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🚨 🔴🎧 US MEDIAN HOME PRICE TANKS 394,300 - State of the Market SAN JOSE 40DOM. 🦅 🌎 ⚓️
Hey, three things you need to know. Silicon Valley. Today we're talking about median price across the United States and Santa Clara County inventory is still low and median price versus income is skyrocketing, which talks about affordability. Let's get into it today. We're going to get right into an R E W T F.
Let's let me get to it real quick. Boom. This one's coming soon. The reason why I wanted to show you this is in case you're not in Silicon Valley, you don't really understand how crazy this market is. Now, this is a listing I have coming soon. We're going to do some minor repairs. I don't think we're going to touch the roof.
But yeah, this is it's not as bad as this looks. There are little tiny things, right? A lot of these little things will be fixed up, for a million dollars, this is being sold as if it's a trustee sale, friends of mine, and that's going to be gone. That'll be gone. Yeah. I don't know. Crazy times, right? All right. Let's talk about right here where this is the second one we talked about. Santa Clara County inventory report. Now this goes back to 2018 where we see a couple of spikes in a couple of valleys.
And right now we're hovering where we're supposed to have a spike. We're seeing. Meh, we're not seeing a lot. And that goes to show that pricing is, the demand is still there. It's not as crazy as it was back in this timeframe. This is really where we slowed down. The rate started first going up and now we had an inventory spike up, but then now we're back down and it's a normal thing to see that happen, especially going into this.
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Let's see. Median sales price across the United States. Versus personal income per capita. Now, this is just a standard baseline number that they've been studying over the last 40, 50 years, 60 years now, right? That's a 63, 60 years. And that's when we had the inflation of the eighties and that was the dot com bust.
And that was 2008 and that's now. So you're seeing that it's pretty much an all-time high 6. 93, 6. nine, eight. So over the last 60 years, it's been, this is the highest it's been as far as affordability is concerned across the United States. Average numbers. Now, we're talking about this, that house that I put up on the market last night at the
the at the park with the dogs. And this is going to cost you that house at 1. 2 to 1. 3, it'll cost you seven or eight grand a month. It's crazy, right? So not very many people can afford that. Here's your median sales price of existing homes. It's gone down. Now this has gone down from 410 this year.
Last year it was 416. Remember when we had that spike? That was the top part. That was the most expensive home market in, I think, history. And now we're at 410 back in June we were below 400. So the market's slowing down across the United States for sure. But I don't see it slowing down here. It is slowing down, but only because there's a lack of inventory.
My guess is if the inventory was up right now, it would show the pricing. We would show pricing coming down because there would be a surplus of supply versus demand.
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There's another REWTF. Look at this guy. It's a crack house right down the street from us. San Jose 95136. It's North the zip code North of us. It's a, it's actually a five-bedroom. But I don't know why it's a six-bedroom here, but it's a standard Shea home.
You've seen it before. I sold this house before Purple Hills This is listed at 1. 55. They just recently increased it I don't know why they increased it, but you can't even go and take a look at it. There are no pictures. You can't take it's been on the market for 12 days meth contamination c county docs remediation process subsequent costs associated home has not been clear of Contamination and will be transferred to new buyers in its current state R e w t f What the hell is going on?
This is a meth house and I think there was some kind of shooting spree or some guy that was in that house What crazy? I don't know. So there you go.
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Okay, so this chart right here represents don't look at these This is 40 days on the market and 90 days on the market, 40 days on the market. I'm sorry, 40 days on the market is 90 in red, and then 90 days on the market is in blue. So what you're seeing here is
Median home Value US down https://fred.stlouisfed.org/series/HOSMEDUSM052N
bigger for you. What you're seeing here is in 2023 in August, we had a slight spike. These are missing numbers, which, this is my data. So it's imperfect, but here to show you that we're not seeing any major spikes. Everything's going along. And as per usual, we're as expected, we're seeing the 40-day inventory go up, but not a whole lot.
So what you're seeing right now is 642 homes for sale. Actually the blue is 40. And the red is 90, which makes more sense because there are fewer houses for sale. There you go. Okay. I just wanted to put that into a graphic form for you. REOs are jumping. We'll see how that goes. I'm going to keep an eye on this, but it's doubled in the last two weeks.
That could just be an opening of the faucet. And an ebb and flow of the monthly inventory for bank-owned properties. If you want to look at bank-owned properties in specific areas, let me know. I'm happy to show them to you. Sounds like a snapshot. We have 280 homes available for sale right now.
Let's see if that changed in the last minute or two. Yeah, 279, 1 1 active. So that's actually 279. Those are live numbers closed last week. We had 78, which if you look, it's been pretty healthy, right? 78 percent was a one city. That's not so bad. Closes last year, 107 were down 73 percent from last year on average.
That's not right. Yeah, I'll have to work on that number. Average list price, average sales price. This is the average. This makes more sense to me because those are, are weekly numbers, right? These are what you want to look at right now. We're 70, 000 away from last year's average sales price, which isn't that bad.
That's the weekly tally. We are 245, 000, but again, you want to look at the average. So the average is 46, 000, but really those numbers are. No, that's right. 46, 000 medium prices, 1. 5 highs and lows, 128 and 84. I actually saw one that was 50, 50 percent yesterday. That was this one Cabrillo.
It was 52 percent mostly because the agent thought they could sell it. 4. 2 million. It really landed at 2. 2 because it's Stanford only certain people could buy it. Only employees could buy it, et cetera. Average days on the market at 17, which is 20 on the average for this year versus last year's days on the market at 16.
So we're trending upwards, having a house on the market for two weeks. It's not a bad thing anymore. Still talk very highly about listing it low, and getting it done within seven days. Showing what the market is because after seven days, that's when you start losing the momentum. That's important to know. We have 80 pending this last week.
And 64 cumulative decreases, which one of them sold. 26 back on the market and in the last seven days we only had five. There you go. 12 minutes, 11 minutes and 30 seconds. There you go. Today we talked about median price. The inventory is in Santa Clara County. Median price versus income ratio across the United States.
And that's it. All right. Tomorrow we're talking about our inventory watch and how low that is outside of Florida. I think Florida is starting to spike in certain areas and we'll talk about that. I'm Vito with Abitano. Thanks for watching. We'll see you out there.
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