The Local Lowdown

San Mateo County leads the charge while other counties pull back

The Silicon Valley single-family market came into spring with some clear winners and some counties still finding their footing. San Mateo County was the standout, with the median home selling for $2,175,000... a solid 5.45% increase year-over-year. Santa Clara County came in at $2,080,188, down a modest 1.65%, while Santa Cruz County saw a more noticeable 7.14% decline to $1,300,000. The picture varies quite a bit depending on where you're looking... which is exactly why understanding your specific market matters so much right now.

The condo side of things was even more dramatic. Santa Cruz County condos surged 46.14% year-over-year to $1,012,000... though that kind of jump in a smaller market often reflects a handful of high-value sales rather than a broad trend. San Mateo County condos slipped 3.51% to $825,000 and Santa Clara County condos declined 8.13% to $735,000. As with the East Bay, the condo market continues to move to a very different rhythm than single-family homes.

Inventory climbs as the spring market heats up

There's some genuinely encouraging news on the inventory front this month. New single-family listings jumped 34.14% month-over-month, and sold listings rose 37.05%... a sign that both buyers and sellers are showing up in a meaningful way as spring gets underway. There are currently 1,699 single-family homes for sale across Silicon Valley, down 9.68% year-over-year but up a healthy 17.09% from last month.

The condo market is also seeing more activity, with 769 units currently available... down just 5.30% year-over-year. The gap between current inventory and last year's levels is narrowing, which is a positive development. More sellers are recognizing that spring is the right time to make their move, and that's slowly but steadily giving buyers more to work with.

Single-family homes are flying off the shelves

If you needed any more evidence that demand in Silicon Valley is real, the days on market numbers say it all. In San Mateo County, the average single-family home is selling in just 10 days... and in Santa Clara County, just 8 days. Both figures are right in line with where they were a year ago, which tells you that the pace hasn't let up despite everything else going on in the broader economy. Santa Cruz County is a little slower at 19 days, though that's still a reasonably brisk pace.

The condo market is more nuanced. San Mateo County condos are actually moving faster than last year, selling in just 13 days. Santa Clara County condos are taking about 23 days... and Santa Cruz County condos are averaging 96 days, a dramatic increase from this time last year. It's another reminder that not all condos are created equal right now, and location and pricing matter more than ever in that segment.

Seller's market conditions remain firm across Silicon Valley

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.

Across Silicon Valley's single-family market, sellers are firmly in control. San Mateo County has just 1.3 months of supply... down 23.53% year-over-year. Santa Clara County sits at 1.5 months, essentially unchanged from last year, and Santa Cruz County comes in at 2.5 months, down 24.24%. With inventory this tight and homes moving in under two weeks in most areas, buyers need to come in prepared and ready to act.

The condo market offers a bit more breathing room. San Mateo County sits at 3 months of supply, Santa Clara County at 3.6 months, and Santa Cruz County at 4.1 months... putting condo buyers in a noticeably stronger negotiating position. If a condo is on your radar, this is actually a moment where you have more options and more time to make a thoughtful decision.

Bottom Line

Silicon Valley this spring is a market of contrasts... strong single-family demand running up against limited supply, while the condo market offers buyers a bit more room to breathe. San Mateo County is leading on price growth, homes are selling in days across the core markets, and inventory... while slowly improving... is still well below where it needs to be to take the pressure off buyers. If you're selling a single-family home, conditions are working in your favor. If you're buying, preparation and speed are everything right now. And if condos are part of your search, you may find this is actually one of the better moments to take your time and negotiate. As always, the details vary a lot by city and price point... so staying informed and working with someone who knows this market closely makes all the difference.

Local Lowdown Data