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Sunnyvale Mid Year Market Update

July 26 2017
July 26 2017
Signs & Symptoms of (1)
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Bay Area home prices remain far more expensive than statewide home prices, according to a new California Association of Realtors report. This is no surprise to any of us living in the Bay Area. Prices keep inching higher, as housing supply simply cannot keep pace with job growth and buyer demand.

So far this year we've had historically low inventory - with fewer listing hitting the market the first half of 2017 than in 2016 and 2015. We saw inventory levels peak in March 2017 and then steadily decline. This was good news for sellers of course, as the median home sale price in June 2017 reached an all-time high of $1,822,500, 8% higher than in 2016.

While the common misconception is that summer is peak selling season, spring is actually when most deals happen. Year after year we see the biggest appreciation take place in the spring versus the summer months. Additionally, days on market (DOM) were also lower in the spring.

As we are mid way through summer and quickly approaching fall, we expect low inventory to continue and through the end of 2017. As a seller, it's truly never been a better time to sell. As a buyer, the gems are still out there.

If you're thinking of buying or selling, schedule a 15 min discovery call.


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