Q2 2024 Market Report

Page 1


KW Bay Area Estates

Santa Clara County

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San Mateo County

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Alameda County

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Contra Costa County

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Santa Cruz County

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Almaden Valley (San Jose)

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Alum Rock (San Jose)

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Berryessa (San Jose)

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Blossom Valley (San Jose)

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Cambrian (San Jose)

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Jump to Campbell Report Campbell

Central San Jose

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Jump to Cupertino Report Cupertino

Evergreen (San Jose)

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Los Altos

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Los Altos Hills

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Los Gatos Mountains

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Los Gatos/Monte Sereno

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Milpitas

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Morgan Hill/Gilroy/San Martin

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Mountain View

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Palo Alto

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Santa Clara City

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Santa Teresa (San Jose)

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Saratoga

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South San Jose

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Sunnyvale

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Willow Glen (San Jose)

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What’s your home really worth in today’s market?

That's really the question you should be asking yourself.

Our market is incredibly diverse, and rapidly changing. Values vary not just by neighborhood, but by street. Your home isn't necessarily worth what your neighbors’ home is. At the end of the day, it’s the current market that sets the value of your home.

So, do you know what your home is worth in today's market?

I can help...

Contact me for a confidential, no obligation assessment of your home's value.

With all the headlines circulating about home prices and mortgage rates, you may be asking yourself if it still makes sense to buy a home right now, or if it’s better to keep renting. Here’s some information that could help put your mind at ease by showing that investing in a home is still a powerful decision

According to the experts at Gallup, real estate has been crowned the top long-term investment for a whopping 12 years in a row. It has consistently beat out other investment types like gold, stocks, and bonds. Just take a look at the graph below – it speaks volumes:

Santa Clara County

What's in the Santa Clara County data?

The latest data from the housing market indicates a resilient and active landscape across Single Family Homes, Condos, and Townhomes. With 3,672 closed sales recorded during the reporting period, the market continues to exhibit robust performance, demonstrating sustained demand among buyers. The median price for these properties stands impressively at $1.6 million, underscoring their desirability and the overall strength of the market, especially in serving upscale clientele.

Moreover, the market saw a total of 5,265 new listings, indicating healthy inventory levels and providing buyers with a diverse range of options to consider. This influx of listings reflects positively on the market's capacity to accommodate varying preferences, contributing to its dynamism and attractiveness.

A particularly notable metric is the average duration properties spend on the market before sale, which stands at 15 days without price reduction. This indicates a swift turnaround time for properties, suggesting high buyer interest and competitive conditions within the market.

Additionally, the average price per square foot remains high at $1,120, emphasizing the premium nature of the properties available and attracting buyers seeking upscale residences with superior features and amenities.

Overall, these indicators paint a picture of resilience and continued vitality in the housing market. Despite external factors, the market for Single Family Homes, Condos, and Townhomes appears well-positioned for sustained growth and stability in the foreseeable future.

5,265

$1,120 New Listings

Average Price Per SqFt +42.1% Year-over-Year +10 6% Year-over-Year

3,672

$1.6M

5% Year-over-Year

15 $7.3B Average Days-on-Market Total Volume -16.6% Year-over-Year +30 4% Year-over-Year

Data includes all single family, townhome, and condominium sales in Santa Clara County sourced from MLS Listings The most recent month’s data is based on available numbers, but may change with late reported activity Data from sources deemed reliable but may contain errors and are subject to revision

Santa Clara County

Single Family Homes

The market for Single Family Homes saw 2,562 closed sales at a median price of $1 9M There was a total of 3,585 new listings with an average of 14 days on the market without price reduction and with an average price per square foot of $1,241. With a total volume of $6.1B.

New Listings vs. Closed Sales

1,000 2,000 3,000 4,000

Santa Clara County

Townhomes & Condominiums

The market for Townhomes & Condominiums saw 1,110 closed sales at a median price of $1M There was a total of 1,680 new listings with an average of 16 days on the market without price reduction and with an average price per square foot of $839. With a total volume of $1.2B.

Median Sales Price vs. Original Asking Price

vs.

San Mateo County

What's in the San Mateo County data?

The latest data from the housing market indicates a resilient and active landscape across Single Family Homes, Condos, and Townhomes. With 1,381 closed sales recorded during the reporting period, the market continues to exhibit robust performance, demonstrating sustained demand among buyers. The median price for these properties stands impressively at $1.7 million, underscoring their desirability and the overall strength of the market, especially in serving upscale clientele.

Moreover, the market saw a total of 1,961 new listings, indicating healthy inventory levels and providing buyers with a diverse range of options to consider. This influx of listings reflects positively on the market's capacity to accommodate varying preferences, contributing to its dynamism and attractiveness.

A particularly notable metric is the average duration properties spend on the market before sale, which stands at 19 days without price reduction. This indicates a swift turnaround time for properties, suggesting high buyer interest and competitive conditions within the market.

Additionally, the average price per square foot remains high at $1,151, emphasizing the premium nature of the properties available and attracting buyers seeking upscale residences with superior features and amenities.

Overall, these indicators paint a picture of resilience and continued vitality in the housing market. Despite external factors, the market for Single Family Homes, Condos, and Townhomes appears well-positioned for sustained growth and stability in the foreseeable future.

New Listings

1,961

+16.5% Year-over-Year

Average Price Per SqFt

$1,151

+6 6% Year-over-Year

1,381

+10.8% Year-over-Year

Median Sale Price

$1.7M Closed Sales

+9 6% Year-over-Year

Average Days-on-Market

19

Total Volume -13.6% Year-over-Year

$3.2B

+20 6% Year-over-Year

San Mateo County

Single Family Homes

The market for Single Family Homes saw 1,063 closed sales at a median price of $2 1M There was a total of 1,470 new listings with an average of 17 days on the market without price reduction and with an average price per square foot of $1,241. With a total volume of $2.8B.

San Mateo County

Townhomes & Condominiums

The market for Townhomes & Condominiums saw 318 closed sales at a median price of $960k There was a total of 491 new listings with an average of 26 days on the market without price reduction and with an average price per square foot of $849. With a total volume of $352M.

Median Sales Price vs. Original Asking Price

vs.

Alameda County

What's in the Alameda County data?

The latest data from the housing market indicates a resilient and active landscape across Single Family Homes, Condos, and Townhomes. With 2,859 closed sales recorded during the reporting period, the market continues to exhibit robust performance, demonstrating sustained demand among buyers. The median price for these properties stands impressively at $1.2 million, underscoring their desirability and the overall strength of the market, especially in serving upscale clientele.

Moreover, the market saw a total of 4,738 new listings, indicating healthy inventory levels and providing buyers with a diverse range of options to consider. This influx of listings reflects positively on the market's capacity to accommodate varying preferences, contributing to its dynamism and attractiveness.

A particularly notable metric is the average duration properties spend on the market before sale, which stands at 18 days without price reduction. This indicates a swift turnaround time for properties, suggesting high buyer interest and competitive conditions within the market.

Additionally, the average price per square foot remains high at $779, emphasizing the premium nature of the properties available and attracting buyers seeking upscale residences with superior features and amenities.

Overall, these indicators paint a picture of resilience and continued vitality in the housing market. Despite external factors, the market for Single Family Homes, Condos, and Townhomes appears well-positioned for sustained growth and stability in the foreseeable future.

4,738

+34% Year-over-Year

Average Price Per SqFt

$779 New Listings

+7 3% Year-over-Year

2,859

+5.8% Year-over-Year

Median Sale Price

$1.2M Closed Sales

+13 4% Year-over-Year

Average Days-on-Market

18

Total Volume -10% Year-over-Year

$3.8B

+17 1% Year-over-Year

Alameda County

Single Family Homes

The market for Single Family Homes saw 2,203 closed sales at a median price of $1 3M There was a total of 3,502 new listings with an average of 16 days on the market without price reduction and with an average price per square foot of $821. With a total volume of $3.2B.

Median Sales Price vs. Original Asking Price

New Listings vs. Closed Sales

1,000 2,000 3,000 4,000

Alameda County

Townhomes & Condominiums

The market for Townhomes & Condominiums saw 656 closed sales at a median price of $758K There was a total of 1,236 new listings with an average of 25 days on the market without price reduction and with an average price per square foot of $637. With a total volume of $540M.

Price vs. Original Asking Price

vs.

Contra Costa County

What's in the Contra Costa County data?

The latest data from the housing market indicates a resilient and active landscape across Single Family Homes, Condos, and Townhomes. With 2,877 closed sales recorded during the reporting period, the market continues to exhibit robust performance, demonstrating sustained demand among buyers. The median price for these properties stands impressively at $853,000, underscoring their desirability and the overall strength of the market, especially in serving upscale clientele.

Moreover, the market saw a total of 4,403 new listings, indicating healthy inventory levels and providing buyers with a diverse range of options to consider. This influx of listings reflects positively on the market's capacity to accommodate varying preferences, contributing to its dynamism and attractiveness.

A particularly notable metric is the average duration properties spend on the market before sale, which stands at 21 days without price reduction. This indicates a swift turnaround time for properties, suggesting high buyer interest and competitive conditions within the market.

Additionally, the average price per square foot remains high at $580, emphasizing the premium nature of the properties available and attracting buyers seeking upscale residences with superior features and amenities.

Overall, these indicators paint a picture of resilience and continued vitality in the housing market. Despite external factors, the market for Single Family Homes, Condos, and Townhomes appears well-positioned for sustained growth and stability in the foreseeable future.

New Listings

4,403

+24.3% Year-over-Year

Average Price Per SqFt

$580

+3 6% Year-over-Year

2,877

+2.5% Year-over-Year

Median Sale Price

$853K Closed Sales

+2 2% Year-over-Year

Average Days-on-Market

21

Total Volume -8.7% Year-over-Year

$3.3B

+6 8% Year-over-Year

Contra Costa County

Single Family Homes

The market for Single Family Homes saw 2,289 closed sales at a median price of $921K There was a total of 3,459 new listings with an average of 19 days on the market without price reduction and with an average price per square foot of $589. With a total volume of $2.9B.

0,000 0,500 1,000 1,500 2,000 2,500 3,000 3,500

New Listings vs. Closed Sales Average Days on Market

Contra Costa County

Townhomes & Condominiums

The market for Townhomes & Condominiums saw 588 closed sales at a median price of $632k There was a total of 944 new listings with an average of 29 days on the market without price reduction and with an average price per square foot of $544. With a total volume of $421M.

Median Sales Price vs. Original Asking Price

Santa Cruz County

What's in the Santa Cruz County data?

The latest data from the housing market indicates a resilient and active landscape across Single Family Homes, Condos, and Townhomes. With 451 closed sales recorded during the reporting period, the market continues to exhibit robust performance, demonstrating sustained demand among buyers. The median price for these properties stands impressively at $ 1.2 million, underscoring their desirability and the overall strength of the market, especially in serving upscale clientele.

Moreover, the market saw a total of 786 new listings, indicating healthy inventory levels and providing buyers with a diverse range of options to consider. This influx of listings reflects positively on the market's capacity to accommodate varying preferences, contributing to its dynamism and attractiveness.

A particularly notable metric is the average duration properties spend on the market before sale, which stands at 29 days without price reduction. This indicates a swift turnaround time for properties, suggesting high buyer interest and competitive conditions within the market.

Additionally, the average price per square foot remains high at $850, emphasizing the premium nature of the properties available and attracting buyers seeking upscale residences with superior features and amenities.

Overall, these indicators paint a picture of resilience and continued vitality in the housing market. Despite external factors, the market for Single Family Homes, Condos, and Townhomes appears well-positioned for sustained growth and stability in the foreseeable future.

New Listings

786

+23% Year-over-Year

Average Price Per SqFt

$850

+6 5% Year-over-Year

451

Median Sale Price +5.9% Year-over-Year

$1.2M Closed Sales

0% Year-over-Year

29

Total Volume -6.5% Year-over-Year

$613M Average Days-on-Market

+7 4% Year-over-Year

Santa Cruz County

Single Family Homes

The market for Single Family Homes saw 349 closed sales at a median price of $1.3M. There was a total of 622 new listings with an average of 30 days on the market without price reduction and with an average price per square foot of $892. With a total volume of $528M.

vs.

Santa Cruz County

Townhomes & Condominiums

The market for Townhomes & Condominiums saw 102 closed sales at a median price of $811K There was a total of 164 new listings with an average of 27 days on the market without price reduction and with an average price per square foot of $707. With a total volume of $85M.

vs.

Almaden Valley (San Jose)

Alum Rock (San Jose)

Berryessa (San Jose)

Blossom Valley (San Jose)

SingleFamilyMedianSalesPrice

Townhome/CondoMedianSalesPrice

Cambrian (San Jose)

SingleFamilyMedianSalesPrice

Townhome/CondoMedianSalesPrice

Central San Jose

SingleFamilyMedianSalesPrice

Townhome/CondoMedianSalesPrice

Evergreen (San Jose)

SingleFamilyMedianSalesPrice

Townhome/CondoMedianSalesPrice

Los Altos Hills

Los Gatos/ Monte Sereno

SingleFamilyMedianSalesPrice

Townhome/CondoMedianSalesPrice

SingleFamilyMedianSalesPrice

Townhome/CondoMedianSalesPrice

Morgan Hill/Gilroy/ San Martin

SingleFamilyMedianSalesPrice

Townhome/CondoMedianSalesPrice

$730K $17.9M $4,082 SingleFamilyMedianSalesPrice Townhome/CondoMedianSalesPrice

SingleFamilyMedianSalesPrice

Townhome/CondoMedianSalesPrice

Santa Teresa (San Jose)

SingleFamilyMedianSalesPrice

Townhome/CondoMedianSalesPrice

South San Jose

SingleFamilyMedianSalesPrice

Townhome/CondoMedianSalesPrice

SingleFamilyMedianSalesPrice

Townhome/CondoMedianSalesPrice

Willow Glen (San Jose)

Townhome/CondoMedianSalesPrice

Dedicated to Success

Being an independently owned and operated franchise of Keller Williams, KW Bay Area Estates has the position as the Bay Area’s foremost luxury real estate services firm with the execution of best-in-class customer service. KWBAE’s unparalleled team consists of more than 250 associates and professionals strategically located in Los Gatos and Saratoga. Under the same ownership, we have our division of KW South Bay Commercial.

With uncompromising principles, KW Bay Area Estates has established a new standard of excellence within the industry. The company’s growth has been strategic and exciting. Since its inception, the team has successfully represented more than 9,000 transactions, totaling more than $12 billion in total sales.

Dedicated to upholding unparalleled standards for integrity and client care, they strive to create a culture where agents thrive while developing their own businesses to their maximum potential. KW Bay Area Estates has given their agents over $2.6 million in profit share.

KW Bay Area Estates

16780 Lark Ave, Los Gatos, CA, 95032

Phone: 408.560.9000

12820 Saratoga-Sunnyvale Rd, Saratoga, 95070

Phone: 408.418.3911

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