We are at the halfway mark for 2017 and so far the market has been quite a bit tighter than in 2016. As buyers compete for fewer active homes, average single-family home sale prices reached a high in April of nearly $1,900,000 in San Mateo County and $1,450,000 in Santa Clara County. Since then prices have remained steady or come down slightly.
Condos/townhomes reached a high of slightly over $900,000 in May of this year in San Mateo County and have leveled off since then. Prices for condos/townhomes in Santa Clara County have been steadily rising this year and reached $800,000 in June. Below is a more in depth look at both counties.
San Mateo County
Since January of this year there have been about 330 to 450 active homes for sale each month in San Mateo County compared to about 370 to 650 each month during the first half of last year. However, the number of monthly sales has remained about the same year over year and even exceeded the number of active listings in May and June of this year. See chart below.
Given the supply/demand imbalance with the low number of active listings and the steady number of sales, we can expect price appreciation to continue around the same pace for the foreseeable future. The charts below show the price appreciation in San Mateo County over the past 5 years.
Santa Clara County
Santa Clara County has also had a tight market this year with a low number of active homes for sale, high number of sales, and increasing appreciation. So far this year there have been about 1,100 to 1,400 active homes for sale each month in Santa Clara County compared to about 1,150 to 2,250 each month during the first half of last year. However, similar to San Mateo County, the number of monthly sales has remained about the same year over year and even exceeded the number of active listings in May and June of this year. See chart below.
With the low number of active listings and the steady number of sales, we can expect price appreciation to continue in Santa Clara County. The charts below show the price appreciation in the county over the past 5 years. If you are interested in information for any other county in the area, please let me know and I would be happy to send that to you.
7 Fixes That Bring The Most Value In Selling Your Home
Although we are currently in a sellers’ market, homes that are in the best condition benefit even more. Along with de-cluttering, cleaning, and organizing your home, there are some additional areas to consider before putting your home on the market to make sure you get the highest sales price.
- Structural and Mechanical: Buyers consider big-ticket items like the age and condition of the roof, heating system, water heater, and electrical panel. You may want to think about replacing any of these items that are on their last legs.
- Exterior: Fixing any wood rot or stucco cracks and painting creates a good first impression.
- Landscaping: Trim any overgrown plants, add fresh mulch/rock and new plants, etc.
- Cosmetic: Consider painting the interior and updating light fixtures, ceiling fans, and light switches.
- Kitchen: This area is always important to buyers. Add new hardware on cabinets, change backsplash/countertop, and update appliances.
- Bathrooms: Steam clean grout or re-grout where needed. Caulking, new plumbing and light fixtures along with mirrors can create value.
- Flooring: There are lots of low-cost options to choose from including wood plank tiles and highly upgraded laminate flooring that can totally transform the look of your home and give it the “wow” factor that buyers desire.