Spring 2017 Bay Area housing market update

We are in the middle of the spring selling season here in the silicon valley housing market. All of the popular areas are experience extremely low inventory and overwhelming numbers of buyers looking in all pockets, making it a very strong seller's market.

Here are the market sold statistics of some of the hottest market in south bay and east bay for the month of March 2017 and it's comparison of same month in 2016:

 In North Valley San Jose Berryessa area, the average price of condo has increase about 10% over 1 year. In 2016 March, it averaged $531,449 and in 2017 March, it averaged $582,838. Single family home in Berryessa also experienced appreciation as it averaged $889,459 March 2016 and last month it averaged $947,009.  Any home that are listed below the average price has single digital days on market. For seller's who are selling under the time pressure, pricing slightly lower than what the data suggested has continued to be a popular strategy.  The expected completion of berryessa bart station and newly constructed plaza off on Brokaw and 880 area proves berryessa's continue popularity. The sharp appreciation of the condo in this area indicates that it has been a popular choice for first time home buyer as Santa Clara and Milpitas have become less affordable.

Central Fremont, 94538 area has been a very popular pocket for first time home buyers. It's condo and Townhouse had enjoyed appreciations over the years and now finally sought some declined this last year, averging at $445,429 in Feb and Mar 2017 verse $479,342 in Feb and Mar 2016 for Condos and $760,380 in Feb and Mar 2016 and $675,000 in Feb and Mar 2017 for Townhouses. Due to the high HOA in most of the area, particularly cherry-guardino and Liberty Common, it's popularity has declined.  

However, while the popularity of townhomes and condos in the area declined, the popularity of single family home in the area has increased over last year. Jumping from an average of $805,855 in 2016 to an average of $887,586 in 2017, nearly 10% appreciation! There could be a lot of articulation to this change, due to the average school rating in 94538 and relatively low home value in the area, making single family home more desirable once the value of townhome and condo have appreciated to a certain extend. 

However, in areas of fremont where schools are top level. such as 94555 and 94539, all types of properties experience appreciation over the last year!

Fremont 94538 Marketing in 2016

Fremont 94538 Market in 2017

Santa Clara is somewhat of an interesting market over the last year. Due to it's desirable location in the heart of the silicon valley, Santa Clara has been a very popular area for the last many years. Single Family home value had gone over 1 Million long time ago, making it hard for first time home buyers who desires the area. Therefore, the appreciation of single family has been very little over the last years, going from $1,196,919 to $1,218,393 for 1 year. 

However, Condo market in Santa Clara has experienced some depreciation, going from $688,256 to $627,267 in one year. There are less condos on the market now compared to last year

Santa Clara Market 2016 

Santa Clara Market 

However, townhouse in Santa Clara has experienced huge appreciation year over year, going from $903,500 to $1,143,556, a whooping $140,000 increase!  

Here is the thing, most of the Santa Clara townhouses  are in the desirable areas like rivermark plaza and San Tomas & El Camino where Single Family homes have already exceeded 1 Million, causing buyer's attention to be on townhouse in the same area. 

The value of townhomes and single family in Santa Clara will continue to hold in the next few quarters this year.

Santa Clara Town house year over year comparison

Conclusion:

Real estate market although are affected by national and state's economical trends, it is a very hyper local market. Not all zipcodes or property types are performing the same over the same period of time. Overall, it is a very opportunistic market and it changes quickly. There are opportunities for both the buying side and the selling side. 

To find out more about how your area is performing, or the area you are looking to buy the next home is performing, contact me for a free, no obligation consultation and find out where your next opportunity could be!