May Market Update

May Market Update

With the Month of May Now Behind Us, Here is a Quick Look at How the Santa Clara County Housing Market Performed:

  • Sales volume was down 52% year-over-year. However, keep in mind that sales lag contracts by up to several weeks so that number reflects contracts being made at the peak of shelter-in-place. New listings in May were down 30% year-over-year compared to a 48% year-over-year decline in April.
  • Median price for single-family homes in Santa Clara County was $1,361,000 for May 2020. This represents a 2.2% year-over-year increase and a -0.66% month-over-month decline. 
  • Taking a look at average price per SF, San Jose (+4.6% YoY, +0.8% MoM) and Santa Clara (+2.1% YoY, +1.5% MoM) were the strongest performers. Other markets were mixed to neutral: Sunnyvale (+1.1% YoY, -3.1% MoM), Cupertino (+1.5% YoY, -4.2% MoM), Los Gatos (+2.4% YoY, -4.1% MoM). Several markets in the top tier faced declines: Palo Alto (-14.4% YoY, -5.8% MoM), Los Altos (-3.4% YoY, -4.1% MoM), Saratoga (-4.7% YoY, -6.7% MoM), and Mountain View (-12.5% YoY, -4.8% MoM). 
  • Sales-to-List Price ratio (sales price as a percentage of list price) did pull back from prior months. In May, the ratio was at 99.8% compared to around 103-105% in the prior few months.
 
Key drivers going forward will include local employment trends, stock market performance, and any potential uptick in Covid-19 cases that leads to heightened precautions.

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With a proven track record in Bay Area real estate and a data-driven approach, Alexandra Sung brings a deep market knowledge and personalized strategies to every client. Her passion for helping buyers and sellers achieve their goals is matched by her strong negotiation skills and a commitment to delivering outstanding results. Whether you’re searching for your dream home or looking to sell, Alexandra is the dedicated expert you need to navigate the competitive market with confidence. Start your real estate journey with Alexandra today!

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