The new year is finally under way, so I wanted to give you my predictions for the 2017 Santa Clara real estate market. I’ll also give you a quick recap of what happened in 2016.
Additionally, I wanted to let you know how thankful we are for your support! We hope you had a fantastic New Year and we look forward to working with you this year.
So what did the market at the end of 2016 look like?
First, we saw a little under 15,000 home sales for the year. The average days on market was 37 days, and as of right now there are only about 580 listings, which is very low, and 900 homes pending. The big event was interest rates going up from mid 3% to between 4% and 4.5%, but those rates are still historically low.
What does this mean we can expect to see in 2017?
We can definitely expect to see home prices continue to increase, but we will see a decrease in sales. That’s because there is still a shortage of inventory. Right now we are still in a seller’s market, so buyers need to be strategic about finding a home.
If you have any questions about what’s going on in our market, please don’t hesitate to give me a call or send me an email.