Скачать или смотреть JUN & Q2 2024 | Real Estate Market Update | Santa Clara County | Heather Lange Homes

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JUN & Q2 2024 Stats for Single Family Homes in Santa Clara County are here!

Let’s first look at June as compared to May, and then we’ll compare Q2 2024 to Q2 of last year.

As typical for the Bay Area summer market after graduations take place and vacation season begins, the market has cooled a bit due to these buyer distractions as well as continued increased inventory. The number of Active homes in June increased by 8% from May, now sitting just under 1,200 SFHs in Santa Clara County, with Pending Sales down by 17% and Sold Sales down by 15%.


The current slowed market is also evidenced in the Average Days on Market having increased by 1 day from this time last month - homes now taking an average of 15 days to get into contract.

Months’ worth of inventory went up by 27% from May, now maintaining slightly under 1.5 months’ worth of available inventory. With less buyers in the marketplace due to vacations, and more inventory available, buyers have a bit more choice and breathing room for their home hunting with less overall competition in June. This is expected to continue through July. We usually see end of the summer housing market pick back up once school session begins mid-August through September and before the holiday season is upon us. Buyers who remain diligent have the best opportunity in this summer market to take advantage of this current lull.

The Average Sales price for SFH went down by 1% from May, now sitting just under $2.4ML; with the List to Sale Price ratio down by 1% from May –buyers are now paying close to 7% over the seller’s offer price to win against other buyer competition. The Average Price per SF went down by 3% from May, currently resting at $1,209 SF.

The 30-year Conforming Fixed Mortgage Rate ended June at 7.02% as noted by Bankrate.

Now let’s compare Q2 of 2024 to last year’s 2nd Quarter:
Let’s first review the 30-year Conforming Fixed Mortgage Rate, less than a quarter point higher from this time last year. Even with a year behind us with rates having been higher than now, we see the Average Sales Price also having gone up 13% from this time last year. The Average Price per Square Foot is up by 13% as well.

It is clear, that although high interest rates have pushed some buyers out of the marketplace, and when rates climbed to 8% the affordability ceiling stalled the market until rates came down; the market has not crashed, nor is it expected to. Buyers who can afford to purchase now understand their current advantage of capturing equity gain and their ability to build personal wealth now with the plan to refinance later when rates ease. Money becoming less expensive isn’t expected to happen quickly. Once money becomes less expensive this will also invite more buyers back into the housing market, resulting in more competition that ultimately pushes sale prices higher than what is being experienced now.

As the FED continues to watch inflation and the job market, it is now thought that prime rate will be reduced in the last quarter of this year. Inflation appears to be continuing to ease and we’ll hope to see mortgage rates ease further before the year ends as well.

Sellers who are ready to make their move will get top dollar with strategic planning and professional advice. Come August there will be a significant change to the national and state Multiple Listing Service marketplace in addition to new compliance paperwork needed between professionals and their clients for more clearly defined agreements regarding compensation. Seller and buyer broker compensation agreements have always been negotiable and will continue to remain; however, with the significant change as to how this information is shared in the market place between sellers and buyers, it will be important for both sellers and buyers to have clear understanding from a well-educated professional who is well versed in the required compliance changes to come.

If you’d like to learn more about these upcoming changes or if you’re ready to discuss next steps in preparation for your move, whether a seller or buyer; reach out to me at [email protected] | 408-207-3130. We’ll discuss best strategy and steps for your situation; and you can count on my diligent and trustworthy advice as we work together to reach your real estate goals.

Sellers - Jump start with Heather’s Strategic Selling Plan: https://www.LangesFreeHomeSellerCours...
Buyers - Jump start with Heather’s Strategic Buyer Plan: https://www.LangesFreeHomeBuyerCourse...
Buyers – Start looking for your dream home the way Realtor’s do: https://heatherlangehomes.com/homes-f...


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