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Median Days On Market

2024-12-17 by webmaster

The roughly two-year-long pronounced difference in house price growth between Santa Clara County and cities near San Francisco invites us to examine other trends.

The volatility of “days on market (DOM)” makes it a trend that is harder to use when looking for changes in real estate trends. DOM is an important attribute to look at, however. It is what sellers, buyers, and agents feel. DOM is also widely available for Silicon Valley cities because our local MLS’s publish it and when listing agents begin listing a new home for sale, they will almost always look at it and share it with their home seller.

DOM has been quite low for Daly City houses since the beginning of 2023 up to the present (Dec 17, 2024). Even the median DOM shows significant volatility during this period, varying from about 11 days to almost 20 days.

Now look at DOM for a Santa Clara County city such as Sunnyvale. The median days on market for a Sunnyvale house has barely moved from 8 days to 7 days from the beginning of 2023 up to the present (Dec17, 2024). The median DOM had been low between 2012 and 2022 but showed noticeable volatility.

It would be easy to conclude that home sellers, home buyers, and real estate agents have good agreement for how much each house can be sold for.

What we see in Sunnyvale during this period is that 70 to 80 percent of houses are selling over list price, and the average sales price to list price has varied between 105% and 112%. It should be noted that average and median Sunnyvale house prices are very close to each other. The initial expected price does not seem as consistent as the agreed-upon price between seller and buyer.

It is hard to draw any conclusion about Sunnyvale’s (and several other nearby cities) median DOM other than that both home buyers and home sellers believe the best price can be reached within one week. Homeowners, whether current or prospective, have widely varying expectations and knowledge. It would appear that the real estate agents involved are providing information that is effective in reaching an agreement. The same does not hold as strongly for cities near South San Francisco such as Daly City. No connection is seen between DOM and house price trends at this time.

Filed Under: Real Estate Market Trends, Uncategorized Tagged With: cities near San Francisco, days on market, sale price vs list price, Santa Clara County cities

Hello world!

2021-12-29 by Jeffrey R Keller

Welcome to WordPress. This is your first post. Edit or delete it, then start writing!

Filed Under: Uncategorized

Zestimate – Zillow Lost $304,000,000

2021-11-09 by Jeffrey R Keller

In 2018 Zillow announced “Zillow Offers” which gave home sellers an opportunity to sell their home directly to Zillow without listing their home for sale on an MLS. With the Covid-19 pandemic leading to restrictions on holding open houses it would seem that 2021 would be a great opportunity for the program. Zillow would use its Zestimate to begin the offer price and use an in-person visit to adjust for the cost of needed repairs.

Zillow’s Nov 2, 2021 earnings report and discussions indicate 2021 was not a great opportunity. The company posted a $304 million inventory write down in its third quarter and said that the total write down would be more than $540 million. Zillow will shut down its Zillow Offers division, leading to a 25% reduction in employees.

One of the eye-opening statements made in the company’s shareholder letter written by CEO, Rich Barton, and chief financial officer, Allen Parker, was “Our aim was to become a market maker, not a market risk taker.” The Zestimate apparently did not give them adequate short term future prices.

Does “market maker” bring up comparisons to the Hunt brothers effort in 1979 to become a market maker for silver which drove up the price of silver from $6 per ounce in early 1979 to $50 per ounce in January 1980?

Read more at Zillow Zestimate.

Filed Under: Uncategorized

Making A Purchase Offer

2020-03-26 by Jeffrey R Keller

For many years in Silicon Valley, a purchase offer for a home was typically made at a specified “purchase offer date” promoted by the sellers’ real estate agent. A preemptive offer would sometimes be made, before the purchase offer date, by buyers who were especially motivated. With restrictions on meetings caused by the coronavirus, making a purchase offer is going to become similar to making a preemptive offer. Each potential buyer will submit his offer when he decides to, and he will have minimal knowledge of any competing buyers. The value of the knowledge a top agent has and the value of the agent’s network will surely increase.

Filed Under: Uncategorized

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