July '25 Deep Dive - Silicon Valley
Ascend RE August 12, 2025
Newsletter
Ascend RE August 12, 2025
Newsletter
The single-family home market remains resilient, but the condo market is softening.
Inventory likely peaked in May and began to contract in June.
Condos are spending far longer on the market than a year ago.
Note: Charts/graphs for the Local Lowdown are located at the end of this section.
Single-family home prices rose in June—up 3.21% in San Mateo County and 7.18% in Santa Clara County year-over-year, though down 4.64% in Santa Cruz County. In contrast, condo median prices fell sharply: down 8.79% in Santa Clara, 11.84% in San Mateo, and 13.52% in Santa Cruz compared to last year.
June saw fewer active listings than May across both property types, though levels remain well above last year—14.18% higher for single-family homes and 24.89% higher for condos. The decline is due to fewer new listings hitting the market, outpacing the slowdown in sales.
Single-family homes are still selling quickly—13 days in San Mateo, 11 in Santa Clara, and 17 in Santa Cruz. Condos, however, are taking much longer to move: 39 days in San Mateo (+116.67% YoY), 22 in Santa Clara (+83.33%), and 38 in Santa Cruz (+245.45%).
San Mateo (1.9 months) and Santa Clara (1.7 months) remain sellers’ markets, while Santa Cruz (4.4 months) leans toward buyers. All three condo markets are firmly buyer-favored, with 3.6, 3.4, and 5.5 months of supply, respectively.
Silicon Valley’s single-family market remains hot, but condo buyers have far more negotiating power—and more time to shop.
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Provided Courtesy of Ascend Real Estate
Provided Courtesy of Ascend Real Estate
Provided courtesy of Ascend Real Estate
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