2015 continues to be high volume year for Bay Area real estate. That sentiment continues to be repeated around the Bay Area real estate industry, and for good reason. It seems all across the Bay Area, there is proof that the rise in activity in the local real estate market is spreading. Working in the South Bay, specifically Silicon Valley, there is a constant supply of high paying tech jobs. The consistent influx of buyers in the area leads to an even larger industry assembled around them. San Jose and Santa Clara are two of the regions where it is a prevalent seller’s real estate market. The availability of homes for sale is lower that the number of buyers creating an environment where people make offers way above the asking price on a consistent basis. Bay Area homes listed in these markets are sold extremely rapidly sometimes closing in seven days.
San Jose is a great local real estate market to analyze because it has a wide range of home values in its immediate area. In the greater downtown area (95,112 homes) 356 homes have been sold this year (2015) so far compared to the 310 at this time last year (2014). On average, the homes are on the market for only 34 days with an average value of $678,125. The high prices and high turnover rate is a result of the market as well as the technology possessed by every real estate group and the moving parts of the industry that are involved. Homebuyers now have access to a massive amount of Real Estate information. Trulia.com is an example of one of the new mediums that consumers can do their own research on. Consumers are more educated about the market as well as what they want exactly, thus increasing the efficiency of the buyer/agency relationship. Synoptic also offers some home buying tools on our Real Estate Tools page.
In an area as affluent as Los Gatos, Ca (95030) where the average price of a home sold in 2015 is $2.464,628, there have been 156 homes sold so far this year (2015) which exceeds last year’s (2014) number at this time by two homes. This increase in activity and economic value amount among the very high priced homes is a wonderful trend. The turnover rate is 43 days on average in this area. The technology present in today’s Real Estate industry serves another purpose to buyers. International buyers are now able to make deals at a rate unseen before. Many of these buyers are buying properties using cash-only offers, which are even more enticing to the local real estate home sellers.
All those involved with the Bay Area real estate industry have noticed a sustained growth. As someone who has just entered this industry as a local real estate professional, I have seen the way people have been forced to adapt to the advanced changes. Everyone is evolving at different speeds to deal with the increased technology available. All Los Gatos real estate, as well as all other Bay Area real estate firms are now educating their employees on how to work more efficiently alongside smarter consumers, proving the results with solid numbers like the ones shared above. The productivity of the local market is coming from the lessons learned from the recent crash, and hopefully the more prepared real estate professionals, like Synoptic real estate group of Los Gatos, can continue to predict accurately, and dominate Bay Area home sales in the future.
Your Los Gatos Real Estate Experts,
Synoptic Real Estate Group
Data Source: Bay Area Home Sales – 2015