Los Altos Real Estate Blog

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Silicon Valley housing prices continue to increase

Home prices are continuing to rise around Silicon Valley and buyers are still writing offers, even in what is traditionally a slow time of year.  New listings in most markets are selling in their first week and with multiple offers.  How far have prices risen?

  • Los Altos - Up over 20% in 2012
  • Palo Alto - Up over 20% in 2012

If you think the price rises are confined to high-end towns, think again.  Downtown Campbell area including the vacinity around the community center and neighborhoods behind Whole Foods is also up over 25% for 2012.  In fact, according the a recent article in the San Jose Mercury News, the median home price rose over 20% year-over-year in Silicon Valley.

Low inventory and lack of new inventory are driving the spike in prices.  There were only three properties on broker tour this week in both Mountain View and Los Altos.  In Palo Alto, there were only four new homes on the market.  Many of these are condos and townhouses so single-family home buyers are left to choose from whatever is left on the market.  Homes listed last week are being sold (almost every home listed last week has gone pending) and those that remain are either at the very high end of the price range or are still in negotiations.

Current Inventory Levels by City (single family homes and condos)

  • Los Altos  29
  • Palo Alto  28
  • Menlo Park  24
  • Mountain View  29
  • Cupertino  24
  • Saratoga  50
  • Los Gatos  64

As a buyer in this market, you need an agent who will look past the current listings to find properties that are coming soon, off-market, unsold, and other options.  Give me a call to discuss your needs.

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 Bryan Robertson, CEO | T: 650.799.9951 | Email: bryan@catarra-re.com | Website: http://www.BryanRobertsonHomes.com |CA BRE# 01191946 | Catarra Real Estate, Inc  | 171 Main St #220 | Los Altos, CA 94022

 

 

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Comment balloon 5 commentsBryan Robertson • December 13 2012 03:03PM

Comments

Hey Bryan, you are so right, people are writing lots of offers and homes sales are going fast in our area also.  Have a great day.

Posted by Will Hamm, "Where There's a Will, There's a Way!" (Hamm Homes) almost 6 years ago

Bryan -  Good news for your area.  I was telling an investor today how our inventory is down and prices are on the rise and the fact is now is a great time to buy.

Posted by John McCormack, CRS, Honesty, Integrity, Results, Experienced. HIRE Me! (Albuquerque Homes Realty) almost 6 years ago

Bryan, we are experiencing the same thing in the southern end of Santa Clara County.  We are seeing rapid appreciation with a lack of inventory.

Posted by Gary Frimann, CRS, GRI, REALTOR and Broker (Eagle Ridge Realty / Signature Homes & Estates) almost 6 years ago

As they say, real estate is local. Since your local is better than my local, can I come work for you? :-)

Posted by Leslie Ebersole, I help brokers build businesses they love. (Swanepoel T3 Group) almost 6 years ago

Your market is definitely on fire, Bryan!

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) almost 6 years ago

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