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🔴[LIVE] Monday Bay Area Reports Sales Price last 12 months. 10 Bay Area Counties
🔴[LIVE] Monday Bay Area Real Estate Reports Median Sales Price Crashes.
Monday Bay Area Reports Sales Price last 12 months.
10 Bay Area Counties Median Price crashes $1,5445,01
Happy Monday. Today we're talking about three things you need to know, Silicon Valley edition. And also, the median sales are crashing, or the median sales price for Santa Clara County crashed this week. That's concerning, but it's not because it's a lot of averages; it's absolutely normal for that kind of stuff to happen.
I know it's salacious, but everybody wants to hear things that are headline newsworthy. The actual fact is that we haven't seen anything to indicate a slowdown. We're still selling about a thousand homes per week. Let's get to the nitty gritty. I'll show you the numbers real quick. So this is last week right here.
We're in week 27. We're actually in work week 28, but last week was week. This is reporting for last week, so our total volume is 21 billion. Year to date. We have 19,000 houses sold. Year to date, last month or last week, we sold 1000 homes on track. Yeah, I think we're a little bit low. 48 divided by ten two is 24.
So yeah, we're a little bit behind. We should be closer to 22,000. I don't think it's that bad overall. That's the big picture. This is a big picture. Look at the numbers here, right? You look here; this is where it really makes a difference, right? This is week on week, right from last year.
And this is all last year, so we're still doing great. And I tell you, Napa Contra Costa County, those are still great places to buy houses. The average houses are coming in lower than average, right? Even though 60%, 65, and 70% of the houses that close in Santa Clara County are over. List price. That's because we went down contracted.
Now we're coming back up. So if you look at, no, not this, right here, the list price ratio is 103. How many, 60% on average since the beginning of the year, back when we were still hurting. Things have come up, but over average, if you look at these numbers right here, Our numbers are 65, 70%. So call it what it is, right? We had a really bad here; people were taking advantage of it here.
Now people are taking, the sellers are taking advantage of it, right? So on average, the list price is still lower than the last PRI last year. It's going to take, it's going to take some time for us to get back to those numbers. All right, so the median sales price crashes. I was just here on the matrix, and I was looking at this, and I'm looking, and I see the median sales price.
Santa Clara County, 1.7 million. That's the median price. Guys, if you look at the average price, it's still a little bit larger. As a matter of fact, this last week, it came back in. See, 2 million, that's average, right? So let's take a look real quick.
Let's see what this is. This is all. This is good. Let's just do Santa Clara County residential single-family homes generate. Let's take a look at these numbers. See, that's where we are, back in May, March, April, and May. Last year we saw the little thing come down. Prices did contract. Now we're coming back up.
Could it go back down? Probably. Yeah, if we get into a really bad mess, here's the thing. If you're a seller, your best time to sell was April of 2022. If you're a buyer, your best time was to buy in August or September last year or even October or December. Look at that. The average sale was 1.7.
Now that's just averages. Right now, we're back up to 2.1. But we're back up to the average. We're, coming right back to where we were last year. Guys, Solano surpassed last year on average. They're 107. Last week it was 95, but a few weeks before that, it was way over. Napa's still hurting Napa; just they're not selling a ton of units.
They sold 15 houses last week. It's probably not a ton of inventory either, but there you go. So that's why median prices crash. Just what's a lot of average, right? I don't see that as a bad thing. Commercial real estate. However, that's going to be one of the things. Remember, we have those tipping points that I showed you in my little; I don't think I have it here real quick.
Let's let it load.
My f my few different types of tipping points are automotive, housing, credit cards, healthcare, commercial real estate, and automotive energy. I've been told this has grown over time, but my first few were automotive and healthcare, and credit cards. I've been adding this up over time because these are things that are hurting us on the average as Americans as Standard workers, these things are hurting us. Commercial real estate is one of those things that will hurt us over time. Now we see people emptying out. We see big metropolitan areas like San Francisco, Oakland, Portland, and LA emptying out because people want to work at home. I understand that, but There's going to be, there has to be a way for us to convert this into housing of some sort.
Now, a lot of these words that are being written here are salacious. They're there to catch your eyes, right? Is this a great time to buy real estate or commercial real estate? I'm actually looking at buying some apartments. Just what it is, the automotive market. I see a lot of reports of car dealers, or I don't know if it's dealers or the actual manufacturers that are holding off.
They're still manufacturing cars; they're still delivering 'em. They're just not putting 'em on the lots to make it look like there's a lack of inventory. There are tons of cars being built. Oh, but we have a chip shortage, so we can't sell 'em without the chip and this and that. Guys, I don't believe that one bit.
Right? There's going to be there. The need for new automotive cars has slowed down. People are not; they are deciding that they don't wanna spend $125,000 on a Suburban that's going to be worth $50,000 in three years. They're just done. I think people, on the whole, aren't going to see the slow slowdown.
We're looking at buying, not me, my family, but we're looking at buying used cars, older cars because they've already maxed out their value. You're not going to get a lot out of it except for mileage, right? You're going to take it to go to work or what have you.
So if the automotive market collapses, it could be one of the tipping points in the ho house of Cards, right? We're talking about World War iii, we're talking about Ukraine, we're talking about Russia, we're talking about China doing all these salacious things. I think we need to concentrate on ourselves. We need to concentrate on ourselves as a co, as a country, and as an economy and look inwards.
This is right here. I want to take show you real quick. Oh, is this one? No, I think it's no sold inventory. Inventory. That's the same thing here. I just updated it for you. There you go. Look, this is why prices, home prices will stay. Steady for now. That's why you see pricing increase now because this is June, the end of June; I just gave you the last number.
There are 800 houses available for sale. Single-family houses, Santa Clara County, active home for sale. We're about 60% of where we should be.
Just leave it right there. Supply and demand. Economics 1 0 1. I even aced my economics class. It doesn't say much. It, it is common sense. If there's not enough supply and demand, demand stays steady. Prices are going to stay steady or increase. It's just there. Now we look at all these numbers here, right?
It's this should be a straight line, but I want to go all the way down to this last month, which reported that 788 homes first sold closed. Right now, in January, we were only at 302 versus 500 the year before versus 6 67, right? But on average, in June, we're selling almost a thousand homes, 1300 900. So if you look at those numbers for June 788, we're at 80% of where we need to be.
Yep. And then these are the numbers of closed homes. I wanna say it's performance. Why? Why do I don't know why I called it performance. So these are Santa Clara County, all homes, single-family residences, condos, and townhouses. So you look at this, and we're still down, right? I was taking this, and I stopped.
Because it just got to be too much. And I think I was waiting before I created the chart because it was 1093. I'm going to do a sub-check.
Oh, you know what? I didn't do that, okay. 4 91, no control. C 4 9 71. Huh. Good. No numbers have changed. So I'm going to make a quick chart out of this. Let's see what this looks like. Hello.
No, that's not right.
What does that look like? Oh, you know what? I gotta get the average out of there. That's why it's not like I do charts every day, although I like doing charts. I'm going to do because that's what, no, I'm going to do a line chart to make that look like that.
It doesn't look like anything changed because it hasn't. Numbers are still dwindling. All right, so there you go, guys. Oh, wait, I want to take one last thing. It is the 4th of July, so be safe out there. I have a, no, I don't right here. I have a video I want you to watch, and I'll let you watch it a little bit.
It's the link down there, right? This was done last year. That's La Collina Park down here. You can see little explosions here and there, and about 10 minutes in, I'll let you watch it. Somebody shot a bottle rocket at me. It was pretty cool. I thought it was pretty cool. Oh,
look, that's our neighbor shooting. Fireworks. I'm pretty sure who I know that is. So anyway, if you wanna look at it, go ahead, be safe, be sane, don't drink and drive. Have a happy 4th of July, simper fry. I.