New Listings continue to pick-up in South Bay: Real-estate trends for April 2024

 The real-estate market trend numbers are available for April 2024. To review the charts used here, you can visit www.vishalkarnik.com

New Listings: In the South Bay metro comprising of San Jose-Sunnyvale-Santa Clara in California, the new listings are up 40% YoY in April 2024 and 25% from previous month of March 2024. This in spite of the fact that the interest rates continue to stay high around 7%.

Active Listings: The active listings have grown by 25% YoY driven by the increase in new listings. As the real-estate sales cycles are longer, the new listings are driving increase in active listings available on the market. This should give inventory options for the buyers to explore homes that are more likely to find what they are looking for.

Median Listing Price: The median listing price has reduced by 4% YoY.  Although this time last year saw a peak in the median listing price, which cooled down for the rest of the year in 2023. If the interest rates continue to stay high, the median listing prices might continue to stay flat or see a slight downward correction.

Median Listing Price Per Square Foot: The median listing price per square foot continues to be flat Year-over-Year. Which taking into account inflation, offers a bargain on the price of the homes. So buyers looking to find good deals, should be looking for properties and get on the negotiation table. 

Median Square Foot: The median square foot has reduced by 8%. This indicates higher sales activity on condos and townhomes, while the SFH (which have bigger square footage) are coming less on the market. Again, last year April had a peak for this metric as well, giving tough comps for 2024.

Santa Clara County: The median days on market has dropped by 24% YoY.

Overall in California: The median days on market is down -14% YoY indicating that there is high demand and lower supply of houses for sale in the market. Some of the other states are seeing higher median days on market especially in Maine (27%), Florida (13%), Alaska(22%).

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