We are halfway through the year and the market seems to be stabilizing somewhat. Overall, prices for all residential properties in San Mateo and Santa Clara Counties rose through February of this year, but have been basically moving sideways since then, although are still up 21% from a year ago. Inventory levels have moved up slightly from 0.8 months in June of 2017 to 1.0 month in June of this year. Also, the Days on Market for new listings stayed steady at 9 days for the first 5 months of this year and moved up slightly to an average of 10 days in June. Although prices seem to be leveling off, multiple offers are still common and new listings coming on the market have decreased overall from May to June.
San Mateo County
The median sales price for single-family homes in San Mateo County increased 5% from $1,578,000 in May to $1,651,000 in June and increased 16% YOY (year-over-year). From May to June, the number of new listings decreased 3% and the days on market remained the same at 12.
The median sales price for condos/townhomes increased 1% from $995,000 in May to $1,00,000 in June and increased 20% YOY. The number of new listings increased 4% and the median days on market increased slightly from 11 to 12.
Santa Clara County
In May, the median sales price for single-family homes in Santa Clara County remained essentially flat from $1,400,000 in May to $1,397,000 in June, but increased 19% YOY. From May to June, the number of new listings decreased 16% and the days on market increased from 9 to 10.
The median sales price for condos/townhomes decreased 2% from $950,000 in May to $935,000 in June, but increased 26% from June of 2017. The number of new listings decreased 11% from May to June and the median days on market remained the same at 9.
Benefits of Having a Living Trust
If you own, or are planning to purchase, real estate and/or if you have children or grandchildren, you may want to consider setting up a living trust. A living trust, also known as a revocable trust, is a written legal document through which your assets are placed into a trust for your benefit during your lifetime and then transferred to designated beneficiaries at your death. It is an estate planning tool that can be amended or terminated at any time during your lifetime as long as you are competent. Some benefits of having a living trust are below.
- Living trusts avoid probate, which means faster distribution of assets to your heirs and typically ensures privacy since it is not part of the public record. In addition to a living trust, it may be a good idea to have a pour-over will as well, which will provide for the distribution of any assets acquired after the creation of the trust and before your death, or any assets inadvertently excluded in the trust.
- A living trust may save money depending on your financial situation as there will be no probate court costs that will deducted from your estate. However, a trust will not reduce or eliminate state inheritance or estate taxes.
- You can avoid guardianship or conservatorship proceedings. Forming a living trust involves naming a successor trustee, which is someone who steps in to manage the trust for you if at any time you are no longer able to do so yourself. This avoids restrictive rules for your loved ones and your assets.
When you are dealing with something as important as estate planning, it’s a good idea to speak with a legal professional so you completely understand the pros and cons of your decision. Join us for our next seminar on August 1st, as our guest speaker, Janet Fogarty, will be covering the basics of estate planning.
Sign up at the link below.
We offer several seminars throughout the year to help provide information about different topics related to real estate purchases, sales, or ownership in general. If you or anyone you know is interested in joining us for that seminar, please see the details below.
August 1st – Estate Planning Basics
September 5th – Smart Homes
October 17th – Proposition 60/90
All of our seminars will be held on Wednesdays from 6:30 – 8:00 pm at the Borel Estates Building, 1700 S. El Camino Real, San Mateo, CA 94402.
The seminars are free, but seating is limited, so make sure to reserve your seat by contacting me directly or by signing up online at: https://tinyurl.com/perisson2018.
Looking forward to seeing you there!