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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.”
Although year-over-year home sales have fallen for the second consecutive month, appraiser Roger Miller with Taketa Miller & Associates recently told members of the Silicon Valley Association of REALTORS® that they shouldn’t be too concerned about recent changes in the housing market.
The housing market is “doing just fine overall,” said Miller.
In fact, Miller said this is the longest period of appreciation he has witnessed in his 40 years in business and he believes it will continue for a while.
Homes have appreciated an average of 20 percent in Silicon Valley. Miller indicated the year-over-year median home price is up 23 percent in Los Gatos and up 23 percent in Saratoga. In Mountain View, the median is up a whopping 25 percent, in Cupertino 19 percent, and in Sunnyvale and Los Altos 17 percent.
Miller said inventory has increased, but sales are down in some places and days on the market have lengthened from an average of seven to 10 days to one month in some areas. It’s not a bad thing, said Miller. It just means the market is settling down.
Watch the specific micro market you are in, said Miller. In places closer to Apple and Google, homes are still selling at a quick pace. In Cupertino, a 2,700 square foot home sold for $2.36 million in just nine days. In Sunnyvale, a $1.9 million home sold in nine days. In Mountain View, a 1,400 square foot home priced at $2.3 million sold in eight days.
The Silicon Valley appraiser said the market usually slows down from the second week of May because of graduations and summer vacation. With the school year starting earlier this year, he expects it to heat up again around the second week of August.
“Take a vacation and be ready to come back in mid-August,” Miller told the REALTORS®.
Miller said the local economy is especially good, with Google’s plans of expanding to San Jose. Unless the giant companies like Facebook, Apple, Google, LinkedIn and eBay are transported somewhere else, he believes the housing market will stay hot for some time.
“I don’t see the market coming down in a while. It’s a little down, but even as it settles down, it will settle down at a higher price,” said Miller.
SILVAR’s Cupertino/Sunnyvale District raised $1,100 at its annual Valentine Charity Auction yesterday. Mark Burns served as auctioneer. Burns and auction organizer Carolyn Miller enticed members to bid generously on numerous items, including a twosome round of golf, dinner reservations, plush stuffed animals, chocolates, clothing and accessories, and gift certificates.
This year’s event was well-attended. Scott Fleming, a new SILVAR affiliate, won the big auction item. For his top bid of $350, he received two tickets to a San Jose Sharks game. The tickets were generously donated by Mark Burns, Chris Shupp, Miranda Jung, Kyle Chuang and Richard Miller.
The District thanks everyone who supported the auction. Auction proceeds go to a number of charitable projects the District supports.
“Thank you to all who participated,” said Miller, who has been in charge of the annual auction for the past four years.
Miller also conveyed a special thanks to the affiliates for their strong support and cooperation. “You are again commended on your wonderful cooperation in this event. The participation and support you give to our district is over the top!” added Miller.
Left to right: Jack Walker, Jim Davis, Tara Martin-Milius, Fred Fowler and Bo Chang.
Five of nine candidates vying for seats in the Sunnyvale City Council shared their positions on taxes, housing, energy retrofitting and rent control at yesterday’s Cupertino/Sunnyvale District’s tour meeting. Council seats 4, 5, 6, and 7 will be decided in the November 8 election.
Overall issues that concerned the candidates were the city’s budget, and the planning and development of the downtown area, which they see as a key source of revenue for the city. All of these candidates stated they are against rent control and imposing energy retrofitting at point of sale.
Bo Chang, who is vying for Seat 5, is a REALTOR® and SILVAR member. Having served on the planning commission for the past four years, Chang said bringing downtown to completion is the cornerstone to raising the city’s sales tax revenue. He said raising taxes and imposing fees would be a last resort because this will discourage entrepreneurship. He identified three areas which can economically benefit the city. They include working on fixing the downtown so it can quickly generate sales tax; and the El Camino corridor and Moffett Park, both of which are doing well. Chang would like to see sustainable housing in the center of employment, along transportation corridors and retail services, in order to accommodate residents without transportation. He is for smart growth because smart development is necessary to accommodate residents so they live close to work, which will mitigate the transportation issues. The city also needs to facilitate communication and work with other cities regarding the issue. A longtime resident and having served on the planning commission for the past four years, Chang said he has invested much in the city and would like to continue serving at the council level.
Jim Davis, a recently retired Sunnyvale law enforcement officer, is seeking Seat 6. He is concerned about the city’s finances, especially since it used $13 million of its reserves to balance the budget last year. He said the city did a good job in the past by bringing in businesses, but due to the economic downturn, things changed. The city has not done enough since to bring businesses back. He doesn’t think the city has done much to encourage commercial property owners to improve their property to make the city attractive for businesses. The city needs to invigorate its resources and bring jobs into the community. He said places like Perry Park need redevelopment dollars. He said it depresses him how long the downtown development has been stalled. He believes the city has done a good job keeping the balance but it needs to be aware of where to put new housing. He said it will be a challenge to keep up with the housing balance. He said his 36 years in law enforcement have given him experience dealing in conflict resolution and listening intently. He has followed the city council meetings closely, so if elected, he can hit the ground running.
Jack Walker is also vying for Seat 6. A former Sunnyvale mayor, current board officer of the Sunnyvale Chamber of Commerce and active resident, Walker said the city’s budget and planning issues need to be addressed and he believes he can help. He said the sales tax structure has been primarily retail based. While Moffett Park has been well developed, a drawback is businesses there are service oriented. He is concerned planning decisions are discouraging manufacturing. Walker is against housing in El Camino and said it needs to stay commercial and retail. He believes Sunnyvale is rapidly reaching a turning point where there is no available land for housing. He is concerned about infilling the industrial areas with housing, but some open spaces on the edges of the industrial areas make sense. The city needs to be cautious and make sure density does not compromise existing neighborhoods. He said housing, jobs, revenue, density are all related and intertwined and he feels his past experience as mayor has given him perspective on these issues.
Seeking Seat 7 is Fred Fowler, also a past Sunnyvale mayor, a volunteer with the Sunnyvale Department of Public Safety, and commissioner on the Sunnyvale Housing and Human Services Commission. Since retiring from office, Fowler said he has seen changes in the way the city works and does not feel it is working efficiently. He likes the way Sunnyvale used to be and wants to bring back the best of past practices. Fowler said the city’s revenues are limited and the best thing is to get the downtown working. He said the city’s current tax structure doesn’t make sense because it doesn’t grow with inflation the way the city’s expenses do. He doesn’t believe the city can survive with a sales tax on goods only and would like to explore taxes on the services sector, but lowering rates overall. Fowler believes Sunnyvale needs more housing of all types, especially rental housing. He sees opportunities for more housing in the old ITR zoning areas and would consider rezoning areas with old office buildings and convert them to housing. He said he has the experience, skills and talents available for the city and is ready to get to work.
Tara Martin-Milius is also seeking Seat 7. She has a business in communications and management consulting, chaired the San Miguel Neighbors Association for many years and is a member of the Sunnyvale Arts Commission. Martin-Milius said she wants to represent residents and be their voice in the council. She said the city’s budget has to be fixed. She would love to see the downtown up and going again to enhance the city’s revenue stream. Her priority is to get businesses into Sunnyvale. She said right now property taxes are the biggest line item for city revenue and should not be. She would like to see businesses help feed the city’s income stream. Martin-Milius wants to keep the balance between residential and commercial. She said residents have complained about transition areas to high density. She would like to see mixed use development on transportation corridors like El Camino, but would make sure transition areas work well. The city can’t support itself as a bedroom community; it needs industrial development, she said. With her experience with residents and teaching career, Martin-Milius said she would be able to facilitate council meetings and bring balance to what goes on in the city council.
Silicon Valley Association of REALTORS® says ... 