Silicon Valley real estate overview

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Here’s a look at real estate activity in five local communities across a two-year span. With this Silicon Valley real estate overview, you can see shifts and trends in the market as we look at the price of sold homes, average days on the market for sold homes and the number of homes available. The figures below are for the month of May in the years 2013, 2014 and 2015.

Silicon Valley real estate overview

Los Altos

Price of sold homes

  • 2013: $1,830,000
  • 2014: $2,380,000
  • 2015: $2,612,500

Average days on the market

  • 2013: 16
  • 2014: 10
  • 2015: 11

Number of listings

  • 2013: 93
  • 2014: 64
  • 2015: 59

Menlo Park

Price of sold homes

  • 2013: $1,312,500
  • 2014: $1,875,000
  • 2015: $2,026,500

Average days on the market

  • 2013: 21
  • 2014: 31
  • 2015: 13

Number of listings

  • 2013: 101
  • 2014: 94
  • 2015: 71

Mountain View

Price of sold homes

  • 2013: $1,230,000
  • 2014: $1,375,000
  • 2015: $1,860,000

Average days on the market

  • 2013: 13
  • 2014: 12
  • 2015: 10

Number of listings

  • 2013: 72
  • 2014: 58
  • 2015: 51

Palo Alto

Price of sold homes

  • 2013: $2,100,00
  • 2014: $2,218,000
  • 2015: $2,750,000

Average days on the market

  • 2013: 21
  • 2014: 14
  • 2015: 14

Number of listings

  • 2013: 94
  • 2014: 94
  • 2015: 79

Redwood City

Price of sold homes

  • 2013: $957,565
  • 2014: $1,177,500
  • 2015: $1,477,500

Average days on the market

  • 2013: 24
  • 2014: 20
  • 2015: 14

Number of listings

  • 2013: 186
  • 2014: 155
  • 2015: 109

While these numbers concern just five of our local communities, the trends they show are trends we’re seeing throughout the Bay Area. This Silicon Valley real estate overview paints clear pictures in the three important areas of focus:

  1. The amount of money paid for homes is rising
  2. The amount of time homes spend on the market before being sold is dwindling
  3. The number of available homes is shrinking

It will be interesting to see how Fed interest rate hikes – rumored to start in July or September or “sometime next year,” depending on which analyst(s) you listen to – will affect the market. Until that time, don’t look for much change in direction in the markets we’ve looked at in this Silicon Valley real estate overview.

Interested in buying or selling real estate in Silicon Valley?  Explore the possibilities.