June Market Update: More Choices, But Still Not Enough Homes
If you've been following the real estate market over the last few years, you've probably noticed that buyers seem to have a few more choices than they did during the height of the post-pandemic frenzy.
That's true—but only to a point.
Today there are approximately 2,480 active residential listings in Santa Clara County. While that is an improvement over the extremely limited inventory we've experienced over the winter, it is still well below what many real estate professionals would consider a balanced market. When I began my real estate career more than 23 years ago, seeing 3,000 to 4,000 active listings at any given time was common. A truly balanced market today would likely require somewhere between 4,000 and 6,000 available homes.
The May market statistics reflect this ongoing shortage.
Single-family homes sold for a median price of $2.05 million and averaged 104% of list price. Homes sold quickly, averaging just 19 days on the market. Condo and townhouse properties sold for a median price of $960,000 and averaged 101% of list price.
What does that mean for buyers and sellers?
For buyers, there are more opportunities than there were over the winter, but desirable homes continue to attract strong interest and multiple offers.
For sellers, properly preparing and pricing a home remains critical. Buyers have more options but demand continues to outpace supply in many neighborhoods.
The bottom line: inventory has improved, but Santa Clara County is still far from oversupplied. The market remains competitive, supported by strong employment, limited housing stock, and continued demand from buyers who want to call Silicon Valley home.
As always, every neighborhood has its own story. If you'd like information about your specific area, I'd be happy to provide a personalized market update.
Check out the market stats:
Single Family Homes
Condos and Townhouses
Did you know that our team can also show you NEW CONSTRUCTION, MODULAR HOMES, and MOBILE HOMES, or refer you to our network to buy WORLDWIDE?
408-644-5159
Erin@BenfordRealEstate.com
18+ years of Licensed Experience
46+ years of Owner Experience
One can download information from the internet; but, one cannot download expertise. We look for the red flags and negotiate for a living. Hire the experts. We will tell you the truth.
