With September now completed, we can take a “Real Estate Hot Take” looking at the best data available on October 2nd.
What is a “Hot Take”?
A real estate hot take is where we take a look at the most accurate data available as soon as possible after a month has finished. What makes it Hot is that this very early data will tweaked, corrected and updated by the MLS system until the third week of the month. That is why we do the “Coffee & Real Estate Live Chat” on the third Saturday – so that we are looking at the most accurate data.
So why do a real estate “Hot Take” if the data is not as accurate as possible?
The short answer is that while the data may not be exactly on the mark, it is still useful for spotting trends, even if those trends expand or contract a bit based how the data might later be changed. With markets changing so much right now, getting a look at the latest information as soon as possible will help buyers, sellers and investors get the most up to date data possible.
Santa Clara County.
We start by looking at the key data for Santa Clara County real estate. Since the county has the highest number of transactions per month, even the early data tends to give great insights.
The San Jose real estate market is very large. With hundreds of transactions a month, it gives us all good data that will likely change little after corrections made by the MLS.
Morgan Hill is a very desirable suburb and bedroom community that has far fewer transactions per month. This makes it more susceptible to seeing changes in the final numbers, but they still tend to indicate trends in a way that is useful.
Like Morgan Hill, the Gilroy real estate market sees far fewer transactions per month than cities like San Jose. Reviewing market data early can still provide good, general trends to help inform your real estate decisions..