By: Jeni Pfeiffer, Associate Broker, Realtor®
The real estate market turned quickly and heated up with multiple offers late DEC 2019, JAN and FEB 2020. The market can turn on a dime, and has shown this again. Mortgage interest rates dipped below 3.5%, and the real estate inventory dwindled. With a low supply, and still high demand, with favorable mortgage rates, bidding wars returned! For example, 635 Yosemite Avenue, Mountain View 94041 was listed on 01/30/2020 for $2,448,000 and SOLD 27% “over-asking” to CLOSE at $3,100,000.
As of March 4, 2020, the Bay Area Real Estate currently has 997 ACTIVE Status units (Single Family, Condo and Townhomes available for sale) in the Santa Clara County. FEB 2020 recorded 806 Home SALES ranging from $359,000 (1062 Summershore Court, San Jose 95122) to $8,100,000 (28011 Elena Road, Los Altos Hills 94022), with 28 Average Days on Market DOM. The Average Close Price was $1,337,243 with 46% of the Sales selling between $800,000 – $1,400,000.
CONTACT: Jeni Pfeiffer, Associate Broker, Realtor®