What's the condo market like in Silicon Valley?

"Are condos selling in our area [the Silicon Valley towns in California]? What's the market like?"

Questions I hear often, so let's take a look:

2014 condo sales, Silicon Valley town

The above chart shows selected towns on the Peninsula and activity in 2014. All markets performed extremely well - prices high, days on market short.

Yesterday we looked at the first four towns to see what was happening these first few weeks of 2015.

Now let's look at Menlo Park, Palo Alto, Mountain View and Sunnyvale, some of the towns in the heart of the Silicon Valley. Here's what we see today in the condo/townhouse market:

  • Menlo Park: 5 active listings with a high price of $2,300,000, a low of $1,349,000, and a median price of $1,945,000. 2 properties have closed escrow so far in January, a luxury townhouse for $1,620,000 and a unit in a 55+ community for $488,000.
  • Palo Alto: only 2 active listings, priced at $1,298,0o00 and $830,000. 2 have closed this year, at $1,218,000 and $850,000.
  • Mountain View: 7 active listings, priced between $999,000 and $439,000, with a median price of $759,000. 8 closed listings with a median price of $810,000.
  • Sunnyvale: 4 active listings, with a high of $880,000 and a low of $625,000. Median price is $848,000. 15 have closed so far this month, with a median price of $662,500.

I see no change from 2014 - a shortage of inventory, with properties selling at or above asking, with multiple offers, after a short time on the market. What the rest of 2015 will bring is unknown, but the year is starting in an extremely active fashion.

--- Come for a visit; Stay for a lifetime!

Lottie Kendall, Realtor®

Pacific Union International

CA DRE#10215160; 650-465-4547

Lottie@LottieKendall.com

www.LottieKendall.com

Peninsula Living Business Page

www.SFCondosForMe.com

 

 

Comment balloon 6 commentsLottie Kendall • January 27 2015 07:17AM

Comments

Looks like positive performance across the board, Lottie. Thanks for this snapshot!

Posted by Suzanne De Vita, Online Associate Editor (RISMedia) almost 4 years ago

Hi Suzanne De Vita - our market is, indeed, positive. We expect more listings to be coming shortly -- and all the potential buyers are fervently hoping that is so.

Posted by Lottie Kendall, Helping make your real estate dreams a reality (Compass) almost 4 years ago

Lottie, Those days on market blow my mind. I hope all buyers know they should be working with an agent and ready to go when the right house hits the market.

Posted by Debbie Reynolds, Your Dedicated Clarksville TN Real Estate Agent (Platinum Properties) almost 4 years ago

Debbie Reynolds - it's essential for buyers to be fully pre-approved (all docs submitted, underwriting review completed) and ready to jump. Makes for interesting, high-pressure days!

Posted by Lottie Kendall, Helping make your real estate dreams a reality (Compass) almost 4 years ago

Prospective condo purchasers will certainly benefit from your comprehensive knowledge of the local market.

Posted by Roy Kelley, Roy and Dolores Kelley Photographs (Realty Group Referrals) almost 4 years ago

Thanks, Roy Kelley . I'm bringing a condo on the market next week, located in the hills of San Carlos.

Posted by Lottie Kendall, Helping make your real estate dreams a reality (Compass) almost 4 years ago

Participate