Housing inventory rises to the highest level since 2020
Housing inventory rises to the highest level since 2020:
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Housing inventory rises to the highest level since 2020:
Introduction: Rising Inventory Levels
Inventory is going up. Zillow mentioned that we haven't seen this inventory. Rate since 2020. I think it's a little bit more in certain areas and a little bit less in certain areas, but it is, it's true. We put almost 400,000 homes on the market over the last month.
That's great because buyers are. Just, we'll get to it. We've got other things to worry about. I gotta feed my family. I gotta make sure I have a job. I can pay rent, and I pay my bills. And it's not everybody you know here. The aggregate wealth here is higher than everywhere else in the country.
We have one of the largest populations regionally compared to New York and other places.
Regional Market Insights
So when we talk here, this is more across the United States, the inventory level has meant less competition for homes. But we'll get that at the end here, right? So it's true.
Bay Area Housing Trends
We're seeing inventory go up and houses stay on the market a little bit longer.
Here in the Bay Area, we're at 17 or 18 days on market in Santa Clara County, which we're used to being seven to 10. So we're seeing houses sit on the market and this is not abnormal. We're waiting for the market to happen.
Economic Uncertainty and Buyer Hesitation
And what's happening is. People are hesitant. This tariff thing, we don't know what's going on with the tariffs.
We don't know if it's a good thing or a bad thing. We don't know if the economy's gonna crash. We don't know if. We're gonna see massive unemployment. We just don't know. If you're a home buyer, the last thing you're doing is, I think I'm gonna buy a house right now. If you're moving from one house to another, or you're relocating, that's not really your thing.
You're relocating. You're going to either buy a house or rent. That's it. And if you're a homeowner here in San Jose and you're moving to St. Louis, you're going to buy a house. Because you're in that tax bracket, and it just makes sense for you to buy a house. We're not bringing new buyers into the market is the point here.
Home Prices and Market Dynamics
Monthly home income fell, and home prices fell in five major metros. Prices are coming back to Earth. I would love to see that happen here in the Silicon Valley. It's just not going to happen because we have more people trying to move here than anywhere else in the US right now.
Pretty much largest decreases occurred in Miami, which is 0.4%, followed by Tampa, which is. 0.3% and Orlando and Jacksonville, and San Antonio. So yeah, you're seeing little decreases, but nothing tragic or catastrophic like 2008. News articles or news articles, Cupertino House of the Week, not my listing, Tula Lane, five-bedroom, four bath, 3,300 square feet, and built in 1994. This is a gorgeous house. It's probably original, but it's $4.3 million, so I like it. And it's really close to Deza, Stevens Creek. I used to live right here when I was a kid. I was in the Marines then, but yeah, look at that. I wonder if that's wallpaper. This is gonna get snapped up pretty quick too. This is circa 1990 decor, right? Nothing grandiose about it except for the fact that it's a huge home.
And if that area used to be really close to the most recent Apple headquarters. So this was probably owned by an executive at Apple with a tray ceiling. Yeah, with the little beams in it and a tray ceiling is one just like that, just so you know. And a walk-in closet. Big, huge walk-in. Shower again. All of this stuff looks dated to me. Not that it's not worth it. Three-car garage and Cupertino's heart. Highly unheard of. And it's on a nice big, huge corner, a lot. I wonder if you see, maybe that's Deza. I think that's Deza. So there you go. Willow Glen House of the week. Why don't you put the front of the house? It boggles my mind. You're selling $3 million houses and you can't, two, three. What does the front of the house look like? 10 pictures, 12 pictures. It's just all kitchen.
When you're putting a listing up, you're allowed to adjust and shift the order. When you make pictures look jumbled, you don't tell a story. Look, it's the backyard first. Where's the front yard? Oh, the 40th picture is the front of the house. I could see why it's a boring-looking house.
So this is Glenwood Drive, not my listing. $2.8 million, four bedroom, three bath, 2200 square feet, built in 1947. The reason why I picked it is 'cause it's walking distance to St. Francis Episcopal Church as well as Lincoln. Not really. I don't care what church you go to, but there you go.
Inside, it looks nice, but it gets you lost and there's no floor plan.
Luxury Home of the Week: Belvedere Ave
Luxury Home of the Week, this is Belvedere Ave, right on the island. Beautiful house. Let's take a look. My listing is two $22 million, five-bedroom, five and a half baths. Almost a half-acre lot. 6,000 square feet built in 1978. And just so you know, that's Belvedere Island. This is where you go to play.
There's nice shopping there. A bunch of restaurants and bars. I go sailing. That's where we go. This is a beautiful house. Look at this. You can make an amazing murder mystery out of this house. Hope it comes with this boat. Bucket list for sure.
It's a gorgeous house, guys. Everything about it. Just majestic Tuscany. Look at those views. This is gorgeous. Wow.
As soon as I can afford a $22 million house, I will write the check. We don't get purple skies. And here's the thing about paint, right? Don't worry about paint. Paint is paint. You can color your house, especially when it's $22 million. You can afford to have somebody come in and give 'em a couple of $20,000 to paint the house however you want. Nice. Look at that.
It's everything you could need.
Yeah, Sam's Cafe, I've eaten there many times. It's really nice. Luxury home of the week.
Market Summary and Final Thoughts
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Here you go. That's what it looks like now. Nothing super changed. We're close to $5 billion in Santa Clara County. 4.98. Just a couple more houses to sell. We'll probably hit that today, $5 billion in the fourth month. The average sales price is going down pretty much everywhere, except for Sonoma is off a number again.
We're seeing a decrease in home values right now, just a little bit. Then, I also did a look at the monthly inventory just to show you. Don't get alarmed at the April numbers 'cause we're not done with April. We have another week left, and that number will. Melt down. I don't want this to be alarming. It's not the end of the month yet, but we are seeing homes go up in value.
And it's normal to see months of inventory climb, but not in April. Because we're in the March, April, May selling season, we're seeing. Inventory goes down. I'll bet a good percentage of these blue bars will be below the red bars at the end of next week. Two weeks from now, we'll have a better graph for you to take a look at, so just keep that in mind. All right. That's it for now.
🔴 Gorgeous Custom Built Estate 1036 Ridgemark Dr
🔴 Willow Glen's five most expensive homes https://youtu.be/3A_E2ck0ePg
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