Silicon Valley Living Highest & Lowest sold real estate

 Silicon Valley Living Highest & Lowest sold real estate





🔴[LIVE] Tuesday Highs & Lows Tuesdays are fun because we get to see last week's Highs and Lows of Santa Clara Home Sales. Let's take a look! 

Vito Scarnecchia Realtor®, Broker, Veteran, Dad DRE#: 01407676 Website: abitano.com 
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Podcast


 Good morning, happy last couple days of May. All sorts of stuff's happening. It's just going so crazy. These, days are just flying by. This weekend was nice and relaxing, but at the same time, we did a lot of stuff last week, just snowballing and we're getting ready for our kids to be outta school.

Starting to get that in our heads, trying to make sure our kids are. going to have something to do every day. This, over the summer, I'm planning trips, I'm doing all sorts of stuff. So it's going to be a crazy, fun summer. A lot of stuff happening in the world of real estate. And that's what we're here to talk about highs and lows.

And we also missed yesterday, so I'm going to jump over there a little bit too. There were. Again, the same house made a record twice the, lowest price sale in Santa Clara County and the lowest lo list price, sales price ratio. So let's jump into it. Rates today jumped over 7%. I don't think that's going to slow us down at all.

I think that's just the new normal. We know that we're going into it. We have to keep that inflation low and we're trying to slow things down. So that's what it is. Gas is getting more expensive. I think I paid four 30 at Costco this last weekend or last week. We sold 155, closed 155 homes last week, and that's with the weekend coming.

With the long weekend coming. I think we're going to see a lot of closings, but not a lot of new listings come up. We do have a listing coming up this week. We're trying to get it up by Thursday. We'll talk more about that on Thursday. And right now, again, we're desperately low in inventory. This should be about 1600.

15 to 16, maybe 1700 single family homes available for sale in Santa Clara County. We're super low. That's why prices will continue for now to stay where they are. I, think we're seeing more houses sell over list price than we do o under list price. And our price, our average price, median sales price is ticking back up to normal or what we saw two years ago.

So let's get into. Yeah, let's get into this client full of photos. Let's see. No way. Noela is not the one I wanna look at. I wanna look at Pierce. Pierce is the highest sold house. Look at that thing. I don't know. That's not a house I would buy. Look at that. It has. 8.5 houses or acres. Eight bedrooms. Nine full baths.

Two half baths, and an A D U. Crazy. And let's take a look at where this is. Look how far up you have to go. That's, you can definitely do Pierce Road, big basin way. This is my old stomping grounds here. Wow, that's pretty cool. This was Saratoga Pierce Road and only one house to, or one picture to look at.

Sometimes the buyers ask the sellers to take all the pictures out, and that's absolutely normal. So we don't have a really good look at this, but. That's not really my style. A house, especially for 12 and a half million dollars, probably wouldn't buy that last weekend. Last week's was pretty amazing. Okay.

The highest list price to sales price ratio, I don't think was, I think they under listed it for a reason to get it sold quickly. And that's this house right here. So it's a regular home in. I didn't even see where it was. What area? If I went to four. Let's take a look at the map.

Oh, so that's Almaden area.

32 ho Houses or pictures to look at. See? Regular house. Nothing fancy about it. Looked like it was boarded up. Oh yeah. We talked about this last week. Huh? We looked at this one listed at 9 99 and got 1.4 guys. This is the same thing that happened with my listing over in Westtown Jose. We listed at low not that low, and we got just a crazy amount of houses or offers.

We did a really good job marketing it and made the sellers really happy. It's supposed to close, it closed on Friday. But I don't think it's officially closed right now, so I can't di divulge the actual sales price, which was crazy high. But this listed went for, it actually went for way more than that.

Let's go back to the one line. One forty one, a hundred forty one 0.1%, 1 4, 1 0.1%. So there you go. And this last one. Not this one. Soda Springs. It had the lowest sales price and the lowest list price to sales price. Let's get outta this real quick. There we go. Listed at six 50 was on market almost two and a half months, and for $450,000, two bedroom, two bath, 1400 square foot in the Los Gatos mountains.

Way up there. I went up here this last week to go look at some houses. Pretty nice. Looks like a modular home. That's a modular home.

Yeah. So there you go. Winter, chicken, dinner. The other thing I want to talk about is, Yesterday I was supposed to do the 10 county sales. I'm not going to go over all these numbers. Numbers are coming in, we sold almost a thousand homes last week. Santa Clara is just doing crazy numbers. I want to point out in graph form the sales volume of what Santa Clara County is doing compared to all the other counties.

It's just a crazy place, mostly because we don't have the, We don't have the inventory, so prices are staying nominal and we're seeing houses sell at a record clip, not so much in North Bay, right in Santa Cruz, and it's not doing so well. Napa is just tailing behind barely. But Alameda Contra Costa, San Mateo, they're all doing strong.

But I have to say that I think it's because the market in Santa Clara has so much pressure, has so much demand. We're just in a we're in a Silicon Valley bubble, right? So we're still seeing numbers be very, strong. What I could tell you is Solano is enjoying, on average, a higher, less price of sales price ratio than any other county right now that we're seeing that we're tracking and they're doing really well.

There's other counties where once in a while they'll pop over. But these numbers are, telling. So there you go. Okay. So three things you need to know. Elon Musk is worried the Fed will crush the stock market. He's going out there and talking a lot of different stuff. And I'm not against Ellan.

I don't really care either way. He, likes to have his be in the news. I get that. Totally understand. I don't have a problem with that. But a lot of the things he does is more like Like the cap crash bros, right? You see a lot of videos on people going, the market's crashing, the market's going to crash, the market's crashing, and yet you still see houses selling, not just here in the Bay Area.

You're seeing it happen all over, right? You're seeing it happen all over. The, US and we're not seeing a slowdown at all because people are taking money out of the stock market, taking money out of their savings and buying property because they know that with all the inflation, that's the best way to keep the value of what they have.

So rates are going up. I already talked about it. This is, this came in, but I, did this before I looked at the, actual rates, right? And these are not quoted rates, right? Don't say, Hey, I can get this, and this. They're going to come back at you with a higher price. So just be careful. But rates are going to go up.

They're going to continue to go up. And I think we're going to see this for a while now. I told you in the beginning, like beginning of the year, I thought we were going to see prices go down to 5%. And we did. We saw pri rates go down to 5% and we did that to jumpstart the market and it kept going back. And now we're still in a very, fast market.

And what people are doing is they're buying the rate down with points. And if you want to learn, more about how that works, gimme a call. I'll introduce you to a couple of my lenders. They'll, they're more educational. They want to tell you how things work or teach you how things work, but it's just the bite bet thing.

The debt ceiling could again, this, I think this is more salacious than anything, but with the rates going up and the debt ceiling they're doing a lot of stuff in the, in internally. They, the feds are doing, the politicians are doing stuff that are internally, that we're trying to keep the market moving.

We're trying to keep the economy moving, and I think this is a good, viewpoint just to have as a price, as a, as a. Point of knowledge so that we understand what that could mean to the market, right as we reach the debt ceiling and we fight through that, I'm not even sure. I think they came to a, an agreement over the weekend we could see inflation spike back up because we're going to continue to print money and that's the worst thing we should be doing.

Could be doing right now, is printing money. We should not be printing money. We should. Figure out what the problem is. And unfortunately, our politicians are kicking the problem down, to the next generation of politicians are kick kicking that can down like they have been for the last 30, 40, 50 years.

So just keep that in mind. I, think this is telling too, this is done by the Fed. We talk about this. On Thursdays, which is, yeah, Thursday we'll talk about this. Median prices are going back up. This is all across the United States. As I was telling You Inventory is short everywhere except for certain areas like Austin and Cape Coral and certain things, and there are certain areas you're going to see.

Prices re contract. I don't think we're going to see that here for a while. We already saw our pricing go down a little bit depending on where you live. In the Santa Clara County, we saw that happen last year from April till, I wanna say February of this year. We saw Mar the market. Plateau and prices did contract.

Contract because people were holding their breath and figuring out what was going on. Now we know the market's not going to crash. Not right now. People are back in the market and we're seeing houses sell at record paces again. So that's it. I wanted to make sure. Oh shit. There you go. That's it.

Hope that makes sense. Hope this helps. If you think I'm on track, let me know. If you think I'm wrong, let me know. I'd love to have you as a guest and we can talk about it. Friendly debate and I'm always willing to learn from people. I am not an expert in all the economy, all the things going on.

And if you know better or you have an idea that might trigger somebody. Share it with us. Let us know. Give me a call. I'm Vito Scarnecchia with Abitano. We'll see you out there. 

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