Monday Market Update: Santa Clara County Is Still a Seller’s Market — But Buyers Are Gaining Leverage
As we head into the final day of August, the Santa Clara County real estate market is sending an interesting message.
Homes are still selling. Desirable properties are still attracting buyers. And in many neighborhoods, sellers continue to have the upper hand.
But the market is changing.
More homes are coming onto the market than are going into contract, price reductions have increased, and buyers appear increasingly willing to wait for the right property — and the right price.
For buyers and sellers in Santa Clara County, and especially here in Almaden Valley, this is becoming a market where strategy matters more than ever.
The Big Picture: Santa Clara County Remains a Seller’s Market
As of Monday, August 31, the median list price for a single-family home in Santa Clara County is approximately $1.85 million.
There are roughly 1,077 homes on the market, while the county’s Market Action Index — a measure comparing sales activity with inventory — stands at 50.
That still places Santa Clara County firmly in seller’s-market territory.
But there is an important change beneath those numbers: the index has slipped from 51 last month, suggesting the market is gradually cooling rather than becoming more competitive.
Another number deserves attention: approximately 24% of current listings have experienced a price reduction.
The median time on market is now approximately 35 days for currently listed homes.
That doesn’t mean buyers suddenly have control of the market. It does mean they have more choices — and more negotiating opportunities — than they did during the most competitive periods of the year.
New Listings Are Outpacing Pending Sales
One of the most revealing statistics comes from the latest completed weekly Santa Clara County market report.
During the week ending August 24:
468 new listings came onto the market.
313 homes went pending.
240 sales closed.
172 listings had price reductions.
New listings increased about 7% from the previous week, while pending sales also increased approximately 7%.
The encouraging news is that buyers are still active.
But 155 more properties came onto the market than went into contract.
At the same time, price reductions jumped nearly 25% from the previous week, reaching the highest weekly level recorded by that report since mid-June.
That is an important signal for sellers.
Buyers have not disappeared. They are simply becoming more selective.
Single-Family Homes Are Still the Strongest Part of the Market
The latest completed MLSListings monthly statistics show just how resilient Santa Clara County's single-family market remains.
In July, the median single-family home sold for approximately $1.9 million.
The median time on market was only 14 days, and homes sold for approximately 102% of their asking price.
There were 987 active single-family listings and 715 closed sales during the month, representing approximately 1.4 months of inventory.
Those numbers continue to favor sellers.
But the condo and townhome market tells a somewhat different story.
Attached properties had a median sale price of approximately $909,444 and a median 29 days on market. Inventory was approximately three months — more than twice the supply level of single-family homes.
This is why broad headlines about the “Santa Clara County market” don't always tell the complete story.
Your neighborhood, property type, condition and price point can produce dramatically different results.
Almaden Valley: A Great Example of a Two-Speed Market
Here in Almaden Valley, the market remains strong, but buyers are clearly distinguishing between properties.
The July Almaden Valley single-family median price was approximately $2.33 million — about 7.7% higher than July 2025.
However, sales activity slowed.
There were 21 sales during July, compared with 28 a year earlier. Active listings increased to 27, and average days of inventory climbed to 39.
Homes still sold for an average of approximately 101.9% of asking price.
In other words, Almaden remains a desirable and competitive market — but sellers can't assume that simply putting a home on the market will produce an immediate bidding war.
Recent Almaden Sales Show Why Pricing Matters
Some of the most interesting evidence comes from recent 95120 sales.
A home on Coffeewood Court recently sold for $1.95 million after being listed at approximately $1.85 million — about 5% over asking.
Meanwhile, a home on Camden Avenue sold for $1.625 million after being listed at approximately $1.65 million and spending 37 days on the market.
Another property on Almaden Road sold for $1.335 million after being listed at $1.37 million and spending 38 days on the market.
That's a significant lesson.
Even within the same ZIP code, one property can sell substantially over asking while another requires more than a month and ultimately sells below its original list price.
Today's buyers are paying attention to value.
What This Means for Almaden Valley Sellers
The strategy of “let's start high and see what happens” is becoming increasingly risky.
With buyers having more choices, an overpriced property can lose momentum during its most important first days on the market.
Presentation matters.
Condition matters.
Marketing matters.
And perhaps most importantly, pricing matters.
The strongest properties can still generate substantial interest, but buyers have become much more reluctant to chase homes they perceive as overpriced.
Sellers should pay particular attention to competing listings, recent pending activity and properties that have required price reductions — not simply the highest sale in the neighborhood.
What This Means for Buyers
For buyers, this may be one of the more interesting windows we've seen this year.
You aren't necessarily walking into a buyer's market. Well-priced homes in desirable neighborhoods can still attract multiple offers.
But there are more opportunities to negotiate.
Homes that have been sitting for several weeks deserve a second look.
Properties that missed their initial offer date may offer negotiating room.
And listings that have already undergone a price reduction can present opportunities that weren't available earlier in the year.
Buyers shouldn't assume every seller will negotiate — but they also shouldn't assume every home will sell over asking.
Mortgage Rates Remain Part of the Equation
Affordability continues to shape buyer behavior.
As of August 31, the national average 30-year fixed mortgage rate is approximately 6.73%, according to Bankrate data reported by The Wall Street Journal.
Rates at these levels make buyers extremely conscious of both purchase price and monthly payment.
That helps explain why today's market can feel competitive one weekend and surprisingly quiet the next.
Buyers still want homes — but affordability is putting a ceiling on how aggressively many are willing or able to bid.
My Monday Market Takeaway
Santa Clara County is not experiencing a dramatic market reversal.
Instead, we're seeing something more subtle — and potentially more important.
The market is becoming more balanced.
Sellers still have an advantage, particularly with desirable single-family homes.
But buyers have more inventory, more information and more negotiating power than they did earlier in the year.
And in Almaden Valley, we're seeing a market increasingly divided between homes that buyers consider exceptional values and homes that simply aren't compelling enough at their current price.
For sellers, this is the time to be strategic rather than overly ambitious.
For buyers, this is the time to stay engaged and watch for opportunities.
And for homeowners wondering what all of this means for the value of their own property, remember: countywide statistics are useful, but real estate is ultimately hyperlocal.
What happens with a home down the street may tell you much more than what happens across Santa Clara County.
If you're considering buying or selling in Almaden Valley or anywhere in Santa Clara County, understanding the market at the neighborhood level can make all the difference.