The Santa Clara market tightened up for the last month of the year, as home inventory dropped, which is typical for the holiday season. There were very little new listings and many homes that had been sitting on the market were finally sold and will be closing in January. Moving forward to expect home inventory to expand. Generally buying activity is pretty hot in the beginning months of the year, as inventory is ramping up.
The current conditions in the Santa Clara housing market: Mortgage rates are still hovering around their 7-year highs and expected to climb more in 2019. Values of homes in Santa Clara have been dropping since June, and are expected to drop more in 2019. The stock market has experienced lots of volatility in the last few weeks and is at a 14 month low. Seasonal inventory for the holiday has dropped, but are at the highest levels in the last 6 years.