We’re onto the second quarter in the Santa Clara County real estate market, so I wanted to give you a quick update.
When we last checked on the market, inventory was just over 1,000 homes, average price was around $860,000, average days on market sat about 69, and the interest rates were sitting around 3.75%. So what’s happened since then? Well, we’re entering a presidential election, and the Federal Reserve increased interest rates. People thought this would increase mortgage interest rates, but they actually came down a little bit. “Don’t give up hope!” Starting in the second quarter, homes on the market have gone up by 700, price is up to $931,000, and the average days on market has fallen to 41, and of course, interest rates are down around the 3.625% range for 30-year fixed mortgages. This means we’re still in a seller’s market, but there is some more inventory. In some areas, we’re starting to see homes get fewer offers, but it’s still very competitive and sellers are still getting top dollar quickly.
If you’re looking to sell, it’s still a good time, and if you’re looking to buy, there’s more inventory for you. Don’t give up hope! You just need to partner with the right agent.
Thanks again for your support. If you have any questions, please feel free to get in touch and we’ll talk soon.