South Bay / Peninsula August '23 Real Estate Update Ascend RE

Ascend RE August 9, 2023

South Bay

South Bay / Peninsula August '23 Real Estate Update Ascend RE

Inventory

As expected during the Summer, new listings continue to trend downwards. July 2023 marks the lowest year-over-year level of new inventory in the past decade. In fact, over the past 7 months, we’ve experienced fairly historically low levels of new inventory hitting the market. As a result, pending sales and sold listings are also way down for the month of July. It’s important to remember this is on trend for the Summer season and we can expect these metrics to remain low into August and September.

The amount of active listings on the market is dropping slightly but is similar to pre-covid levels for this time of the year. Despite low inventory, months supply of inventory is up, hovering between 2.5-3 months all year, which is unusually long in the Bay Area Market. The higher month's supply is primarily due to a drop in sales volume. If Sales Volume were to increase, the inventory would be absorbed very quickly since it is relatively low, and that could cause higher competition. Finally, days on market have been stable at around 21-25 days. 

 

Sales Prices

Over the past 6 months, sales prices have been on a slight upward trend, however they saw a decrease in July. A summer dip is not unusual for this time of the year and price points seem to be trending with 2017/18 levels. On average, sellers are receiving less than 2% over asking (this varies drastically by home type and neighborhood). Less than 50% of homes are selling over list price. This falls below our historical trend for July, where an average of 70% homes sold over asking. 

 

The Bottom Line

Overall, the amount of new listings hitting the market remains at a historical low and homes going under contract for sale have dropped even further as a result. In welcome news for homeowners, low inventory levels are likely keeping prices high. As we go further into 2023 and 2024, there is a definite chance inventory levels will likely rise and could impact prices. For many owners, a home sale can only be delayed for a set amount of time before they need to move forward at a potentially lower sales price. For potential home buyers,  prices remain high, however encountering an overbidding/multiple offer scenario is far less likely in our current market. So this may be a good time to purchase, especially if you’ve been deterred by the hectic, competitive market in recent years. As always, our team is here to assist you with any questions you may have about the market, schedule a no obligation consultation to get started. 

 

Median Home Sale Price - Santa Clara County

 

Median Days on Market - Santa Clara County

 

Median Home Sale Price - San Mateo County

 

Median Days on Market - San Mateo County

 

 

*Note all analysis presented is based off of San Francisco CA’s current housing market for anecdotal analysis. If you have questions about data specific to your area, please message us for a free market report.

 


Recent Blog Posts

Browse our blog posts to be in the know.

South Bay / Silicon Valley November '23 Real Estate Update Ascend RE

Los Angeles November '23 Real Estate Update Ascend RE

East Bay November '23 Real Estate Update Ascend RE

North Bay November '23 Real Estate Update Ascend RE

San Francisco November '23 Real Estate Update Ascend RE

16 Terrifying Haunted Houses and Ghost Tours in the Bay Area

2023 Bay Area Holiday Schedule

Analysis: Homes Near Trader Joe’s Have Higher Values

North Bay October '23 Real Estate Update Ascend RE

East Bay October '23 Real Estate Update Ascend RE

South Bay / Silicon Valley October '23 Real Estate Update Ascend RE

Los Angeles October '23 Real Estate Update Ascend RE

San Francisco October '23 Real Estate Update Ascend RE

Live Work Play Here

For the month of June, we have supported LGBT Asylum Project, and are hosting this brunch in honor of all the great work this nonprofit does. Come join our teams for a… Read more

Hiring Licensed Real Estate Agents

Take your real estate career to the next level!

North Bay: January '23 Housing Update

What does 2023 have in store for the housing market?

San Francisco: January '23 Housing Update

What does 2023 have in store for the housing market?

San Francisco: March '23 Housing Update

Spring has sprung and the market is feeling a lot luckier!

East Bay: January '23 Housing Update

What does 2023 have in store for the housing market?

Move by HUD and FHA to provide greater homeownership opportunities

Have questions about the market? Our team is here to help and connect you to a lender.

Mortgage Rates Drop Prompts Buyer Demand

Mortgage Applications jump due to lowest rates since September

San Francisco Owners Required to Register Homes

March 1 Deadline for Rent Board Housing Inventory

Tenant Buyouts

What does it entail, and what does it mean for the residence owner going forward?  

Your Spring Guide to Bay Area Farmers’ Markets

Full Guide to 79 different farmers’ markets in San Francisco and beyond.

Los Angeles September '23 Real Estate Update Ascend RE

North Bay September '23 Real Estate Update Ascend RE

East Bay September '23 Real Estate Update Ascend RE

South Bay / Peninsula September '23 Real Estate Update Ascend RE

San Francisco September '23 Real Estate Update Ascend RE

The 12 most delicious new restaurants in the Bay Area

Summer is here, and so are the boozy slushies, all-you-can-eat tacos and double cheeseburgers

East Bay August '23 Real Estate Update Ascend RE

South Bay / Peninsula August '23 Real Estate Update Ascend RE

North Bay August '23 Real Estate Update Ascend RE

Los Angeles August '23 Real Estate Update Ascend RE

San Francisco August '23 Real Estate Update Ascend RE

San Francisco July '23 Real Estate Update Ascend RE

East Bay July '23 Real Estate Update Ascend RE

South Bay / Peninsula July '23 Real Estate Update Ascend RE

North Bay July '23 Real Estate Update Ascend RE

Los Angeles July '23 Real Estate Update Ascend RE

South Bay / Peninsula June '23 Real Estate Update Ascend RE

San Francisco June '23 Real Estate Update Ascend RE

Los Angeles June '23 Real Estate Update Ascend RE

North Bay June '23 Real Estate Update Ascend RE

East Bay June '23 Real Estate Update Ascend RE

Los Angeles May '23 Real Estate Update Ascend RE

North Bay May '23 Real Estate Update Ascend RE

South Bay / Peninsula May '23 Real Estate Update Ascend RE

East Bay May '23 Real Estate Update Ascend RE

San Francisco May '23 Real Estate Update Ascend RE

Let’s Talk

You’ve got questions and we can’t wait to answer them.