McKae Properties Real Estate Market Commentary

 As we have moved through the shut down, movement out of the state and cities single family homes have remained in a "seller's market".  It did not matter if prices were cut homes sold quickly indicating a seller's market.  That condition did not only exist in Silicon Valley it existed throughout the United States. As we progressed through the summer, "The Zillow Market Reports" had low to negative forecasted market values.  Those reports were focused on zip code areas.  The zip codes price values indicated the future price movement based upon current sales. Those prices values are now seeing price increases over the former forecasts. 1. 94061 one year forecast +3.5%, 2. 94061 + 3.2%, 3. 94020 +6.0% (fires be damned: price and quality of life are the winners), 4. 94062 +2.9%, 5. 94027 + 1.7%, 6. 95125  +2.1% As a result here are the sales in San Mateo and Santa Clara County as of September 26th. RESULTS . Sine the beginning of the year home prices in Califor

 I have watched with amazement on how vibrant the real estate market has been in the Luxury level.  (That level being everything over $1 million.)  So when the recent issue of the September 2020 Luxury Market Report came across my desk from the Institute for Luxury Home Marketing I took it up with abandon!   In hopes that I could get some idea of why and where we are going in the Luxury Real Estate Market for myself and my clients.  As you click on the hyper link previously you will note that the entire United State has a commonality of performance, Sales price less than List price but short days on the market.  The Days on the Market indicating a "Seller's Market"!  Irrespective on a sale less than the list buyers were active to jump on price cuts to obtain the house they desired.  The first part of the Report will explain the difference between "buyer's market", "seller's market" and "balanced market".  Then comes the premise of th

I needed a break to review our present situation and look at the various forecasts for real estate values.  The markets I follow indicate to me acceptance of buyers at levels below what has been posted.  The cuts represent the buyers reluctance to accept the idea that prices are going higher.  The buyers do want homes in areas that require move in condition and conditions that they are looking for based upon today's buyer's attitudes. The comments below are those from 2 weeks ago when I decided to stoop and re-evaluate. After the remarks I will post my closing comments based upon my research. TWO WEEKS AGO:  With the movement out of San Francisco and New York City and if we are to believe the media, out of big cities.  Where are they going? Redfin has a great site for those of you who like to do some research in price and market analysis redfin.com/blog/data-center. In the San Jose Silicon Valley market center 77.8% of the searches are within the Bay Area.  22.2% elsewhere with