The Silicon Valley Real Estate Market Continues to Increase in Value!

The Silicon Valley Real Estate Market like most real estate markets Nationwide has come a long way since the collapse that began in 2008 and lasted through 2011. Unlike other real estate markets around the country you are very fortunate to live in the Silicon Valley Bay Area California, if you do. Lets face it, this is where all of the high paying jobs are. Technology companies and social networking companies line the streets of  Silicon Valley such as Google, Apple, Cisco, Facebook, Microsoft and Twitter, just to name a few. And with limited amounts of available housing to go around, Buyers with jobs earning high salaries, and interest rates remaining at historic lows, Real Estate prices will continue to Increase in Value.

Still we cannot lump the entire Silicon Valley Real Estate Market into one neatly wrapped box. Real Estate has been and always will be a market within a market. What I mean by this is that Real Estate Markets and price valuations will always differ from County to County, City to City, and Neighborhood to Neighborhood. Many factors enter the equation when a particular Buyer is searching for their first, or next home. Proximity to the job or jobs, proximity to freeways and shopping, and one of the major factors is proximity to great school districts. All of these very important "must haves" on a Buyers wish list have a huge impact on any properties price valuation. These "must haves" will almost always supersede a newly remodeled kitchen or bathroom. Updating and remodeling a property can occur at any time, moving a particular property to a different location is another story.

Updated Kitchen of a "Luxury Million Dollar Estate" Sold by Joe Carrero

Below are statistics of available and pending condominiums/townhomes and single family homes from November 2010 versus November 2013 in Santa Clara County and San Mateo County. It is very apparent in this data that the supply of housing remains very low, while the demand remains very high. If this continues, and I do not foresee it not continuing, Home Prices will continue to increase in Silicon Valley, albeit maybe not as dramatic as the way prices increased as we were just coming out of the recent recession. However, Homeownership Nationally is still only at 65.3% based on the third quarter U.S. Census Report released on Tuesday November 5th, versus Homeownership at its peak of 69.2% in 2004.

Santa Clara County

Single Family Residential                Condos/Townhomes

   Available / Pending                        Available / Pending

11/11/13                              1101           1262                               416            533

 

11/08/10                              2978           2683                              1349          1054

 

San Mateo County

Single Family Residential                Condos/Townhomes

   Available / Pending                        Available / Pending

11/11/13                              583            521                                134            193

 

11/08/10                             1484           816                                516            237

 

 

Graph Courtesy of U.S. Census

 

If you would like a Price Evaluation of Your Property, or a Property that you are considering Purchasing, please contact Joe Carrero for more information at his Official Real Estate Web Site: www.InteroCarrero.com Or simply email Joe at JCarrero@InteroRealEstate.com

 

Joe Carrero

Silicon Valley & Bay Area 

Real Estate Specialist Since 1995

 

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