NOV 2023 Stats for Single Family Homes in Santa Clara County are here!
While overall inventory went up slightly in November, it remains just over 1 month’s worth, while active homes went down by 13% from this time last month with 700 single family homes available in all of Santa Clara County. Pending Sales went down by 12% and Sold Sales down by 17%. This trend is typical this time of year and we’ll continue to see inventory diminish as we head toward holidays and the new year.
Buyer demand remains steady with those buyers that have positioned themselves to move quickly when mortgage rates improve get the best leverage for both winning amid competition while also having the opportunity to negotiate with motivated sellers.
While we saw the 30 year Conforming Fixed Mortgage Rate climb to over 8% in October and into the first week of November; welcomed relief finally turned second week of November with rates continuing to decrease by 7 % over the month, ending at 7.41% at the end of November.
Inflation stats have also been remaining steady around the 2.4% mark; bringing back hope toward a softer landing for the economy. For now, the FED is showing no sign of further prime rate hikes; however, also no signal of lowering the prime anytime soon. Expectation is that prime rate will remain where it is for at least the first half of the new year to best ensure inflation gets under control.
So, how does this translate to the housing market?
Affordability will continue to be a challenge while mortgage rates remain high. With rates having reached their highest this past month, not only did that push some buyers out of the market, we also saw the Average Sale Price come down 6%, now resting now resting closer to $2ML; yet the Average Price per Square Foot went up slightly by 1%, now resting just under $2,000 per square foot.
The Sale to List Price ratio also went down by 1%, with homes selling closer to 4% over seller’s offer price. For the fact that we’re still seeing multiple buyer competition on homes that are priced well for their location and condition, even with these high interest rates; the housing market continues to be moving and healthy.
As housing inventory continues to dwindle between now and the start of the new year, it is a fantastic time for serious buyers and their realtors to keep their eyes glued for their perfect dream home or investment opportunity. This is the time of year for buyers to make the most of their strategic planning and preparation to best position themselves to negotiate with motivated sellers.
For those homeowners that need to make their move, or sell estate property, working with a strategic professional who knows how to navigate and advise within your local marketplace is key. Buyers who can stretch with current high interest rates will benefit most from having more opportunity to negotiate with sellers and less competition that comes as other buyers are forced to the sidelines to watch and wait for rates to come down. Preparation and strategy are key for both sellers and buyers to take advantage of timing and opportunity when it presents.
If you are ready to discuss next steps for your move, whether a seller or buyer, reach out to me for strategic, diligent, and trustworthy advice. I’ll help you reach your purchase and selling goals successfully.
[email protected] | 408-207-3130.
Sellers – Jump start with Heather’s Strategic Selling Plan: www.LangesFreeHomeSellerCourse.com
Buyers – Jump start with Heather’s Strategic Buyer Plan: www.LangesFreeHomeBuyerCourse.com
Buyers – Start looking for your dream home the way Realtor’s do: www.LangeHomeSearch.com
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