Charm  Hartland

Charm Hartland


License #: 01216487

Realty World - Homes & Estates

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September 2022 - Real Estate Market in Santa Clara County

Santa Clara County Real Estate Market Update September 2022

2022 has seen the wildest shift in real estate in years. Please don’t believe all the headlines you are reading. Often if you dig into a news story, it’s not as bad out there as the headline appears.  If you were a homebuyer earlier in the year (winter/spring) and you put offers on homes - only to be outbid multiple times, it was emotionally draining and created what we call “Buyer’s Fatigue.” In March 2022, sellers received an average of 117% of their list price in Santa Clara County from the winning bidder. FACTS: 1) 117% is totally not sustainable, and 2) that number has dropped every month since. 

Many buyers grew too tired and just couldn’t afford to “stay in the game.” Fast forward to early September 2022, and as a buyer, you may feel your “reward” for waiting to purchase has culminated in higher mortgage rates, lower purchasing power, homes are still expensive, and you aren’t sure what to do. 

Let’s flip that concept on its head and shift it to sellers. Home sellers hoping to sell this summer at those early 2022 prices and expecting to have multiple offers, bidding wars, and sell their home in only a few days (or no days) on the market had a quiet summer.  Those days came to a screeching halt in June, and days homes are on the market are slowly creeping up.

Days on market is the number of days between a home going up for sale to the day it goes into contract for purchase with a buyer. A single-family home in Santa Clara County in April 2022 sold on average in 10 days. In August 2022, the average days to sell climbed to 24 days. Another interesting statistic we can look at is the list price to sales price ratio over the past few years. In August 2019, sellers received on average 100.3% of their list price when they sold their home. In August 2020, sellers received on average 102.3%, and in August 2021, sellers received 108.7%.  In August 2022, sellers still received close to their list price at 99.8%.

When you look at this real data, it’s not all doom and gloom for buyers or sellers. Homes are still selling despite the “sky is falling” headlines we are seeing. In August 2022, there were 1,249 single family homes for sale in Santa Clara County, and 786 homes sold.  That is considered a shift back to a “normal” market, where there is a solid number of homes for sale, and a large portion of them sell each month.

Buyers, put yourself back in the market. You have a greater chance of buying a home today than last Spring. Mortgage rates are still relatively low, and many sellers are adjusting their list prices for today’s market. Sellers, you can still sell your home if priced correctly.

If you are interested in buying or selling a home, give me a call and we can get started! I have some great lenders I can recommend, and I will provide you with five-star service as your Realtor.

Thank you, Charm Hartland, Realty World Homes & Estates, 408-712-3932.

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