Taking a look at the Top 15 neighborhoods in Santa Clara County, the numbers show clearly the AFFORDABILITY and DESIRABILITY influences in our housing market. Whether it is a single family detached home or a condo/town home, the affordability moves sellers and buyers into markets like Blossom Valley and the South County of Morgan Hill, Gilroy, and San Martin.
Price points above $1 Million also have fewer sales or are less desirable areas due to commute or schools. We are seeing less movement in the higher end market, which is somewhat typical, but can also be due to refinances last year have higher end homes at 3.75% interest rates. If you live in a very desirable neighborhood, and have a 30 year fixed in at 3.75% interest on your loan, you may not be in a hurry to sell.