.00%	45.30%
Sunnyvale	$  1,710,000	$  1,654,290	31.50%	21.90%
Santa Clara	$  1,300,000	$  1,340,990	23.80%	23.80%
Palo Alto	$  3,200,000	$  3,654,360	19.60%	17.20%
SCC	$  1,179,000	$  1,463,320	17.90%	13.70%
San Jose	$     999,900	$  1,106,800	17.60%	17.10%
Gilroy	$     785,000	$     840,888	16.30%	16.80%
Campbell	$  1,330,700	$  1,373,920	15.70%	12.50%
Milpitas	$     983,444	$  1,025,940	13.60%	14.20%
Saratoga	$  2,477,000	$  2,473,780	12.50%	0.40%
Mountain View	$  1,900,000	$  2,080,860	10.10%	10.40%
Morgan Hill	$     954,000	$  1,007,130	6.00%	1.90%
Cupertino	$  2,103,000	$  2,092,880	1.70%	1.20%
Monte Sereno	$  2,625,000	$  2,576,250	-30.60%	-31.90%
Los Altos Hills	$  3,175,000	$  4,100,000	-33.90%	-22.60%
		Condominiums
Cities	Median	Average	Median	Average
Campbell	$     993,000	$     980,311	42.10%	35.60%
Santa Clara	$     810,000	$     850,571	28.60%	22.20%
Sunnyvale	$  1,262,270	$  1,150,570	18.80%	14.00%
Cupertino	$  1,178,000	$  1,246,350	17.80%	13.30%
Morgan Hill	$     600,000	$     576,998	17.60%	9.00%
Mountain View	$  1,100,000	$  1,094,730	15.00%	13.40%
Palo Alto	$  1,575,000	$  1,718,670	12.50%	39.20%
San Jose	$     631,000	$     647,507	10.70%	11.60%
SCC	$     712,500	$     797,526	9.60%	7.90%
Milpitas	$     745,000	$     741,340	5.70%	7.40%
Gilroy	$     411,000	$     411,000	4.30%	4.30%
Saratoga	$     930,000	$  1,210,680	-0.50%	25.40%
Los Altos	$  1,450,000	$  1,555,000	-5.80%	-1.80%
Los Gatos	$     952,500	$     963,750	-13.50%	-7.60%

		Santa Clara County (2017 September)
		Ranking Cities by Median Price
		for 2017 Sept
		Single-Family Homes
Cities	Median	Average	Median	Average
Palo Alto	$  3,200,000	$  3,654,360	19.60%	17.20%
Los Altos Hills	$  3,175,000	$  4,100,000	-33.90%	-22.60%
Los Altos	$  3,017,500	$  3,425,150	32.00%	45.30%
Monte Sereno	$  2,625,000	$  2,576,250	-30.60%	-31.90%
Saratoga	$  2,477,000	$  2,473,780	12.50%	0.40%
Los Gatos	$  2,200,000	$  2,270,420	48.60%	48.30%
Cupertino	$  2,103,000	$  2,092,880	1.70%	1.20%
Mountain View	$  1,900,000	$  2,080,860	10.10%	10.40%
Sunnyvale	$  1,710,000	$  1,654,290	31.50%	21.90%
Campbell	$  1,330,700	$  1,373,920	15.70%	12.50%
Santa Clara	$  1,300,000	$  1,340,990	23.80%	23.80%
SCC	$  1,179,000	$  1,463,320	17.90%	13.70%
San Jose	$     999,900	$  1,106,800	17.60%	17.10%
Milpitas	$     983,444	$  1,025,940	13.60%	14.20%
Morgan Hill	$     954,000	$  1,007,130	6.00%	1.90%
Gilroy	$     785,000	$     840,888	16.30%	16.80%
		Condominiums
Cities	Median	Average	Median	Average
Palo Alto	$  1,575,000	$  1,718,670	12.50%	39.20%
Los Altos	$  1,450,000	$  1,555,000	-5.80%	-1.80%
Sunnyvale	$  1,262,270	$  1,150,570	18.80%	14.00%
Cupertino	$  1,178,000	$  1,246,350	17.80%	13.30%
Mountain View	$  1,100,000	$  1,094,730	15.00%	13.40%
Campbell	$     993,000	$     980,311	42.10%	35.60%
Los Gatos	$     952,500	$     963,750	-13.50%	-7.60%
Saratoga	$     930,000	$  1,210,680	-0.50%	25.40%
Santa Clara	$     810,000	$     850,571	28.60%	22.20%
Milpitas	$     745,000	$     741,340	5.70%	7.40%
SCC	$     712,500	$     797,526	9.60%	7.90%
San Jose	$     631,000	$     647,507	10.70%	11.60%
Morgan Hill	$     600,000	$     576,998	17.60%	9.00%
Gilroy	$     411,000	$     411,000	4.30%	4.30%

		Single-Family Homes
Cities	Median	Average	Median	Average
Los Gatos	$  2,200,000	$  2,270,420	48.60%	48.30%
Los Altos	$  3,017,500	$  3,425,150	32.00%	45.30%
Sunnyvale	$  1,710,000	$  1,654,290	31.50%	21.90%
Santa Clara	$  1,300,000	$  1,340,990	23.80%	23.80%
Palo Alto	$  3,200,000	$  3,654,360	19.60%	17.20%
SCC	$  1,179,000	$  1,463,320	17.90%	13.70%
San Jose	$     999,900	$  1,106,800	17.60%	17.10%
Gilroy	$     785,000	$     840,888	16.30%	16.80%
Campbell	$  1,330,700	$  1,373,920	15.70%	12.50%
Milpitas	$     983,444	$  1,025,940	13.60%	14.20%
Saratoga	$  2,477,000	$  2,473,780	12.50%	0.40%
Mountain View	$  1,900,000	$  2,080,860	10.10%	10.40%
Morgan Hill	$     954,000	$  1,007,130	6.00%	1.90%
Cupertino	$  2,103,000	$  2,092,880	1.70%	1.20%
Monte Sereno	$  2,625,000	$  2,576,250	-30.60%	-31.90%
Los Altos Hills	$  3,175,000	$  4,100,000	-33.90%	-22.60%
		Condominiums
Cities	Median	Average	Median	Average
Campbell	$     993,000	$     980,311	42.10%	35.60%
Santa Clara	$     810,000	$     850,571	28.60%	22.20%
Sunnyvale	$  1,262,270	$  1,150,570	18.80%	14.00%
Cupertino	$  1,178,000	$  1,246,350	17.80%	13.30%
Morgan Hill	$     600,000	$     576,998	17.60%	9.00%
Mountain View	$  1,100,000	$  1,094,730	15.00%	13.40%
Palo Alto	$  1,575,000	$  1,718,670	12.50%	39.20%
San Jose	$     631,000	$     647,507	10.70%	11.60%
SCC	$     712,500	$     797,526	9.60%	7.90%
Milpitas	$     745,000	$     741,340	5.70%	7.40%
Gilroy	$     411,000	$     411,000	4.30%	4.30%
Saratoga	$     930,000	$  1,210,680	-0.50%	25.40%
Los Altos	$  1,450,000	$  1,555,000	-5.80%	-1.80%
Los Gatos	$     952,500	$     963,750	-13.50%	-7.60%

		Santa Clara County (2017 September)
		Single Family Homes								% Change from Year Before
Cities	Median	Average	Sales	Pend	Inven	DOI	SP/LP	Med	Ave	Sales	Pend'	Inven'
SCC	$  1,179,000	$  1,463,320	928	896	647	20	105.90%	17.90%	13.70%	-1.00%	-11.60%	-61.00%
Campbell	$  1,330,700	$  1,373,920	28	28	13	13	108.60%	15.70%	12.50%	-26.30%	-20.00%	-67.50%
Cupertino	$  2,103,000	$  2,092,880	26	21	10	11	110.70%	1.70%	1.20%	30.00%	10.50%	-64.30%
Gilroy	$     785,000	$     840,888	51	83	55	31	99.60%	16.30%	16.80%	13.30%	15.30%	-58.00%
Los Altos	$  3,017,500	$  3,425,150	26	26	20	22	105.40%	32.00%	45.30%	8.30%	13.00%	-47.40%
Los Altos Hills	$  3,175,000	$  4,100,000	7	7	31	128	97.40%	-33.90%	-22.60%	-46.20%	75.00%	-3.10%
Los Gatos	$  2,200,000	$  2,270,420	47	48	82	51	101.20%	48.60%	48.30%	30.60%	9.10%	-38.80%
Milpitas	$     983,444	$  1,025,940	20	27	11	16	106.80%	13.60%	14.20%	-31.00%	-40.00%	-67.60%
Monte Sereno	$  2,625,000	$  2,576,250	6	4	6	29	97.50%	-30.60%	-31.90%	200.00%	-42.90%	-40.00%
Morgan Hill	$     954,000	$  1,007,130	54	60	65	35	100.90%	6.00%	1.90%	28.60%	-13.00%	-50.00%
Mountain View	$  1,900,000	$  2,080,860	21	13	12	17	109.90%	10.10%	10.40%	10.50%	-50.00%	-61.30%
Palo Alto	$  3,200,000	$  3,654,360	33	25	32	28	109.70%	19.60%	17.20%	-13.20%	-32.40%	-38.50%
San Jose	$     999,900	$  1,106,800	483	451	234	14	105.80%	17.60%	17.10%	-2.40%	-11.20%	-71.00%
Santa Clara	$  1,300,000	$  1,340,990	60	33	19	9	110.90%	23.80%	23.80%	22.40%	-36.50%	-73.60%
Saratoga	$  2,477,000	$  2,473,780	23	29	41	52	102.80%	12.50%	0.40%	-30.30%	11.50%	-35.90%
Sunnyvale	$  1,710,000	$  1,654,290	43	41	16	11	114.00%	31.50%	21.90%	-20.40%	-12.80%	-72.40%
		Condos								% Change from Year Before
Cities	Median	Average	Sales	Pend	Inven	DOI	SP/LP	Med	Ave	Sales	Pend'	Inven'
SCC	$     712,500	$     797,526	361	360	152	12	106.70%	9.60%	7.90%	-10.60%	-9.50%	-70.50%
Campbell	$     993,000	$     980,311	9	4	9	29	108.30%	42.10%	35.60%	-25.00%	-75.00%	-47.10%
Cupertino	$  1,178,000	$  1,246,350	11	4	1	3	110.50%	17.80%	13.30%	-26.70%	-50.00%	-87.50%
Gilroy	$     411,000	$     411,000	2	4	1	15	100.40%	4.30%	4.30%	100.00%	0.00%	-66.70%
Los Altos	$  1,450,000	$  1,555,000	5	4	6	35	106.00%	-5.80%	-1.80%	-76.20%	33.30%	20.00%
Los Gatos	$     952,500	$     963,750	8	9	8	29	103.50%	-13.50%	-7.60%	-11.10%	0.00%	-38.50%
Milpitas	$     745,000	$     741,340	17	14	5	9	104.30%	5.70%	7.40%	13.30%	-33.30%	-78.30%
Morgan Hill	$     600,000	$     576,998	5	20	7	41	99.10%	17.60%	9.00%	-37.50%	400.00%	-53.30%
Mountain View	$  1,100,000	$  1,094,730	17	28	12	20	112.00%	15.00%	13.40%	-5.60%	-22.20%	-53.80%
Palo Alto	$  1,575,000	$  1,718,670	6	8	9	44	108.10%	12.50%	39.20%	-14.30%	33.30%	-47.10%
San Jose	$     631,000	$     647,507	220	202	68	9	105.00%	10.70%	11.60%	-6.40%	-12.60%	-77.80%
Santa Clara	$     810,000	$     850,571	28	28	13	13	110.80%	28.60%	22.20%	-9.70%	3.70%	-66.70%
Saratoga	$     930,000	$  1,210,680	7	4	1	4	107.20%	-0.50%	25.40%	-12.50%	-20.00%	-90.90%
Sunnyvale	$  1,262,270	$  1,150,570	26	31	12	13	115.00%	18.80%	14.00%	8.30%	10.70%	-62.50%

						Santa Clara County (2017 September)
			Single Family Homes							% Change from Year Before
Cities	Median	Average	Sales	Pending	Inventory	DOI	SP/LP	Median	Average	Sales	Pend'	Inven'
SCC	$  1,179,000	$  1,463,320	928	896	647	20	105.90%	17.90%	13.70%	-1.00%	-11.60%	-61.00%
Campbell	$  1,330,700	$  1,373,920	28	28	13	13	108.60%	15.70%	12.50%	-26.30%	-20.00%	-67.50%
Cupertino	$  2,103,000	$  2,092,880	26	21	10	11	110.70%	1.70%	1.20%	30.00%	10.50%	-64.30%
Gilroy	$     785,000	$     840,888	51	83	55	31	99.60%	16.30%	16.80%	13.30%	15.30%	-58.00%
Los Altos	$  3,017,500	$  3,425,150	26	26	20	22	105.40%	32.00%	45.30%	8.30%	13.00%	-47.40%
Los Altos Hills	$  3,175,000	$  4,100,000	7	7	31	128	97.40%	-33.90%	-22.60%	-46.20%	75.00%	-3.10%
Los Gatos	$  2,200,000	$  2,270,420	47	48	82	51	101.20%	48.60%	48.30%	30.60%	9.10%	-38.80%
Milpitas	$     983,444	$  1,025,940	20	27	11	16	106.80%	13.60%	14.20%	-31.00%	-40.00%	-67.60%
Monte Sereno	$  2,625,000	$  2,576,250	6	4	6	29	97.50%	-30.60%	-31.90%	200.00%	-42.90%	-40.00%
Morgan Hill	$     954,000	$  1,007,130	54	60	65	35	100.90%	6.00%	1.90%	28.60%	-13.00%	-50.00%
Mountain View	$  1,900,000	$  2,080,860	21	13	12	17	109.90%	10.10%	10.40%	10.50%	-50.00%	-61.30%
Palo Alto	$  3,200,000	$  3,654,360	33	25	32	28	109.70%	19.60%	17.20%	-13.20%	-32.40%	-38.50%
San Jose	$     999,900	$  1,106,800	483	451	234	14	105.80%	17.60%	17.10%	-2.40%	-11.20%	-71.00%
Santa Clara	$  1,300,000	$  1,340,990	60	33	19	9	110.90%	23.80%	23.80%	22.40%	-36.50%	-73.60%
Saratoga	$  2,477,000	$  2,473,780	23	29	41	52	102.80%	12.50%	0.40%	-30.30%	11.50%	-35.90%
Sunnyvale	$  1,710,000	$  1,654,290	43	41	16	11	114.00%	31.50%	21.90%	-20.40%	-12.80%	-72.40%
			Condos							% Change from Year Before
Cities	Median	Average	Sales	Pending	Inventory	DOI	SP/LP	Median	Average	Sales	Pend'	Inven'
SCC	$     712,500	$     797,526	361	360	152	12	106.70%	9.60%	7.90%	-10.60%	-9.50%	-70.50%
Campbell	$     993,000	$     980,311	9	4	9	29	108.30%	42.10%	35.60%	-25.00%	-75.00%	-47.10%
Cupertino	$  1,178,000	$  1,246,350	11	4	1	3	110.50%	17.80%	13.30%	-26.70%	-50.00%	-87.50%
Gilroy	$     411,000	$     411,000	2	4	1	15	100.40%	4.30%	4.30%	100.00%	0.00%	-66.70%
Los Altos	$  1,450,000	$  1,555,000	5	4	6	35	106.00%	-5.80%	-1.80%	-76.20%	33.30%	20.00%
Los Gatos	$     952,500	$     963,750	8	9	8	29	103.50%	-13.50%	-7.60%	-11.10%	0.00%	-38.50%
Milpitas	$     745,000	$     741,340	17	14	5	9	104.30%	5.70%	7.40%	13.30%	-33.30%	-78.30%
Morgan Hill	$     600,000	$     576,998	5	20	7	41	99.10%	17.60%	9.00%	-37.50%	400.00%	-53.30%
Mountain View	$  1,100,000	$  1,094,730	17	28	12	20	112.00%	15.00%	13.40%	-5.60%	-22.20%	-53.80%
Palo Alto	$  1,575,000	$  1,718,670	6	8	9	44	108.10%	12.50%	39.20%	-14.30%	33.30%	-47.10%
San Jose	$     631,000	$     647,507	220	202	68	9	105.00%	10.70%	11.60%	-6.40%	-12.60%	-77.80%
Santa Clara	$     810,000	$     850,571	28	28	13	13	110.80%	28.60%	22.20%	-9.70%	3.70%	-66.70%
Saratoga	$     930,000	$  1,210,680	7	4	1	4	107.20%	-0.50%	25.40%	-12.50%	-20.00%	-90.90%
Sunnyvale	$  1,262,270	$  1,150,570	26	31	12	13	115.00%	18.80%	14.00%	8.30%	10.70%	-62.50%