The Local Lowdown

Prices climb across the board as spring momentum builds

April was a positive month for Silicon Valley's single-family market... and across all three counties, the price story is heading in the right direction. San Mateo County posted a 2.19% year-over-year increase with the median coming in at $2,167,500. Santa Cruz County saw even stronger gains, up 5.29% to a median of $1,342,500. And Santa Clara County held perfectly steady at $2,100,000... unchanged from last April. In a market this competitive, stability is actually a meaningful data point. It tells you that values are anchored and that demand isn't letting prices slip.

The condo market continued to face some headwinds across the board. Santa Clara County condos fell 5.96% year-over-year to $750,000, San Mateo County condos declined 4.99% to $790,000, and Santa Cruz County condos dipped 3.98% to $737,750. The declines are modest, but the pattern is consistent... and it's another reminder that condos and single-family homes are very much operating in two different lanes right now across Silicon Valley.

Inventory remains tight despite the peak of spring selling season

We're in the heart of spring selling season, and while activity has picked up on both sides of the market, inventory is still running well below last year's levels. There are currently 1,996 single-family homes for sale across Silicon Valley... down 12.03% year-over-year. New listings are coming in at a steady pace and sold listings are up 1.26% year-over-year, which speaks to how quickly available homes are being absorbed.

The condo market mirrors that story, with 867 units currently available... down 6.47% year-over-year. The gap between supply and demand isn't as dramatic as what we've seen in San Francisco or parts of the East Bay, but it's still very real. Buyers in the single-family segment especially are going to continue feeling the pressure of limited choices... and that competition isn't easing up anytime soon.

Single-family homes are moving quickly while condos show some improvement

The pace of sales for single-family homes across Silicon Valley remains impressive. San Mateo County listings are moving in just 11 days... right in line with last year. Santa Cruz County is matching that momentum at 15 days on average. Santa Clara County came in at 9 days, a slight increase from last year's pace but still extraordinarily fast by any measure. When homes are selling in under two weeks across an entire region, it tells you that prepared buyers are acting decisively and sellers are benefiting from that urgency.

The condo market showed some interesting movement as well. Santa Cruz County condos are actually improving, now selling in 29 days... a modest but encouraging 3.33% year-over-year gain. San Mateo and Santa Clara County condos are taking a bit longer compared to last year, which is consistent with the softer pricing we're seeing in those markets. For condo buyers in those two counties, a slightly longer timeline actually works in your favor right now.

Silicon Valley remains firmly in seller's market territory

One of the clearest ways to read a market is through Months of Supply Inventory, or MSI. California historically averages around three months... which is considered balanced. Below three months favors sellers. Above three months shifts the advantage toward buyers.

Silicon Valley's single-family market is firmly on the seller's side of that equation. San Mateo County has just 1.4 months of supply... down a dramatic 30% year-over-year. Santa Clara County sits at 1.8 months, essentially unchanged from last year, and Santa Cruz County comes in at 2.9 months... down 25.64%. With inventory this tight and homes moving in under two weeks across most of the region, buyers in the single-family market need to come in ready... with financing locked in, priorities clear, and the confidence to move quickly when the right home appears.

The condo market is where buyers get a bit of a breather. San Mateo County sits at 3.5 months of supply, Santa Clara County at 4 months, and Santa Cruz County at 4.5 months... all hovering in or above balanced territory. If a condo is part of your search in Silicon Valley, you have more time, more options, and more room to negotiate than your single-family counterparts. That's a meaningful advantage in a region that rarely gives buyers much of one.

Bottom Line

Silicon Valley this spring is delivering exactly what we've come to expect from one of the most consistently competitive markets in the country... tight single-family inventory, fast-moving listings, and prices that are holding firm or climbing across all three counties. The condo market is offering buyers a more balanced playing field, but the single-family side leaves very little room for hesitation. If you're selling, conditions are working in your favor... especially if your home is priced well and presented beautifully from day one. And if you're buying, the difference between getting the home you want and missing it often comes down to preparation. Knowing the market, knowing your numbers, and having the right support in your corner makes all the difference in a market moving this fast.

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