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Whitelaw and Sons Real Estate Morgan Hill
Whitelaw and Sons Real Estate Morgan Hill
11% Jump In Home Inventory!

Written by Robert Whitelaw, Realtor®/Broker/Owner

Born and raised in Silicon Valley, Robert has helped clients successfully buy, sell and invest in real estate from Palo Alto to Gilroy and Los Gatos - and beyond! Robert rates his success on providing the highest level of value to his clients.

June 6, 2022

Is this change in home inventory just the first step toward a market downturn?

Increase in inventory is a good thing

All through this booming market, we have discussed the key elements that were causing prices to rise so quickly. Low inventory has been at the heart of those discussions and any move toward increasing inventory should bring more balance.

The national numbers are nothing compared to our local home inventory numbers!

Dramatic home inventory increases in Santa Clara County for May 2022.

Santa Clara County real estate numbers more than DOUBLED the home inventory increase that has been reported nationally.

Home price increases have slowed as well.

We are still seeing homes selling for over asking, but not as robustly as before. This change feels like the beginning of a shift that is also happening when the market is supposed to be reaching its peak for sellers.

Homes appear to be staying on the market.

What is interesting is that the number of new listings in May for Santa Clara County was on par with the national number. So that indicates that this increase is mostly homes listed in previous months that are still on the market. With home inventory now staying on the market longer, that can spell more opportunities for buyers.

Sources:

Weekly Housing Trends View — Data Week Ending May 28, 2022

I also promised you a look at the actual numbers from the MLS for Santa Clara county. Here they are for your review:

 

Check Out The Last Show!

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I came across an interesting article where the Chief Economist for the National Association of Realtors suggests that home prices in 2023 will go up by about 1%. We will chat about that and offer up an alternative viewpoint – particularly regarding what is likely to happen right here in Silicon Valley.

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