AgentMarkets & Economy

Silicon Valley condos and townhomes selling in record time

MLSListings released its April data for sales in Silicon Valley counties
  • The days on market in Santa Clara and San Mateo counties fell to 14 days in April.
  • Home prices dipped 2 percent annually in April in Santa Clara.
  • Single-family home sales fell in four out of five Silicon Valley counties.

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With each passing day, it seems as though homes are selling faster and faster in Silicon Valley. In fact, closing time has nearly been cut in half from January to April in Santa Clara and San Mateo counties, marking a record-breaking month for Silicon Valley real estate. MLSListings recently released its data for San Mateo, Santa Clara, Santa Cruz, San Benito and Monterey counties for the month of April for condo and town home sales. This sector of the real estate market has been booming as of late and records are being broken across the region. In Santa Clara and San Mateo counties, the days on market fell to a mere 14 days in April, compared with 26 days in January. While prices did fall slightly in Santa Clara by 2 percent, San Mateo saw a boost of 25 percent for the median home price. Days on market fell most significantly in Monterey County, dropping 49 percent to 37 days. San Benito County followed fairly closely behind with a 41 percent drop to 36 days. Home pri...