Real Estate Market Update

    Happy New Year! 2017 proved to be another very competitive year for the Bay Area real estate market with the number of sales flat to down and median days on market down substantially year over year. After leveling off during the middle of 2017, median prices continued moving higher during the last 4-5 months of the year, ending up significantly from the end of 2016. Below are some charts and statistics for San Mateo and Santa Clara Counties.

    San Mateo County

    According to MLSListings, the median sales price for single-family homes in San Mateo County reached a new all-time high in December of $1,500,000 and is up 12% year-over-year (YOY).  The median sales price of $875,000 for condos/townhomes was up 25% compared to December 2016.  The median number of days on market (DOM) decreased 13% YOY to 13 from 15 days for single-family homes and decreased 50% from 22 to 11 days for condos/townhomes.

    Median Sales Price and Number of Sales 

     

    Santa Clara County

    The median sales price for single-family homes in Santa Clara County also reached a new all-time high in December of $1,297,000 and is up an amazing 35% year-over-year (YOY), according to MLSListings.  The median sales price of $805,500 for condos/townhomes was up 25% compared to December 2016.  The median number of days on market (DOM) decreased 53% YOY from 19 to 9 days for single-family homes and decreased 58% from 19 to 8 days for condos/townhomes.

    Median Sales Price and Number of Sales 

     

    Update on the Tax Cuts and Jobs Act 

    In December, the Tax Cuts and Jobs Act became law.  Some of the provisions in the bill that relate to the real estate market are the mortgage interest deduction is now capped at $750,000 instead of $1,000,000 and the total income, sales, and property tax deduction is capped at a total of $10,000.  The capital gains exclusion of up to $250,000 ($500,000, if married) of gain on the sale or exchange of a principal residence if lived in for 2 of the last 5 years did not change.  For more details about how the law could impact you or the market as a whole, please join us for our next seminar on February 7th.

     

    UPCOMING SEMINARS:

    • February 7th – Real Estate & Tax Reform
    • March 14th – First-time Homebuyer Seminar
    • May 2nd – Investment in Real Estate Property
    • June 13th – Guide to 1031 Exchanges

    All our seminars will be held from 6:30 – 8:00 pm at the Borel Estates Building, 1700 S. El Camino Real, San Mateo, CA 94402.  Dinner will be provided.

    The seminar is 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

    Hope to see you there!

     

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