Market Trends – November 2022

Let the gratitude begin! With Thanksgiving closely approaching us, we hope this newsletter finds you well and in the best of spirits. We are thankful to our clients, our colleagues, and friends who continue to place their trust in us. We know we wouldn’t have a business without you.

As the market enters the holiday period, market activity continues to cool until it plunges to its lowest levels of activity in December. Atypical of other years, the percentage of unsold listings has tripled and the number of new listings coming to market is down year-over-year since spring 2022. Even though there are pricing decreases and longer days on market in our region, there is better news: inflation is reports as NOT AS HIGH as expected. As a result, the stock market rallied 800 points on Thursday! This may be a great time for buyers to negotiate prices with the increased price reductions over the holiday season.

In this month’s newsletter, you’ll find the Luxury Market Report for October 2022. This monthly report provides an in-depth look into luxury market trends and top residential markets across North America and Canada. Check it out below for a deeper dive into the current state of the luxury market.

This month, we’ve also compiled a list of activities in and around Silicon Valley to help you celebrate the season! From concerts at your local park to tea festivals and wine dinners, 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!

We’d love to hear from you! 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.

Happy Thanksgiving from all of us to you!

Here’s to creating a better future,

Dawn Thomas
Broker Associate – Team Leader
650-701-7822
Dawn@SiliconValleyAndBeyond.com
Dawn is certified from the Program on Negotiation at Harvard Law School

Brian Brunetti
Realtor – Senior Sales Associate
831-239-9890
Brian@SiliconValleyandBeyond.com

Charles “Chuck” Holcomb
Realtor – Sales Associate
408-357-0322
Charles@SiliconValleyandBeyond.com

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:
1 Rockview Drive, Santa Cruz
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!
Offered at $5,900,000
831-239-9890 – Brian
650-701-7822 – Dawn

3765 Farm Hill Blvd., Redwood City
Large, remodeled Farm Hill Estates home offering 4 bedrooms, 3 1/2 bathrooms, swimming pool and a private entrance to Stulsaft Park
Offered at $2,999,000
650-701-7822 – Dawn
408-367-0322 – Chuck

60+ acres in the Soquel Mountains
0 Old San Jose Road, Soquel
10 minutes from town
3 potential building pads on sight
Offered at $1,198,000
831-239-9890 – Brian

16100 Greenridge Terrace, Los Gatos
Build your dream home!
Approximately 7.76 acres
NEW PRICE $3,495,000
650-701-7822 – Dawn
408-367-0322 – Chuck 
831-239-9890 – Brian

COMING SOON / PRIVATE EXCLUSIVES:
40461 Ditmus Court, Fremont 
Updated Eichler on a quiet cul-de-sac close to Lake Elizabeth
Offered at $1,100,000
831-239-9890 – Brian

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

PENDING:
951 Blair Court, Palo Alto (multiple offers)

RECENTLY ACQUIRED:
1473 Revere Avenue, San Jose 
3160 Vistamont Drive, San Jose
12120 Viewoak Drive, Saratoga (multiple offers)

COMING SOON – DEVELOPMENT OPPORTUNITIES:
La Terra Development
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 including completed roads, curbs and gutters and utilities
Please reach out to us for more information and pricing at VIP@SiliconValleyandBeyond.com
650-701-7822 – Dawn
408-367-0322 – Chuck
831-239-9890 – Brian

Market Conditions in Silicon Valley and Beyond

There is no better time than now! Market activity shows that this can be an excellent time for buyers to negotiate prices as we enter into the holiday period.

In all three counties that we serve, October 2022 reflects the lowest number of home sales year-over-year. Santa Clara and Santa Cruz counties have had the lowest home sales since 2007. Notably, San Mateo having the lowest home sales since 2005.

With the market cooling since spring 2022, the average days on the market for active and unsold listings have nearly doubled. Typically the number of unsold listings being pulled from the market peaks in December, however, the percentage of unsold listings has tripled since spring 2022. The economy and housing market continue to remain in a period of adjustment since the pandemic boom.

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

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