10 county Averages are TELLING! Sales Results in my last listing. Listings coming up
Good morning. Happy Monday, May 15th. Hope you had a terrific Mother's Day. Today we're going over the 10 county average report and it's very telling, it's very, telling. And there's this little secret sauce that I've been pointing you towards over the last couple of months, and now I want to show it to you since we're all coming back to normal.
But first I want to say that I had an opportunity to fly all the way out to Florida of all places per day and have a talk about video marketing. That's what I do. I market on video and that's how I talk about who I am and what I do. And. How people get to know me and like me and trust me, and that was it.
And I was so nervous. And the whole talk was about getting up on stage and being in front of that camera and being okay with it and you know how to get with nervous. And I was super nervous. So my first couple of videos, I was so freaking nervous I couldn't put two sentences together. I was just so jumbly and I wanted to read it.
And what I realized is I'm better just. Going off the hook and here I am. That's what I do four times a week. You may have noticed that I didn't do any videos last week. That's because I was traveling. I was out there doing this and that and all that other stuff. I just didn't have time and I was really nervous for that talk.
And then afterward I got home and just things fell apart for work and everything got really crazy busy. Opportunity to talk and I enjoyed it. And I'm going to start doing that more across the nation going to different realtor associations, hopefully. And we'll see soon as I get that video, I'll have that sent out to all the places that have conferences.
And maybe I'll get to do some and maybe just maybe one day I'll share it with you. We'll see. But it was in big rating. Biggest audience I ever spoke to. I spoke for 26 minutes without reading anything and it was pretty amazing. So anyway, okay. JP Morgan's, once you're, let me get this thing on there.
It's, I'll put this my head over here. We're going to go take a look at this. JP Morgan wants to be your landlord guys, this is crazy. I don't know why we're allowing this stuff. You need to talk to your council, your senators, your council, me your Congresspeople. These companies, these big companies like BlackRock and JP Morgan, and all these companies, all they're doing is hurting you.
They might sh, if you own a house, that's great, but if you want to buy another house, it's going to make it more difficult because they're, artificially inflating the value of homes because they're making less, they're making less inventory available for you. So we need to stop. Mega corporations from buying a mega amount of homes.
It's just all that's going to do is hurt you. It's going to hurt everybody in the long run because once they take hold of it, your values will plummet, I promise you. So call me. Council members call your senators, co-call your congressmen. It's ridiculous that these people are doing this, like these corporations are doing it, and I get it.
7140 Phyllis http://blog.abitano.com/2023/05/Phyllis.html
I understand they're doing it for their stockholders and there are stakeholders, but you know what? They're also doing it for the CEOs so they can make more money. So stop letting them do this. This is ridiculous. All right let me see if I can bring this up for you real quick. I want to talk to you a quick bit about it.
Phyllis. Now Phyllis was a listing I had two weeks ago, listed on a Thursday. It's a four-bedroom, two-bath, 1,521-square-foot home built in 1961 in West San Jose. Where I grew up, in Cupertino. I went to Monte Vista Kennedy Junior High, and I went to Monte Vista High School. And when I got back from the Marines, I went to De Anza.
So I know Cupertino fairly well. I understand it, I understand the whole EV evolution of it. We used to go to Linda Vista Park, hike back there, and do nefarious things when we were kids. That was cool, right? We grew up going there. Since then. That was 35 years ago. Yeah, crazy. 35 years ago.
Things have evolved. Apple's taken hold. Lots of people moved there because of the schools. Monte Vista was an excellent school. It still is, right? Cupertino, Lynbrook, Saratoga. You can't beat the school system at all. It's fantastic. People go there in droves for that. And that's all I can say about it.
So much so that when I had Phyllis listed, I'll have a link available for you so you can look at it.
On Saturday, I had an open house. We had an open house Saturday and Sunday. I've had to fly out Sunday, so I had somebody else take care of it On Sunday, on Saturday alone, we had 131. 131 groups of people come through. So yeah, the market's not hurting at all. I can attest to that. And we figured when we looked at the condition of the house, it was in its original condition.
House had hardwood floors everywhere. It has termites, every house in California has termites. There's no other house that I've ever seen that doesn't have termites. So anyway, going off of that has original hardwood floors, which is nice. It was carpeted, so we took the carpet out, took all the tacks and everything out.
Had wood shake roof. The only thing that was upgraded was the windows, dual pane windows, but the kitchen, the bathrooms, everything was original. And on average, the last house that we think sold, for about 2.2, 2.3, and there were 33 offers. I could be wrong, right? And I don't want to jinx this yet, I'll tell you how much it is, how much we sold it for, but we had 19 offers and went for well over that.
I have. Six out of the 19 offers went for well over the 2.3 mark. So there were a couple investors. There's, and we got to sell it to a family, which is great. That was one of the intentions, and we made sure that our family, the family we sold, it for. Made as much money as possible. That's our intention.
And we have a process that once the, once we close, I'll show you all the numbers, but it was important for us to, do this one I went to high school with, the daughter. It was a daughter and son that was selling it. Mom passed away on the property. We did everything we could to make it presentable.
We staged it, photos, videos, the whole nine yards. But yeah, it's just a crazy, thing. We had total showings with 246 groups of people. We had 68 disclosures downloaded, and we had 18 offers. I'm sorry, 19 offers. Sorry. One came in right at the last, so I gotta change that. Yeah. Crazy. I don't want an ungodly amount of money.
Okay. That's it. Let's take a look at where's, there? Okay. Now let's take a look at this last week's averages. First of all, congratulations to Contra Costa County who is now in the lead for the. Has been in the lead for the volume of homes being sold. Now look, it's Contra Costa County, Alameda, and Santa Clara that are clearly in the lead in comparison to Solano County. And after that everything is under us, it's sub one 1000. I want you to take a look at this in Napa County. And I know that's due to lack of inventory, the proximity, et cetera. Let's take a quick look at where it is. One of my best friends lives up here, right? He's a retired deputy now, Napa County right here.
It's not that much further away from Solano County. I know probably over here is where everybody wants to live, but the volume of homes. And the deals you can get. Guys, take a look at this. 83% below average in the last couple of weeks. The week before that was 78, 75. Now put, if I'm going to go take a trip up there, I might buy a house.
The average price is 1.3 million versus Santa Clara's $2 million. San Mateo is 2.43, but their volume is still fairly low. They're sub they're, peaking at a thousand where we're at 2200, and look, 20 Santa Clara and Alameda both hit 2216. I had to double-check that. So what is that telling me?
It is telling me that while we're not selling at the same volume as we were back in 2019, and 2020, I think people are pulling money out of their stock savings and buying houses. I think not everybody obviously because you know, but. When we're faced with a recession, we know the value of dollars. Our dollars are going away.
And with all the inflation that we see that's going on, we're taking the money out and putting it into other vehicles that will maintain the value of the dollar, which is real estate and metals, probably not oil cause it's very up and down right now. So if you're interested in learning more about.
How to protect your dollar from inflation. This is it's true. Inflation stocks in recession, right? Everything that we're seeing right now is a reason to buy real estate or metals or what have you. I'm not saying pull your money outta stock. I'm saying leverage it. Have a nice, happy medium.
The median of what you're putting your investments into and be smart about it.
I've shown this before sh probably about a year ago now. I think it's a very valuable tool for us to look at. Now. In the sixties, we saw the values go down just a tad bit, and from 2008 to 2009, we saw values go down quite a bit. Right now, everybody's holding out. Every time I hear people, I'm going to wait for the market to crash.
It's probably not going to crash. Because look at this volume of just anticipation of homes and the fact that big banks and big corporations are buying up property like it's going out in style. Everything else shows you that. People put money into houses because that's where money sits and rests and doesn't devalue.
If you put something in for a million dollars 10 years later, it could be worth 1.1, 1.2, or maybe even two. That's why people buy real estate. Now, if you're watching this, you probably already know that and it's been 13 minutes, so I'm going to knock it off, just wanted to have that conversation. This the average is here.
Are telling the fact that volume is still up. We're still seeing close to a thousand sales every week. I don't think the market's going to freeze up. I think you have to find out where part places are, where you can get an amazing deal. In Napa County right now is an amazing deal. 80 cents on the dollar.
That's well on average. That's from the beginning of the year, and I calculate these numbers from 2022 average sales prices. So last year's sales prices, which were already tanking a little bit. Right now you're seeing 83% go out and get yourself a deal up there. All right. I'm Vito with Abano.
We'll see you out there.
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Vito Scarnecchia
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San Mateo, Marin, San Francisco, Santa Clara, Napa, Santa Cruz, Alameda, Contra Costa, Sonoma, Solano AVERAGE SALES PRICE CLOSES Last week Average Sales Price YTD AVERAGE +/-% from 2022 San Mateo $2,476,707 64 $2,473,898 99.89% Marin $2,255,822 34 $2,192,104 97.18% San Francisco $2,206,034 41 $2,116,227 95.93% Santa Clara $2,107,866 169 $2,043,827 96.96% Napa $1,471,162 20 $1,322,435 89.89% Santa Cruz $1,469,115 28 $1,387,031 94.41% Alameda $1,422,662 144 $1,338,972 94.12% Contra Costa $1,201,268 173 $1,190,623 99.11% Sonoma $1,046,772 69 $1,032,320 98.62% Solano $641,907 74 $740,792 115.40%
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