The Local Lowdown

Quick Take:

• Single-family homes remain resilient and competitive.
• Condo market shows signs of softening.
• Inventory likely peaked in May and began to decline in June.

Single-Family Strength, Condo Weakness

Single-family median sale prices rose in June—+3.21% in San Mateo County and +7.18% in Santa Clara County—while Santa Cruz dipped -4.64%. Meanwhile, condos saw their third straight month of declines: -8.79% in Santa Clara, -11.84% in San Mateo, and -13.52% in Santa Cruz.

Inventory Trends

After peaking in May, both single-family and condo inventories slipped in June. Still, inventory is 14.18% higher for single-family homes and 24.89% higher for condos compared to last year, as new listings slow.

Days on Market

Single-family homes are moving quickly—13 days in San Mateo, 11 in Santa Clara, and 17 in Santa Cruz. Condos are taking much longer to sell, with time on market up significantly, especially in Santa Cruz (+245% year-over-year).

Market Balance

Single-family homes in San Mateo (1.9 months supply) and Santa Clara (1.7 months) remain seller’s markets. Santa Cruz single-family homes lean buyer’s market at 4.4 months supply. Condos across all three counties are firmly in buyer’s market territory.

Bottom Line:

Silicon Valley’s single-family home market is highly competitive, while condos present clear opportunities for buyers. For sellers, timing and pricing strategy are key—especially in the condo segment.