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Statewide sales data shows most California housing markets are doing better now than a year ago, with sales and median prices on the rise.
In October, the state saw home sales bounce back, reversing two straight months of sales declines and registering the fastest year-over-year sales pace in more than 40 months, according to data from the California Association of Realtors.
The statewide sale of single-family homes in California totaled 264,870 in October, up 4.7% from the 253,010 homes sold in September and up 9.5% from a year ago.
The statewide median price also climbed in October from both the previous month and a year ago. The October median price of $888,740 rose 2.4% from September’s median price of $868,150 and 5.8% from October 2023’s median price of $839,990.
According to the California Association of Realtors, the month-over-month price gain was the largest in 45 years. October marked the 16th consecutive month of annual price increases.
Peninsula market trends
While the Peninsula saw sales increase overall compared to last year, not all markets in the region saw their median home prices increase. Here’s a look at local market trends on the Peninsula:
Sales volume: up
According to the state data, the San Francisco Bay Area experienced the highest annual sales increase (16.2%), with San Mateo and Santa Clara counties each seeing a 15.6% increase in the number of homes sold compared to the same time last year.
Median sales prices: Up and down
Santa Clara County saw its median home price jump to $1.99 million, up 10.2% from last year’s $1.8 million, and up 3.2% from the previous month of September.
This trend was not reflected in San Mateo County. While the county saw its sales volume increase by double-digits, its home prices appear to have leveled off. The county’s October median price of $2 million reflects a 4.8% decline from the previous month and from last year’s median price, both of which were $2.1 million.
Local cities that saw year-over-year double-digit price increases include Saratoga (10%), Palo Alto (14%) and Campbell (13%).
Over-asking offers: Up
Based on the number of homes that are selling at an over-asking price, local experts say the Peninsula is a seller’s market.
“Overall, buyers continue to pay over-asking, at an average sale-over-list-price ratio of 106% in Santa Clara County and 108% in San Mateo County,” Eileen Giorgi, president of the Silicon Valley Association of Realtors, said.
The sale-to-list ratio is used to measure the final sale price of a home against its original listing price, and is expressed as a percentage. A ratio above 100% typically indicates a seller’s market, where homes often sell for more than their listed prices.
Silicon Valley Association of Realtors (SILVAR) is a professional trade organization representing 5,000 Realtors and affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term Realtor is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of Realtors and who subscribes to its strict Code of Ethics.
