🔴 Hottest U.S. Housing Markets (Housing Inventory)
- Local Market Home Value Report https://hmbt.co/bT7qRJ
- Hottest U.S. Housing Markets
- YTD MEDIAN PRICE
- What you get for $1MM Santa Clara County
🔴 Hottest U.S. Housing Markets (Housing Inventory)
Introduction to US Housing Markets
How do we market housing markets? Yeah. And we're looking at the housing inventory today. And then we're also going to look at this week's median price, housing price for the 10 Bay area counties. Actually, it's 12 now. And what you get for a million dollars and yeah. Housing inventory snapshot.
Let's get moving.
Okay. This one right here is so that you can see me. There we go. Okay.
Hottest U.S. Housing Markets
The hottest US housing markets. Now you think maybe that is Santa Clara County or San Mateo or somewhere in Silicon Valley, but it's not. It is not. 20 of the top don't even make it into California. It looks like now this is the housing market index and not sure how they calculate that, but it's a way for them to show which one's the hottest or which one goes fast.
The Denver Aurora Lakewood areas in Colorado are the hottest. More people are moving to Denver. It looks like. So yeah, we don't even meet the top 20 anywhere in California.
Wonder why hottest MSA. I don't know what MSA means, but there you go.
Market Confidence and Housing Demand Indicators
So we also have this market interface right here, this marketing index, which shows confidence in the market. This goes all the way to 1990. Max, let's see what that looks like. Ooh, look at that.
Looks like the forecast goes down. Wonder what that means. Are we going into a recession? Maybe? Are people gonna be able to not afford to buy houses? It looks like the market's healthy and improving for the most part on the line. And housing demand indicators. So this is what we look at from the 500-foot level unemployment's off.
Unemployment is going higher. Consumer sentiment is. Mediocre households are building up their wealth, all their income. And the median price for a house is 412, which we're going to get into Santa Clara or the 12 counties. And then rent prices continue to skyrocket. I was talking to somebody
and I said, you're like 5, 500 a month.
Cause the demand here is outrageously crazy expensive. But if he sold that house would be 10, 000 a month. Yeah, it's crazy, but prices are going up. I can probably rent this house out for 7, 500, 8, 000 a month. And that's part of life.
Housing Supply and Construction Costs
The housing supply is way below where it should be, right?
Six months is the balanced market. Hasn't really been there since 2012. The end of the Toxic assets, the 2008 housing bubble rental vacancy is down below where it needs to be and builder sentiment houses and architectural buildings have gone way down. I don't know if that's because people are just not building, but also because construction costs have doubled over the last couple of years, and just keep going more and more expensive.
Price-to-Income Ratio and Interest Rates
Everything is getting way more and more expensive The price-to-income ratio is 0. 35, which if you think about it. Supposed to be, when you look at the LTV or now the income to loan value, it's supposed to the max out is supposed to be 45%. So this is 35%. So that's still really healthy. Interest rates are continuing to go up.
We're assuming that it's going to go down below five by the fourth quarter of 2024. But that's the presumption not stated fact. And that access to credit has become tighter, which is normal in a market where people have affordability issues and foreclosures are just dwindling. They're not anywhere where they need to be.
This was a natural right here. If you look at that part where we're supposed to be we're at a nominal. We do have some houses for sale that are bank-owned. They go pretty quickly though.
YTD MEDIAN PRICE
Right, year-to-date median price. Let's take a look at this, and present this real quick, so you get the whole page.
Santa Clara County is 1. 734. Over here, Santa Clara County averages about 2 million dollars. That was actually 2. 2 at the end of last year. Prices are pulling back a little bit, but it doesn't really mean anything because we're still only in the second month of the year. So keep that in mind.
San Mateo is 1. 8, but San Mateo is also 2. 4. And these are week to week. They go up and down this, their year-to-date prices and these will go up and. Down and fluctuate. But once we get into the third and fourth months, you'll see a more consistent number. Last week's was a little bit higher. This week's is a little bit lower.
So there you go. San Francisco is 1. 53, but really it's 2. 1. So the median price, the average median price is 1. 5, but more of the houses sold were above that. The most affordable place to live is Solano County. That's where the Jelly Valley factory is in Fairfield. We just went up there for a gym competition nice area.
It's a little sticky over here, but when you get into here, it becomes more urban and suburban where you can have nice houses, nice neighborhoods, and nominal pricing. If you still can't afford to live in the salon or you can't see yourself commuting three counties, you could just move. San Benito, which is more affordable.
You can buy something for 765.
What you get for $1MM Santa Clara County
What You Get for a Million Dollars in San Jose
Now there are all sorts of different prices, but if you look down here, San Benito is averaging about 800, 000, compared to Santa Clara, you can't get into a house for less than a million dollars, which is a great segue to what you get for a million dollars in San Jose.
This one's listed at 999, 000. It's brand spanking new, on the market, six days, five bedrooms, three baths, 1, 755 square feet. It's a pretty standard home.
And it's right down the street from me, but that's nice. See, I love it when people, when the agents actually do floor plans, it makes sense. It's smart that you do floor plans because it allows people to visualize where they're going to live, and how they're going to live. This is a, looks like it's five
bedroom, one, two, three, four, five, five-bedroom. Wow. That looks like it's a guest bedroom, maybe an office, and then the downstairs bath. And then up here you have the stairwell, two baths up here. So this looks like it was completely Let me get into that. And let's look at the condition of this house.
That should be in the back.
No, no inside house. So there you go. So we don't know what the condition is inside this house. But let's take a look at where this is so you can have a good idea. So this is 87 and Capitol Expressway. Ooh, I sold a house on Yolo right here a couple of years ago. And this is 95136 in the park view area.
I also sold a house somewhere around here. Kings Park. Yeah, right here. Kings Park. So there you go. It's a nice area. This is a Marshall Cottle Park. Safeway is over here and then you can get to Alameda Expressway. And 85 pretty quick, 87 pretty quick. Okay. Let's break out of that. So reminder, there's a video down here.
It's a great stopping point, but five biggest turnoffs for buyers. If you're thinking about selling a house, watch this video. It really helps people understand what you need to do to sell your house and kind of puts in some mindset of what a buyer sees. Okay. All right.
Local Market Home Value Report https://hmbt.co/bT7qRJ
Housing Inventory Snapshot
Snapshot for the inventory.
Inventory is actually going one number. At the beginning of January, we're at about 100 houses for sale. Now we're at almost 200. So it's doubled in the last two months. As I said, we're coming out of the winter chill, the winter freeze, and now we're seeing more and more properties come on the market.
So if you look at every city, every one of them has popped up in inventory. Outside of Chicago and New York, I think those both went down, but outside of that, everything is increasing in inventory, which we need and it's normal. We're getting into the selling season, which is March. April and May. Okay.
Conclusion and Recap
So today we talked about which is the house, the hottest market in the United States.
We also looked at the median price and average prices of houses in the 12 Bay Area counties, including Monterey and San Benito, and what you get for a million dollars and five of the biggest turnoffs for home buyers. I'm Vito with Al Batano. Hope you have a great weekend. I'll see you out there.
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