Many of you have asked if the market has cooled due to what you're reading. In fact, one media source reported "local sales plunge!"
In reality, the high median prices we experienced in Spring 2018 are setting the bar and since that time, the market has remained fairly flat in some cities while dipping in other communities.
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Needless to say, there are many factors behind home sales and values in different communities. Home size is one of them, and median sales prices are not apples to apples comparisons: For example, in Los Altos Hills, the median home size is about 4000 square feet, while in South San Jose, it is approximately 1400.
Note that it is not unusual for median sales prices to peak for the year in Q2.
Average Dollar per Square Foot Values
This next chart illustrates how abnormally low inventory was during the feverishly overheated market in 2017 through spring 2018, and the increase that began in the second half of 2018. Though inventory this past spring was higher than in spring of recent years, the level was not crazy high historically speaking.
Luxury Home Sales by City
There are 2 big clusters of luxury home sales in Santa Clara County: The first and largest is the Palo Alto - Los Altos - Los Altos Hills area, and the second is the Saratoga - Los Gatos/Monte Sereno area.
The luxury home market is even more affected by seasonality than the general market. September often sees a large spike in new listings coming on market.
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