San Benito County sits at the southern end of Santa Clara County. Silicon Valley sits in the heart of Santa Clara County. Some people would say that San Benito County is a bedroom community for Silicon Valley. The population of San Benito County is just over 60,000 according to according to the United States Census. The county seat is Hollister.
Now that you know where San Benito County is. Let’s talk about the real estate market.
What’s Currently Going On?
According to MlsListings, as of July 25, 2019, 113 single family homes are on the market in the San Benito county area. Fourteen of the one hundred thirteen homes are under $500,000. Twenty-one homes are at $1,000,000 and above. Eighty-six have pending sales, meaning that they are under contract. Of those fourteen that are under 500,000, nnly one is above $1,000,000. In the past 30 days fifty-one homes have closed escrow (sold). The average list price of the homes sold were $597,177 and the average sale price was $591,047. The average days on the market was 36 days.
What About Last Year?
This same time last year there were fifty-three homes sold in the same area from June 25, 2018 through July 25, 2018. The average list price of those homes were $674,592. Although, the average sale price was $669,260. It took less time to sell, the average days on the market was 24 days.
Let’s Take a Closer Look
Charts Time frame is from Aug 2018 to Jul 2019
Possibly Looking at it Another Way is Better
So What does this Mean?
Well, I have a couple thoughts on this. In the past few years affordability was hard to come by. The home prices were sky high and the first time buyers could not afford them. Currently the prices have come down a bit and the interest rates are awesome. Yes! The interest rates are awesome. Although your credit score requirements are tighter and first time buyers tend to have debt. Be it toys or college debt. It appears that we are going to see even better rates coming toward the end of the year. Mind you, I don’t have a crystal ball but there are indicators showing signs of one maybe two more drops. Holy Cow! I can’t even imagine! Our first house, the interest rate was 11 3/4% and we thought we got a great deal!
So, if any of this information gives you the inkling to know what’s on in the market check out this link.
If you are curious about the process of buying or selling here’s a link for you. There are a couple eguides with good information.
And, if you just want to chat, contact us here