Market Trends – February 2023
Happy February, the beginning of the biggest selling season of the year!
Market activity at the start of February suggests a rebound in buyer demand —similar to mid-late summer 2022. Early indications show an increase in open house traffic, more buyers requesting disclosure packages, increased reports of multiple offers, and unexpectedly, overbidding of asking prices!
Inflation and interest rates substantially dropped in 2022. Home prices continue to decline from last spring. Stock markets have also risen! With decreased rates and continued price reductions, this may be an excellent opportunity for buyers to take advantage of and aggressively negotiate. For more information, make sure to check out our Market Conditions in Santa Clara, Santa Cruz, and San Mateo counties.
To learn more about the median home prices for areas in and around Bay Area, be sure to check out our updated Bay Area Home Price Maps.
Considering relocating or making a move? Let us know if you want to review your options. We are master negotiators. Please do not ever think that contacting us is too early in the process. We handle everything—including planning moves!
Here’s to creating a better future,
Dawn Thomas
Broker Associate – Team Leader
650-701-7822
Dawn@SiliconValleyAndBeyond.
Dawn is certified from the Program on Negotiation at Harvard Law School
Brian Brunetti
Realtor – Senior Sales Associate
831-239-9890
Brian@SiliconValleyandBeyond.
Charles “Chuck” Holcomb
Realtor – Sales Associate
408-357-0322
Charles@
The Dawn Thomas Team guides nice people through real estate matters in Silicon Valley and beach communities of Santa Cruz County. Our mission is to inspire and create the most remarkable real estate experience — one person, one family, one home, one neighborhood at a time. Contact us today and we can assist you in selling or buying your home.
CURRENTLY OFFERED:
16100 Greenridge Terrace, Los Gatos
Build your dream home!
Approximately 7.76 acres
Offered at $3,495,000
650-215-5991 – Chuck
650-215-5992 – Brian
650-215-5990 – Dawn
COMING SOON / PRIVATE EXCLUSIVES:
7232 Glenview Drive, San Jose
5444 square foot executive home located in the prestigious Country View Estates neighborhood of Almaden Valley with sweeping 180 degree views of Quicksilver Park, Silicon Valley and the San Francisco skyline.
Offered at $4,299,000
650-215-5990 – Dawn
650-215-5992 – Brian
1 Rockview Drive, Santa Cruz
On MLS 2/27/2023
Absolutely stunning Pleasure Point waterfront home with 7-figure remodel and a seawall (one of less than about a dozen in Santa Cruz County). This home is ON the water—no street or trail in between you and that ocean breeze! Check out the Property video
Offered at $5,650,000
831-239-9890 or 650-215-5992 – Brian
650-215-5990 – Dawn
2960 Sanor Place #104, Santa Clara
Contact Brian Brunetti for details
650-215-5992 – Brian
PENDING:
13305 Pierce Road, Saratoga
Received and negotiated 7 multiple offers prior to our offer date. 3-week close on 3/1!
650-215-5990 – Dawn
650-215-5991 – Chuck
RECENTLY ACQUIRED:
0 Old San Jose Road, Soquel
40461 Ditmus Court, Fremont
250 Old Ranch Road, Santa Cruz
(Buyer Representation)
951 Blair Court, Palo Alto
(multiple offers)
DEVELOPMENT OPPORTUNITIES:
La Terra Development
https://laterralosgatos.com/
0 Santella Drive, Los Gatos
(Above The Highlands off of
Santella Court)
Modern, Luxury Development
7 multi-acreage lots with infrastructure and sweeping views of Silicon Valley! Entire 28+ acre development
Offered at $17,500,000
*Utilities are at each site (PG&E, public water, public sewer)
*Curbs Gutters and paved main roads are completed
*DRE White Paper in hand ready to develop
Reach out for more information:
LG@SiliconValleyandBeyond.com
650-215-5991 – Chuck
650-215-5992 – Brian
650-215-5990 – Dawn
Market Conditions in Silicon Valley and Beyond
Data suggests positive beginnings to the start of February 2023 despite January hitting its lowest monthly points in 15+ years. Early indications point to the strengthening of buyer demand as inflation and mortgage interest rates declined. In all three counties we serve, median house sales price and median condo sales prices year-over-year continues to experience price reductions.
Atypically, under two months of inventory would indicate a low supply of active listings. In all three counties, months’ supply of inventory (MSI) indicates inventory has more than doubled. Notably, San Mateo county reached its highest level of supply of listings in the last 5 years! Markets continue to see increasing numbers of price reductions as buyers begin overbidding for their asking price.
For more details on market conditions in Santa Clara, Santa Cruz, and San Mateo counties, click on the images below.
