Santa Clara County 2020 Market Review
January 2021 Report
Pandemic, shelter in place, mass unemployment, terrible financial hardships for many residents and small businesses, new ways of working, office buildings empty, people move, dreadful fires, an anxious presidential election, interest rates to historic lows, stock market stone weighs, IPOmaniabreaksoutagain, vaccines begin to arrive – and the real estate market went into hyper-drive, with median home sales prices hitting new peaks. The luxury home market in particular was extremely strong. 2020: a year of extremes.
Many factors affect home value: quality of location within the city, architectural style and curb appeal, square footage, condition, views, amenities, extra rooms, parking, decks and yards, privacy, lot size, and soon. There is a vast variety of homes within the region and with in cities and how median sales prices apply to any particular property is unknown without a specific comparative market analysis.
Median sales price is that price at which half the sales occurred for more and half for less. It is a very general statistic that often disguises a wide range of prices in the underlying individual sales. Median sales prices are often affected by factors besides changes in fair market value. Based upon sales reported to MLS – not all sales are reported. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers are approximate. Late reported sales may alter numbers, though typically only to a light degree.
Compass San Francisco Bay Area Reports: https://www. bayareamarketreports. com/
It is impossible to know how median and average value statistics apply to any particular home without a specific comparative market analysis. Many factors affect sales prices besides neighborhood / bedroom count: quality of location within the neighborhood, condition, size, architecture, views, amenities, parking, outdoor space, etc. These analyses were made in good faith with data from sources deemed reliable, but may contain errors and are subject to revision. It is not our intent to convince you of a particular position, but to attempt to provide straightforward data and analysis, so you can make your own informed decisions.
Median and average statistics are enormous generalities: There are hundreds of different markets in San Francisco and the Bay Area, each with its own unique dynamics. Median prices and average dollar per square foot values can be and often are affected by other factors besides changes in fair market value. Longer term trends are much more meaningful than short – term.
Compass is a real estate broker licensed by the State of California, DRE01527235. Equal Housing Opportunity. This report has been prepared solely for information purposes. The information herein is based on or derived from information generally available to the public and / or from sources believed to be reliable. No representation or warranty can be given with respect to the accuracy or completeness of the information. Compass disclaims any and all liability relating to this report, including without limitation any express or implied representations or warranties for statements contained in, and omissions from, there port. Nothing contained herein is intended to be or should be read as any regulatory, legal, tax, accounting or other advice and Compass does not provide such advice. All opinions are subject to change without notice. Compass makes no representation regarding the accuracy of any statements regarding any references to the laws, statutes or regulations of any state are those of the author(s). Past performance is no guarantee of future results.
The Santa Clara County
Luxury Home Market
Market Dynamics Homes Selling for $3 Million+
Median Sales Price is that price at which half the properties sold for more and half for less. It may be affected by seasonality, “unusual” events, or changes in inventory and buying trends, as well as by changes in fair market value. The median sales price for an area will often conceal an enormous variety of sales prices in the underlying individual sales.
Dollar per Square Foot is based upon the home’s interior living space and does not include garages, unfinished attics and basements, rooms built without permit, patios, decks or yards (though all those can add value to a home). These figures are usually derived from appraisals or tax records, but are sometimes unreliable (especially for older homes) or unreported altogether. The calculation can only be made on those home sales that reported square footage.
Many aspects of value cannot be adequately reflected in median and average statistics: curb appeal, age, condition, amenities, views, lot size, quality of outdoor space, “bonus” rooms, additional parking, quality of location within the neighborhood, and so forth. How these statistics apply to any particular home is unknown without a specific comparative market analysis.