The Local Lowdown

Quick Take

Condo prices fell for the second month in a row, single-family home inventory declined year-over-year for the first time in months, and shrinking inventory pushed listings to sell at a fast pace.

Median sale prices remain within their historical band

The past month delivered modest price movement across Silicon Valley. Single-family home prices increased slightly in San Mateo (2.56 percent) and Santa Clara (2.63 percent), while Santa Cruz decreased by 4.30 percent.
Condos declined across the board: San Mateo (-3.88 percent), Santa Clara (-3.01 percent), Santa Cruz (-2.53 percent). Prices remain within historical ranges.

Single-family home inventory levels declined

Condo inventory is slightly higher than last year, with 6.65 percent more active listings.
Single-family homes dropped 5.34 percent year-over-year, fueled by 12.56 percent more homes sold. Buyer confidence is returning to the market.

Condos are spending considerably more time on the market

Condo listings are taking longer to sell. San Mateo averages 40 days (+25 percent YOY), Santa Clara 28 days (+55.56 percent YOY), and Santa Cruz 41 days (+2.5 percent YOY).
Single-family homes continue to sell quickly, often under two weeks in San Mateo and Santa Clara, and 29 days in Santa Cruz.

Market dynamics remain steady

Months of Supply Inventory (MSI) shows low supply for single-family homes in San Mateo (1.7 months) and Santa Clara (1.4 months), creating buyer-driven markets. Santa Cruz single-family homes have 3.9 months of inventory, making it a balanced market.
Condos remain in buyer-favored territory across the region, with 3.3 months of inventory in San Mateo and Santa Clara, and 5.7 months in Santa Cruz.

Bottom Line

Single-family homes in Silicon Valley remain in high demand despite lower inventory, while condos are taking longer to sell. Buyers are active and strategic, and sellers with well-priced listings continue to see fast results. Market conditions are steady with pockets of strong competition.