The Local Lowdown
Quick Take:
- Single-family median sale prices showed gains across the board in April, with San Mateo and Santa Cruz Counties posting year-over-year increases while Santa Clara County held steady.
- Inventory levels remain well below last year, with single-family home inventory down more than 12% year-over-year despite strong spring activity.
- Single-family homes continue to sell quickly, with listings in San Mateo County selling in just 11 days and Santa Clara County in 9 days.
Note: You can find the charts/graphs for the Local Lowdown at the end of this section.
Prices climb across the board as spring momentum builds
The single-family home market in Silicon Valley showed positive momentum across the region in April. San Mateo County posted a 2.19% year-over-year increase in median sale price, with the median home selling for $2,167,500. Santa Cruz County saw even stronger gains at 5.29% year-over-year, with the median home selling for $1,342,500. Santa Clara County held perfectly steady, with the median home selling for $2,100,000, unchanged from April 2025. The condo market continued to face headwinds, with declines across the board. Santa Clara County condos fell 5.96% year-over-year to $750,000, San Mateo County condos declined 4.99% to $790,000, and Santa Cruz County condos dropped 3.98% year-over-year to $737,750.
Inventory remains tight despite the peak of spring selling season
Despite being in the heart of the spring selling season, inventory levels continue to lag behind where they were last year. There are currently 1,996 single-family homes for sale across Silicon Valley, representing a 12.03% year-over-year decline. The good news is that transaction activity remains strong, with sold listings up 1.26% year-over-year and new listings coming in at a steady pace. The condo market tells a similar story, with 867 condos currently for sale, down 6.47% year-over-year. This persistent inventory shortage continues to create a competitive environment for buyers, particularly in the single-family home segment where demand remains robust.
Single-family homes are moving quickly while condos show improvement
Single-family homes continue to sell at a brisk pace across Silicon Valley. In San Mateo County, the average single-family home is selling in just 11 days, unchanged from this time last year. Santa Cruz County homes are also selling in 15 days on average, matching last year's pace. Santa Clara County saw a slight slowdown, with homes spending an average of 9 days on the market, representing a 12.50% year-over-year increase. Interestingly, the condo market is showing signs of improvement in Santa Cruz County, where condos are now selling in an average of 29 days, a 3.33% improvement compared to April 2025. However, San Mateo and Santa Clara County condos are taking longer to sell, with year-over-year increases of 13.64% and 46.67%, respectively.
Silicon Valley remains firmly in seller's market territory
When determining whether a market is a buyers' market or a sellers' market, we look at the Months of Supply Inventory (MSI) metric. The state of California has historically averaged around three months of MSI, so any area with at or around three months of MSI is considered a balanced market. Any market that has less than three months of MSI is considered a seller's market, whereas markets with more than three months of MSI are considered buyers' markets.
The single-family home market remains a strong seller's market across Silicon Valley as we move deeper into spring. San Mateo County has just 1.4 months of supply on the market, representing a dramatic 30% year-over-year decline. Santa Clara County has 1.8 months of supply, unchanged from last year, while Santa Cruz County has 2.9 months of supply, down 25.64% from April 2025. The condo market offers more balance for buyers, with San Mateo County at 3.5 months of supply, Santa Clara County at 4 months, and Santa Cruz County at 4.5 months. With single-family inventory remaining tight and homes selling quickly, buyers in that segment should be prepared to act decisively, while condo buyers have a bit more leverage in negotiations!
