A Midsummer Night’s Market Update

     We’re now well into the summer of 2017, and it has certainly been an interesting seven months so far. As a real estate agent, one of my jobs is to analyze trends in the market, and observe how the number of homes on the market, list/sale prices, days on the market until sale, etc. change as the year progresses. The interesting part is that, this year, there has been very little variation in the market in general. Specific numbers may change, and there are some variations in activity, but all-in-all, this year has been one of remarkable consistency. In fact, when people ask me about the market, I’m beginning to feel like the proverbial broken record. Here now is my Silicon Valley real estate market update as of late July, 2017.

Market Update: July 2017

July 2017 Market Update

      Spring and Summertime are generally the peak of real estate activity, and there is no denying that the market is hot. But frankly, it’s been hot all year so far, and there’s no end in sight. In general, listings sell quickly and for high prices. I personally have sold several homes in the last few months that have gone for record high prices in their neighborhood. And though I believe my skills as a real estate agent have certainly helped, the fact remains that this is an intensely strong seller’s market. In fact, I would go so far to say that at this point, looking at annual trends is not nearly enough to predict future market fluctuations. We are currently in an unprecedented situation, and though we can make some educated guesses as to where things end up, the market is headed into uncharted territory.
     What does this mean for you? Well, basically what it has meant all year: if you are considering selling your home, now is a good a time as there has ever been. The amount of homes on the market continues its pattern of historic lows, with new listings going into contract incredibly quickly. Buyers have to be willing to go above and beyond in this market to purchase a home. Statistics are showing that they are. With this level of disparity between supply and demand, and my abilities as an expert Realtor and marketer, your home could very well fetch a price you wouldn’t have dreamed of even a year ago. I’m always available as a resource to show you how I can help you achieve this.
     Buyers might be similarly advised to move quickly, depending on their needs and desired price point. If you’re a potential first-time home buyer, it’s worth noting that traditional “starter homes” as we know them seem to be going extinct in the Bay Area. For an example of what I mean, look at the results of this study. Sales of homes over a million dollars have been climbing, as sales of homes in lower price ranges has diminished. This isn’t a result of lack of demand. The cheaper homes are simply ceasing to exist as the availability of homes of any sort dwindles. Again, this is an unprecedented situation, and if you’re thinking about buying, feel free to consult me to determine what the best course of action would be for you. The longer you delay, the higher the prices may go, with no end to the increases in sight. There are still some great deals out there, but the clock is ticking.
     That’s my real estate market snapshot at the end of July. We’re in the middle of  a historic period, for better or worse! Though inventory is extraordinarily tight, opportunities abound for both buyers and sellers if you know what you’re looking for. As always, I am here to help you find these opportunities and make them work to your benefit.