The big news around here is that top-end and midrange properties are selling for essentially what they were selling for a year ago.
Silicon Valley’s real estate market is cooling, and will probably continue to cool as we head into the vacation months. But it’s still good to be a seller here in the Valley.
It’s as challenging to get “cheap dirt” as it’s been at any time in my eighteen-year career.
Welcome to the Mark Twain of real estate markets, where reports of its death are greatly exaggerated.
The early results are in, and it looks like Silicon Valley real estate is still in demand, with one noteworthy exception.
Looking for clarity in Silicon Valley real estate? Here it is: prices are falling, rising and flat. Homes take longer to sell, but open houses are still crowded and the market absorbs what little inventory is available.
The market? Still hot, but not as overheated. The buyers? Strolling, not sprinting, back to the market. Sellers? Almost as likely to raise their list price (“this is what I really want”) as to lower it. Prices? Mostly down, but sometimes up or sideways, but in all cases higher than they were at this time last year.