August 2023 Market Update: Silicon Valley Real Estate

August has not been kind with economic indicators, though they can change direction very quickly.

 

The daily average interest rate has been rapidly climbing in the last 10 days. However, fast interest rate increases have yet to fully slow down the economy.

 

Current Market Trends: The current market has extremely limited inventory because of the elevated interest rates, making it impractical for homeowners to let go of the favorable 2-3% interest rates they obtained over the past couple of years. Due to the scarcity of available properties, eager buyers are quick to seize opportunities in desirable neighborhoods. Particularly, houses in excellent condition generate significant interest and are sold within a week, often receiving multiple offers.

 

Upcoming Events: Beyond the real estate market, our community is buzzing with exciting local events! Make sure to scroll down to the Upcoming Local Events section below.

 

These events offer an excellent opportunity to engage with the vibrant community around us and create lasting memories.

 

Whether you are considering a real estate move this year or the next, we'd love to sit down with you and discuss your goals. Let's strategize and create a plan tailored to your specific needs and preferences. Don't hesitate to reach out to us at (650) 988-5114 to get started. Our dedicated team is eager to assist you in achieving your real estate objectives!

 

 

Weekly average interest rate (as of 8/17/23) ticked back up over 7%: About the same as in November, which was a 20+ year high.

 

 

Unusually, jumbo rates have been ticking above conforming rates in recent months: While conforming rates are about the same as last November, jumbo rates are now higher.

 

 

Stock markets: Still well up in 2023, but have dropped since the late-July highs (but significant changes can occur daily).

 

 

New Census data on why people move in the U.S.

 

 

Frequency of selling: The latest data is through 2021. Even before the "mortgage lock-in" effect impacted the number of new listings coming on the market, inventory was falling due to the big decline in turnover. Generally speaking, younger homeowners sell (much) more often than older age segments (up to 75), and condo owners sell (much) more often than house owners.

 

 

 

 

 

 

SOLD | 1952 McNair St

East Palo Alto

4 Bed | 2.5 Bath | 1,890 SF

 

 

PENDING WITH MULTIPLE OFFERS | 1029 West Hillsdale Blvd

San Mateo

3 Bed | 2 Bath | 2,400 SF

 

Thu, Sep 7, 2023 at 6:00-8:00 PM

 

Grab your blanket or lawn chair and come to The Village at San Antonio Center to hear the musical stylings of Matt Bolton, a modern-day one-man band. Free to attend, event registration is encouraged.

 

Location: 645 San Antonio Rd, Mountain View

 

 

Sept. 9-10, 2023, Sat: 11 AM to 7 PM, Sun: 10 AM to 6 PM

 

The Mountain View Art & Wine Festival is 'A Festival Like No Other' and this year marks its spectacular 51st Anniversary Celebration!

 

It’s Silicon Valley’s World-Class Art, Music & Food Festival, voted Best Festival by Metro readership for more than a decade.

 

Location: Castro Street between El Camino Real and Evelyn Avenue, Mountain View CA

 

 

 

Sept. 9 - Oct. 1, 2023, Thurs, Fri & Sat: 8 PM, Sun: 2:30 PM]

 

Sunnyvale Community Players (SCP) is proud to present the beloved children’s classic 'Disney’s The Little Mermaid'.

 

Tickets are $44 for adults; $38 for students and seniors (age 55 and older). $25 for Children 10 & Under They are available online at sunnyvaleplayers.org or through the box office at (408) 475-1198.

 

Location: Community Center, 550 East Remington Drive, Sunnyvale

 

 

Fri & Sat, Sept. 22-23 & 29-30, 2023, 4 PM-10 PM

 

Traditional Oktoberfest menu including Schweinshaxe, Nuernberger Sausages, Baked Chicken, etc. will be available.

 

We will have the regular Oktoberfest fun, with a best-dressed contest, and of course our annual Stein-Holding competition.

 

 

Location: 383 Castro St, Mountain View