California home sales retreat for second straight month in April

 










California home sales retreat for the second straight month in April

Introduction and Market Overview

May 19th, the California Association of Realtors states amid an environment of economic uncertainty. During April, California's housing market retreated for a second straight month. It's not a whole lot like 0.2%, but it went from 2 68 down to 2 67.

We are seeing a contraction, and we've been talking about this for a while. This is actually good because it will reinvigorate and bring more buyers into the market. 



Current Buyer and Seller Dynamics

If you're a buyer, the time has come where you either step up or wait on the sidelines again, especially if you're struggling financially to have a down payment or you're not as competitive as a cash buyer or somebody that has 30 or 40% down We told you over the last six months or so that was the perfect time to buy. Now we're gonna have more buyers come into the market. We will see rates drop. We'll see the tariff conundrum thing go away, or we'll just get used to it, and more buyers will enter the market. Now is the time to look at buying a property, not when 50 other buyers are competing against you for that one house.

You're allowed to be a little more picky today. You're allowed to ask for concessions today. You're allowed to do what you really want to buy your American dream. Is it time for you? That's up to you. But if you are at a point where you want to buy a house, now is the time to do it.

We will start seeing more buyers come in. I went to an open house this weekend, and it was crowded. Granted the list price started at 1.5 or 1.6, and they dropped it down to a million dollars. So naturally people were curious The agent and the seller were smart to drop it down, to bring in the traffic, to get the house sold. It had been on market 30, 40, 50 days. It goes to show that there's still buyers out there.

Buyers are looking for a good deal. They're willing to negotiate and wait. I have two offers out for one buyer right now, and we're playing the waiting game. They have plenty of time 'cause we still have to get their house sold. Buyers are taking their time to buy houses.

They're not in a mad fervor to buy houses. If you're selling your house, be aggressive with your pricing. List it low, bring in the buyers, get it sold. If you have a mindset that my house is worth X, from six to 12 months ago, you're talking about ancient history, 


REO of the Week 

California Housing Market Trends


So anyway, prices reached an all-time high of 910,000 in April, marking the 22nd consecutive month, year over year increases. However, annual price gain was the smallest since June, 2023. That said, all of California's almost a million dollars. Santa Clara County.


The median price is 2,000,060, so it's twice that. The average price for a house in Santa Clara County is 2.465 million, almost $2.5 million. Don't think that your house is worth a million dollars or $2 million if it still needs work. Alright, you can read this article.


It's pretty intensive, wordy, kind of number nerdy, which is what I like. Unseasonably adjusted homes in three of five major regions of California increased from a year ago. the central Coast region recorded 33 of the 53 counties tracked in California Association of Realtors recorded sales increases from a year ago.


So that's more than half, regional level four or five major regions, California increased. Okay, so those are the key takeaways there. What does that mean to you? Be aggressive in your pricing strategy if you sell your house. List it low, let buyers come take a look, and they will bid it up to what it's worth.


You don't control the price. Buyers control the price, and now buyers have a little more control. We're not in a balanced market yet; still a seller's market. So you do have a lot of say in it. And what if you could say yes to certain concessions or no to a certain concession, but if you only have one offer, then they're in control.

If you have multiple offers, then you are in control. Just keep that in mind. 



Homebuyers need to make more than $400K in this Bay Area region to afford the 'typical' home, analysis finds

Income Requirements and Career Advice

More than $400,000 in this Bay Area region. It's San Jose, Santa Clara County. We need to make a lot of money in order to afford a house here. It sucks, but that's the way it is.

The majority of people are here in Santa Clara County. Make that kind of money. That's normal income here; you have to make a lot of money to survive here, to thrive here. To live here. So if you're not making four or $500,000 a year for a family household income, I don't know what to tell you.


Gone are the days of talking about the people who use King or Panera as a career. That's not a career, right? If you want a career, become an engineer, a marketing professional, a finance guy, whatever, and make some decent money. I know jobs are few and far between. I know a lot of people who are out of a job.

People in my age bracket were comfortable making $200,000 a year. we could buy a house that was 10, 15 years ago. Today you have to make a lot of money. And when I go to San Jose State to talk about the VA loan, the veterans loan, I talked to all the young.


Veterans out there who are getting their degree, and I talk to them about what their expectancy is for income and what they should be striving for. Not when they get into the business or whatever job that they get, but when they get situated and they get promoted to director or V level or C level, those are the things that they should be striving for.

And the schools just don't teach you that. 




Apple Homes for sale 

Featured Properties of the Week

Santa Clara house of the week. This is a bank owned property of the week. Monroe Street, not my listing. $1.8 million, four bedroom, two and a half bath, 2,600 square feet and 120 years old.

Farm cottage. Nice looking. I think this has been around for a while. Looks like they virtually staged that. It's vacant. Ready for you to move in, nothing super fancy about that house. $1.8 million. They have older, updated, I would say, the 1990s. this thing was updated in the eighties, but that's why you need a designer to design homes near apple.

And again, the agent used the living room, not the front, as the first. Guys, if you're an agent and you're watching this, do yourself a favor. Put the front of the house, curb appeal sells the house. This buyer determines within the first three to five seconds if they like the house or not, because of the curb appeal, not because of what's inside the house, right?

The decor is going to be gone. Where's the front of the house? Oh, that's why they did it, because it's fugly. I get it. I would take this house, but I wouldn't be buying it for, no, it's a two-bedroom. In this day and age. It's close by. Hey, at least you did the floor plan. Thank you for doing the floor plan.


That was awfully nice of you. Yeah, that would turn off a lot of buyers, but it would also disappoint a lot of buyers once they get to the house and they're looking at it. So I would put that up front. 


Mountain View home of the week 

Mountain View Home of the week, and the reason why I picked it is 'cause it's walking distance to Castro Street. Standard Ranch, $2.4 million, three bedroom, two bath, 1500 square feet, built in 1954. And it's nicely staged, but look through that, older kitchen with tile counter.

All that needs to go see all this old stuff. This is useless to people. When you redesign your kitchen, you get the opportunity to make it your own. So just keep that in mind. If I did it, I would probably take out this entire wall, get rid of these cabinets, and just open it up so you have a huge dining area and make that a peninsula.

But that's me. What do I know? Only been doing this for 22 years. It's a nice house, $2.4 million. 


Market Statistics and Conclusion

40 days on market report. 242 homes on the market. Yesterday, we talked about the number of homes that have decreased in price. It was 20%. We're seeing a lot more homes stay onthe  market. 40 plus days, that's normal. Matter of fact, you can look at it right here. You're seeing 40 days on market tick up quite a lot, even in.

Santa Clara County, 90 days on market, that number's staying flat. And then bank owns are staying flat as well. And then in San Jose, we have 700 homes for sale right now. We need to be about a thousand. roughly it could be 800, 900. So we're creeping into a balanced market.

This is good. It means more buyers will enter the market, but they will have more control. It's not a buyer's market; it's a balanced market. We want equilibrium where sellers don't command everything and say, I want a. Brand new Rivian, and I wanna stay in the house three months after close.

And I want $400,000 over list price. And I want as is, no contingencies. And today, you have contingencies. Today, you have concessions you have lower prices. You see a lot more houses selling for less. Mostly because of sellers. Egos say their house is worth X, and it's not.

It's worth what a buyer is willing to pay, period. And then Santa Clara County, we're at 1400. Again, we want to be about 2000. So, 1800 to 2200 is a balanced market. That means houses last about six months on market and we transfer into a buyer's market. But right now, houses are selling pretty quick.

I have a listing appointment at nine o'clock. I'm Vito with Ano. Thanks for watching. We'll see you out there. 





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Vito Scarnecchia

Real Estate Broker, Veteran, Dad

DRE#: 01407676

408-479-2427

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