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Quick Take:
Silicon Valley seems to have broken its growth streak that we’ve seen for nearly two years.
Inventories continue to build, as they reach new two-year highs.
Although inventories are building, single-family homes are not staying on the market for very long.
After a long run of growth, Silicon Valley is showing signs of cooling — and that could be a strategic advantage for buyers. Median prices dipped year-over-year in Santa Cruz (-1.65%) and San Mateo (-10.46%), though Santa Clara bucked the trend with a 3.99% gain.
Condos across the region saw sharper corrections, with San Mateo down 14.88%, Santa Clara down 3.19%, and Santa Cruz down 9.71%.
Inventory surged in May:
Single-family homes: +21.65% YoY
Condos: +34.80% YoY
But with sales volume dropping (single-family: -13.01%, condos: -22.82%), buyers now have more time and selection.
Condo days on market rose significantly:
Santa Clara: +46.15%
Santa Cruz: +111.11%
San Mateo: +146.15%
MSI tells the story:
Condos: firmly in buyers’ market territory (Santa Cruz: 5.8, San Mateo: 4.0, Santa Clara: 3.3 months)
Single-family homes: more mixed (Santa Clara: 1.7, San Mateo: 2.0, Santa Cruz: 4.3 months)
Bottom Line: Silicon Valley is recalibrating. If you’re a buyer, particularly in the condo space, this could be your moment to make a smart move.
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