Sign of downturn in real estate

To add to list of houses which have either dropped their listing price or those selling for less than asking:

1. 189 Gilbert ave Santa Clara, sold of 28k less than asking prices (for $2.06mill)
2. 797 Durshire way Sunnyvale dropped listing price by $110k (to $1.88mill)
3. 52 Claremont ave Santa Clara (nicely remodelled) dropped listing price by $150k (to $2.35mill)
4. 5548 Greenoak dr San Jose dropped listing price by 100k (to $2.09mill)
5. 1037 W Homestead road Rd Sunnyvale dropped listing proce by 100k (to $2.5mill)
6. 10156 Imperial ave Cupertino dropped listing price by 100k (to $1.775mill)

There is another (two) house(s) that sold for higher than asking -

1. 322 Madrone ave Santa Clara - 1750 sqft house sold for $1.98mill (8/23/18)
2. 337 Montclair dr Santa Clata -  1800 sqft house sold for $1.88mill (9/7/18)

Compare this to other recently sold houses

2. 396 Grinnel ct Santa Clara, 1508 sqft house sold for $2.4mill on 5/8/18
3. 611 Hillsdale ave Santa Clata, 1284 sqft house sold for $2.08mil on 6/30/18
4. 162 Brian ln Santa Clata, 1130 sqft house sold for $2.07mill on 3/28/18.

Here you have a 1750 sqft house selling for less than what say 1100 sqft house sold for 5 months back. At least the trend is clear. Not all listed houses are in good or move-in condition. Even taking that into consideration, trend is clear. There is a definite pull back in real estate prices - which is good for buyers and probably good for the Bay area in general.

Looking at houses in Cupertino around 1200 sqft that sold last year, there is a clear drop in selling price over last 6 months. Here is a small sample -

1. 1134 Derbyshire dr Cupertino, 1190 sqft sold for $2.23mill on 3/8/18
2. 7539 Lockford ct, Cupertino 1120 sqft sold for $2.02mill on 4/6/18
3. 10536 John way Cupertino, 1150 sqft sold for $1.98mill on 8/2/18

There are lot more in the list, but above 3 get the point across. While it is not crashing, there is definitely some headwind on these prices. Folks are not earger to put all they have into the house these days ! 

More real estate stuff

To add on to the previous post, few more homes selling for less than listed price:

5. 1350 S Bernado ave Sunnyvale, sold for 100k less than asking price
6. 1422 Bob white ave Sunnyvale, sold for 30k less than asking price.
7. 4971 Moorpark ave San Jose, sold for ~100k less than asking.

House at:

6139 Shadygrove drive Cupertino CA

has been in market for 28 days. Instead of reducing the price, they have increased it by 100k ! They are probably addressing the same problem as other house but looks like they are trying  Apple's approach, where the the price of Iphone is increased even when sales are going down  :)

Houses that have dropped listing price:

1. 1501 Cedar pl Los Altos, CA dropped listing price by 150K, but price is still close to 3M !
2. 7521 Rainbow dr Cupertino, CA - dropped listing price by 300K, now slightly less than 2M. House in market for close to 50 days !
3. 797 Durshire way Sunnyvale dropped listing price by 100k, it is close to 2M for 1760sqft home.

Tracking Bay area real estate

Is the bay area real estate finally cooling down ? Going by selling prices of homes in this area, this is definitely a million dollar question :)

List of houses in south bay, especially in highly sought after Sunnyvale, Cupertino, Santa Clara area  that have dropped listing price in first week of August 2018 (as observed from Redfin) -

1. 1686 Meadowlark lane Sunnyvale - dropped listing price by 288k
2. 21980 Mcclellan road, Cupertino - drooped by 100k
3. 10341 N Portal ave cupertino - dropped listing price by 300k
4. 1179 Alderbrook lane San Jose - dropped listing price by 48k
5. 396 Sloat ct Santa Clara - dropped listing price by 150k

In addition to that some of recently sold houses have sold for less than asking price, which is unheard of in Bay area ! Here is list of house that have sold less than asking -

1. 20805 Fargo drive, Cupertino (3000 sqft) sold for less than asking price on Aug 6, 2018.
2. 10180, N Blaney ave, Cupertino, reduced their initial listing price and sold on July 31, 2018.
3. 6022, Countess ave, San Jose, sold for 38k less than asking price on Aug 6.
4.826, Dartshire way, Sunnyvale sold for 250k less than asking on Aug 9, 2018 !

It is hard to tell at this point if this will be a long term trend. But there is definitely a downward pressure on the prices starting Aug 2018.