Though the local inventory has ticked up a bit, San Diego still has an extreme shortage of homes for sale.
Santa Clara is probably the most interesting metro though. For all the stories about tech layoffs, there sure doesn’t seem to be a mass exodus – inventory is 53.9% lower than last year?
Prices seem to be holding up too. We’ve been using this house as our marker.
It listed for $3,195,000 on March 2, 2022 and was overbid substantially during the red-hot frenzy and closed for $3,710,000.
But look at the recent sales nearby. They look supportive of the overbid sales price paid during the frenzy!
But with their inventory way down, one thing to fear is fewer people moving here from the Bay Area! Could it be that the whole California market is slowing considerably? It could grind to a halt in 4Q23.
The Bay Area exodus has been greatly exaggerated. Perhaps there’s been some movement out of the City of San Francisco, but the suburbs have negligible turnover and are are as competitive as ever. My neighborhood in Alameda Co just had its first listing in nearly a year and it sold instantly for asking, which was comparable to the last sale a year ago.
Thank you b for the report!
I guess those laid-off tech workers need to live somewhere?