Here is the Real Estate Report for December 2022!!
It has been a roller coaster ride so far for 2022.
Here are a few takeaways for homes located in Stanford Circle:
1) Homes prices were all-time high in April-May 2022 timeframe
2) Since March 2022, average sales prices to list price % have dropped 14 points, 4% below the list price
3) Year over year, the number of homes sold is down by 35%
4) Mortgage- 30-year fixed rate was 3.11% on 12/30, 2.65% on January 2021, and 6.33% on December 1, 2022.
5) S&P is down 30%, and Nasdaq is down 33%
6) Year over year, the average median price is still up 5% compared to last year, and the average sale price is up 7%.
2023 Prediction:
The number of homes for sale will be down by another 15-20%.
Inflation numbers and mortgage rates will start getting better after the 2nd quarter. The home appreciation rate for 2023 will be 1% to 2%.
Stanford Circle- include homes in Palo Alto, Los Altos, Los Altos Hills, Menlo Park, Atherton, Woodside and Portola Valley.
Umang Sanchorawala
DRE# 01471341
M: 650.960.5363
O: 650.323.1111
Statistics are generalities, essentially summaries of widely disparate data generated by dozens, hundreds or thousands of unique, individual sales occurring within different time periods. They are best seen not as precise measurements, but as broad, comparative indicators, with reasonable margins of error. Anomalous fluctuations in statistics are not uncommon, especially in smaller, expensive market segments. Last period data should be considered estimates that may change with late-reported data. Different analytics programs sometimes define statistics - such as "active listings," "days on market," and "months supply of inventory" - differently: what is most meaningful are not specific calculations but the trends they illustrate. Most listing and sales data derives from the local or regional multi-listing service (MLS) of the area specified in the analysis, but not all listings or sales are reported to MLS and these won't be reflected in the data. "Homes" signifies real-property, single-household housing units: houses, condos, co-ops, townhouses, duets and TICs (but not mobile homes), as applicable to each market. City/town names refer specifically to the named cities and towns, or their MLS areas, unless otherwise delineated. Multicounty metro areas will be specified as such. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers to be considered approximate.
Many aspects of value cannot be adequately reflected in median and average statistics: curb appeal, age, condition, amenities, views, lot size, quality of outdoor space, "bonus" rooms, additional parking, quality of location within the neighborhood, and so on. How any of these statistics apply to any particular home is unknown without a specific comparative market analysis.
Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.
