At the end of 2024, we saw an unusually competitive market for the holiday season due to motivated buyers and record-low inventory. So far this year, the number of new listings in Santa Clara County has jumped significantly—making this the strongest inventory Q1 since the height of the COVID-era housing boom. Even with more homes hitting the market, inventory remains well below pre-pandemic levels. This long-term supply squeeze is due to a combination of factors, including the "Lock-In Effect"—where homeowners are holding on to ultra-low mortgage rates. Despite more homes for sale now, there still aren’t enough to meet demand.
And that demand? Still strong. In fact, March set a new record for the median sales price in Santa Clara County—surpassing the previous peak from just last year. It was only the second time in history that the median price exceeded $2 million. We expect price appreciation to slow somewhat in the coming months as buyers have more options. Still, well-presented and strategically priced homes continue to stand out.
Rates peaked in January but began falling through early April—only to spike again mid-month. This level of volatility is rare and driven by multiple factors. Some point to inflation and U.S. deficit concerns, while others cite geopolitical tension and a reevaluation of U.S. debt by major bondholders like China. A more technical explanation is that large hedge funds may have been forced to liquidate positions, which can quickly swing bond markets.
The bottom line? Mortgage rates are sensitive to more than just Fed policy right now, and we expect them to remain bumpy. If you're considering a purchase this year, we can connect you with a trusted lender to help navigate the timing.
The National Association of REALTORS® recently revised its Clear Cooperation Policy (CCP), which governs how and when agents must list homes on the MLS. The core rule hasn’t changed: once a property is publicly marketed (through a sign, social media, etc.), it must be added to the MLS within one business day. However, NAR clarified that private, one-on-one communication between agents does not count as public marketing.
This gives sellers more flexibility—especially those with privacy concerns or tenant-occupied properties. They can still opt for an “office exclusive” listing that’s shared only within a brokerage. Zillow is responding to this shift too. Starting May 2025, they will no longer allow listings that were publicly marketed off-MLS before hitting the MLS to appear on their platform—even if the listing is later added. This policy supports full MLS transparency and discourages agents from using “private exclusives” to divert traffic to other platforms. If your listing strategy includes privacy or timing concerns, we’re happy to guide you through your options—including the pros and cons of MLS delays or exclusives.
