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Silicon Valley home sales bounced back in June, as lockdown restrictions eased, bringing sellers and buyers back to the marketplace. The San Francisco Bay Area saw a moderate 3.6 percent increase in home prices and a 69.2 percent sales increase from May. Santa Clara County made a major comeback in sales volume, price, and new listings.

“The housing market is making a good recovery which will hopefully continue,” said Mary Kay Groth, president of the Silicon Valley Association of REALTORS®. “The pandemic hasn’t stopped buyers.”

Santa Clara County saw June packed with a higher sales volume and strong prices, according to data from MLSListings presented in the Aculist Monthly Market Minute report by Aculist senior product marketing manager Michelle Ronco. Ronco noted the change in sales volume illustrates the market’s recovery. Santa Clara County sales volume in May was barely half (49 percent) of the sales volume in May 2019, then rose steadily in April to 62 percent. By June, sales volume increased to about 98 percent of sales volume in June 2019.

Santa Clara County’s median home price reached $1,382,000 in June, up 1.2 percent from May’s median of $1,365,000, and up 2.4 percent from the June 2019 median of $1,350,000. Although inventory is down 33 percent year-over year, new listings have increased for two straight months, from 732 in April, to 1,045 in May, and 1,066 in June – a clear sign that sellers are returning to the market. The county’s sales-to-list price ratio in June was 101 percent, just one percent lower than a year ago.

Further highlighting the market’s rebound are places that experienced month-over-month increased median home prices. These include cities in the local REALTOR® association’s service area, like Saratoga, Los Gatos, Los Altos, Los Altos Hills, Cupertino, Santa Clara, Palo Alto, Sunnyvale, Mountain View. The cities of Los Altos Hills, Mountain View, Sunnyvale, Los Gatos, Cupertino, Saratoga, Santa Clara, San Jose also saw new listings increase from May to June.

Ronco added average days on market dropped in June – in some cases by nearly half of the previous month. In hot markets, like Cupertino, the average DOM fell from 22 days in May to 12 in June, Monte Sereno, from 75 days to 44; and Sunnyvale, 27 days to 18. This means buyers have less time to decided on a purchase due to heightened competition.

“The virtual tours and virtual open houses have appealed to buyers. Traditional open houses are still not allowed, but in-person showings by appointment and limited to just three persons at one time, including the agent, have helped clinch many deals,” said Groth. “At our association’s REALTOR® district virtual meetings, our members are reporting multiple offers are taking place on properties that are priced competitively.”

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