Summer Heat and Cooling Market Activity

Happy July! We hope this summer season has been treating you well!

In our listings and sales section of our newsletter, we have various development and several single-family home opportunities coming soon, plus a beautiful condominium home in Palo Alto that is currently for sale.

For Sellers, the story is still the same as last month’s newsletter, only more emphatic:

What we are telling all of our clients considering selling:
“It’s a race (to the finish line) and a beauty contest right now [when trying to sell a home].”
The race is that you don’t want your neighbor selling first and basically dictating how the market will view the value of your home. The first person out wins in this market! REALLY!

Many economists are saying we are already in a recession. Some pockets of areas are still doing really well—like the beach communities in Santa Cruz. We are also seeing certain neighborhoods in Silicon Valley that are still drawing buyers. At the same time, we are seeing beautiful listings that are sitting without many showings. If a property sits on the market for more than 2-3 weeks without an offer, it is a sign that the property is priced too high (a rule of thumb that is true for most price bands).

For our Buyers, with price reductions on the rise and increasing inventory levels, now may be the perfect time to check in with us if you’re considering purchasing a home! Our contact information is below.

Summer is here and market statistics are beginning to reflect the severe impacts of this year’s earlier months. Market activity is cooling as we see buyer demand, listings, and overbid percentages decline. Active listings and price reductions have continued to increase as a result. Homes are still selling fairly quickly, however. The average weekly mortgage rate for a 30-year fixed-rate loan has dropped to 5.3% from 5.81% two weeks earlier.

Capitola is the perfect place for those who enjoy beach walks and the quaint charms of the seaside. Capitola offers just about all the entertainment and amenities of a larger city by the sea! This month, we at Silicon Valley and Beyond have curated a living guide on what it’s like to live in Capitola. Check out the full blog at SVAB365.

As always, if you have any questions about this month’s market conditions, or buying or selling a home, please don’t hesitate to reach out to us. Our team at Silicon Valley and Beyond often helps our clients plan 2+ years out. Please do not ever think that contacting us is too early in the process. We handle everything—including planning moves!

Let us know if you’d like to chat about what we are seeing in the current marketplace. Book a 15-minute call with Dawn here.

Here’s to creating a better future,

Dawn Thomas
Broker Associate – Team Leader
Dawn is certified from the Program on Negotiation at Harvard Law School

Charles “Chuck” Holcomb
Realtor – Sales Associate

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.

La Terra Development
(above The Highlands off of
Santella Court)
Modern, Luxury Development
8 multi-acreage lots with infrastructure and sweeping views of Silicon Valley! Entire 36+ acre development
Offered at $21M including completed roads, curbs and gutters and utilities
Please reach out to us for more information and pricing at
or Dawn at 650-701-7822

Lot 1 of La Terra of Los Gatos
Entrance: 16100 Greenridge Terrace, Los Gatos
Approximately 7.76 acres
Offered at $3,950,000

60 acres in the Soquel Mountains
10 minutes from town
3 building pads on sight
Offered at $1,250,000
831-239-9890 – Brian

760 University Avenue, Palo Alto
650-701-7822 – Dawn

12120 Viewoak Drive, Saratoga
Gorgeous Blue Hills larger home on one level. Beautiful swimming pool. Entertainers’ dream!
Offered at $3,798,000
650-701-7822 – Dawn or
408-357-0322 – Chuck

951 Blair Court, Palo Alto
Rare, large Eichler home with flexible floor plan in Triple El. Live in one portion of this large home and rent out the other—2 kitchens, 3 entrances, 2 mailing addresses
Offered at $4,000,000
650-701-7822 – Dawn or
831-239-9890 – Brian

3160 Vistamont Drive, San Jose
650-701-7822 – Dawn or
831-239-9890 – Brian

2960 Sanor Place #104, Santa Clara
831-239-9890 – Brian

1251 Fernside Street, Redwood City
2940 Sanor Place #101, Santa Clara

1003 Laurel Glen Road, Soquel

Market Conditions in Silicon Valley and Beyond

Market statistics are beginning to reflect the severe impact of this year’s earlier months. Buyer demand, listings, offers going into contract, and overbid percentages have been declining in all three counties that we serve. In a year-over-year comparison for listings accepting offers, Santa Clara is astoundingly down over 40%, Santa Cruz is down 33%, and San Mateo is down 34%. For offers going into contract, Santa Clara is down by 32%, Santa Cruz is down by 35%, and San Mateo is down by 36%.

As a result, it has led to changes in supply and the alteration of buyer and seller psychology. Sales are declining, and the number of active listings and price reductions are increasing. New listing coming on the market has dropped in a year-over-year comparison. Active and coming soon listings have increased. As of June 30, Santa Clara has 2060 active and coming soon, Santa Cruz has 375 active and coming soon, and San Mateo has 901 active and coming soon. In terms of price reductions, Santa Clara has skyrocketed up 176%, Santa Cruz up 93%, and San Mateo up 100%.

For more details on market conditions in Santa ClaraSanta Cruz, and San Mateo counties, click on the images below.

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