Sales are... Still Down, Are Hardwood floors a good investment? HI and Low Sales Santa Clara County
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What's going on with the market, as well as the highest and lowest sales in Silicon Valley, Santa Clara County this last week.
The numbers are pretty low. Let's take a look at rates real quick. This, as is a major indication of where the market's going. If you look back, come on 6.17, it's the lowest it's been, and quite a long time. It's the last week it was 6.15, which is durable, right? That's, about what we're expecting.
We're thinking that the market's gonna come down, the interest rates are gonna come down. I would say closer to March. So rates are holding still. And that has a good theory as to why, because inventory's actually getting lower. Not that we're seeing a lot of sales. Let's take a real quick, look here.
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Where is this? What in the world.
That one's checked out. So let's take a look at this one. I think the reason why is because of this one, but I have no idea why. Okay. Let's take a look at this. All right, so these are the numbers. 40 days on market work. 317. It's been. Leveling out. I think that's gonna be a nominal number right now. I think as March, April, and may timeframe comes again, this is all counties, Santa CLA County, all nine counties in the Bay Area, right?
And this is 317 days on market, and over 90 was 159, which has actually come down. But when we first chart started tracking it, it was 30. W this is over seven months ago now. So if you look at the actual number of closes last week was 22 last week, before that was 41, which is 30 days following most of the time.
And then the number of transactions is now down 32% versus down 37% from last week. And, Let's see, real quick. Last year, the average sales price was 1.62. This year's sales price is a little bit more. Now, again, you have to take all that into averages, right? When you look at last year's average, we pulled back about $50,000.
San Jose single-family homes, three bedrooms, two baths, less than 2 million.
So also the high this week was 108 or 109% or 9% over the list price. And the low, which we're gonna go into here pretty quick, just be patient with me to find it. , it's 58.5%. Somebody totally had an ego and he is you know what, I just need to sell it. So let's, go take a look at that in a few minutes.
Stay tuned. Days on. Is averaging up. Last year we averaged about 13 days. On Mark, or the year before was a hun, 13 days on market. We're at 23.5 as a total for the last six months of 2022. And we're about right
and. This is my indicator right here of where the rest of the market in the US is going. Red means it's lower inventory for the most part. I quickly check most of these as I went through 'em. So we're 50-50, we're seeing some inventory increase, some inventory's going a little bit lower or being just about even, like for example, I think yeah, like this one's very close to the same.
This is very close to the same. So it's very. All right, let's take a look at this. The highest was let's, go back to it. I think it was 110. Yeah, almost 11% over the list price on the market in six days. Cupertino, Lindsay Ave. I'm familiar with that street. I used to live over here in this area, right here. So very familiar with this area.
List price. 2.1 8 8 8 8 8. Final sales price? 2.421. But here's the kicker. Look at this house. It's not palatial or anything. This is a standard ranch home. And this looking inside. Come on guys. It's original everything. Look at that red carpet. Oh, they have dual-pane windows.
That's good. The not original kitchen is good. Looks like they started to scrap, scratch, or sand the floor down. Maybe they did it,
but 2.5 million for this must be a really good school or must be really, close to the apple space saucer or whatever it's called. But look at that. Look at that old. Didn't even bother doing any. They just cleaned it. And that's a bonus room that needs some work, has some leaks. Lord have mercy.
So there you go. That's what you get for 2.5 million in Cupertino. Cupertino's is crazy expensive these days. Let's go to the next one. The lowest, the one you've been waiting for. This one. Actually, is that really the lowest? Let's take a quick look. No, that's not the lowest. This is the one Ridgeview Ave.
Sorry. I want to make sure that we do client fully. All right. This one is right here. Now take a look. 3,800 square feet. This is the East Foothills. If you take a look at the map, make sure I can see the map here. Take a look at the map. Sorry. Gotta get my cursor back in the monitor. This is the east foothills.
Now remember, and I've done this before, everything along this line, right here on our side, on the east side, you're gonna see houses sell. For less. On this side, you're gonna see houses this sell for more there. This is the epicenter of Silicon Valley. This is where all the tech is. Venture capital is up here.
We have a bunch of Biomed. All sorts of different types of tech companies are all here. So if you want to drive a little bit, you're gonna save a little bit, right? Like even if you want to move down to Morgan Hill or San Martine, you're adding 20, 30 minutes. To your drive, if you're going up to Mountain View.
So let's take a look at this quick. Let me shut this out. Let's take a look at this house. Oh, you be, who did the photos?
The 1980s are calling. Hey, your phone. You're a boy.
Okay, so I like this kitchen. I'm a big fan of granite. I'm not a huge fan of quarts, so the wallpaper could go, but I like the cabinets. Maybe they redid it. I'm not sure what's going on there.
Oh, that looks like Sarah Winchester's house right there. Yeah, look at that. , Sarah the, Winchester Mystery House has two tours now, by the way. The second one is you go into a seance room and it's spooky. It's not really it it's cool. It's different at app act on it.
Wow. So this was not the original part of the house. This was an addition. They went up with the house, it looks like. Yeah. So here's the thing, right? You do comps and you say, my house is 3,800 square feet. Wow, that's a lot. And it probably comped out at two and a half million dollars at one time, right? But that was six months ago.
That was six-plus months ago.
The market shifts. People aren't willing to buy what they were willing to buy before, and when they see the market goes down, you're gonna go down. This went down. Over a million dollars from the original list price. So when you look at it, make sure you know what you're talking about. Make sure you do your comps, make sure you do everything.
And sellers, don't throw ego into the mix when you're selling a house right now, because you will not sell your house, you'll just bump your head against the wall, guarantee it. You have to understand what the market is doing and that's why I do these reports. Okay. So the last thing I wanna talk about, does hardwood flooring increases r o?
Depends if you have that red carpet and you replace it, and in Cupertino, probably not. people are gonna make do with what they want to do. And that's two, actually, two and a half is about what that house should have sold for. So they lowered it, obviously. But there are, a few different types of wood, right?
There's solid. Solid wood floor that's completely finished on the top and its tongue and groove. Very well done. Those are really expensive. Depending on the finish, it could be durable or not, could wear a little bit better, and you tend to get a longer life out of that because you can't sand it down.
And some planks are built or cut at half an inch and five 8 cents and even three-quarters inch. And obviously the more wood, the more expensive it's gonna. And then you can get engineered wood, which is basically tongue and groove, plywood, planks, and then you have a veneer on top of it, which is hardwood floor of some sort.
We have a Keisha, which is a special kind of wood that's from Africa I believe, or South America. , but you can get all sorts of a different kinds of wood, right? And it goes with the trends. If you look at this one right now, as more like an oak or maple, but, that's high-end. High end. Now, if you're selling a 20,000 square-foot house in Los Altos and you want top dollar, absolutely right, you wanna put the most expensive stuff in there because you know you want top dollar.
The next thing that you wanna look at is if you're in a house. On the east side of San Jose, east part of San Jose, you probably won't get the ROI out of spending 60, $70,000 on new hardwood floors unless it's a mansion and it's 20,000 square feet. If it's a standard row house and you want to ma max out, absolutely do that.
But understand, you're probably not gonna get value out of it, you're not gonna get a return on investment, which is why there's laminate as well. Or you can go with engineered wood. We have engineered wood. Because our neighborhood kind of calls for that, right? You're not gonna go in for the high-end everything.
You can go in with high-end everything here and there, but you're not gonna get the value out of it. We got the wood because we got a brand new dog eight years ago, and she destroyed our carpet. And when we pulled up our carpet, what we saw underneath was just years of dirt just getting. Trenched down underneath, and you never really get rid of that.
That's why carpet tends to soak up the smells. It's not the surface fibers or the mat underneath. It's underneath where all the dirt and fluids, et cetera, that go in there. So yes you can, but be careful what you buy. Certain woods will, and certain laminates can actually crack and crease and dent.
So be very careful. There's some other stuff out there. Vinyl plank is great for rentals. I wouldn't put that in on a house you're trying to sell because it doesn't look cheap, but you can tell it's final.
And then there's also laminate. There's the standard laminate. You can go Pergo, you can go, there's a bunch of different brands out there. There's a new type of stuff, a type of plank flooring that's laminate is actually plastic. So if you look at what the makeup of laminate is, it's the bottom is MDF.
It used to be MDF or multiple, density fiber. And then they would take the multiple-density fiberboard and compress it, and then on top of it, they would put a laminate or plastic or some kind of high-performing thing on it. The problem with the MDF or multi-multiple-density fiberboard is when you mopped it in between the cracks, water would seep in and you would see it expand.
The floor would actually expand. So now what they have is they actually have a plastic core. water resistant, they call it. But it really is waterproof and you can mop it all day long, but it does look plastic. Okay, so there you go. And then you can do tile, you can do carpet, you can do all sorts of stuff.
Rugs, you can even just drop it down to people, some people do cement. I, don't really, I'm not a big fan of that. And that, I think the trend is, I think that trend's going away. All right. That was 15 minutes guys. I'm Vito Scarnecchia with the Abitano group Par by Compass. Have a great day.
Vito Scarnecchia
Realtor®, Broker, Veteran, Dad
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Website: abitano.com
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