Just wanted to give you all a quick update on the current real estate market for August 2016 so you make informed decisions going forward.
There are a lot of signs in the market that led us to believe that the market will be shifting (from sellers market) toward a more balanced seller/buyer market as we have start seeing average days on market (DOM) increasing and the monthly supply of inventory increasing which is good news for buyers and their agents from negotiation perspective.
Also, the # of expired listings are on the rise across Santa Clara county which will force sellers and their agents to drop the prices to be more realistic with the market.
Typically, we like to see 4-5 months supply of inventory for each area in the silicon valley (i.e., considered as healthy market for both buyers and sellers). Some of the areas are at 4 already (especially the high end) and the rest are still hoovering around 2 and 3.