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As inventory is being rapidly absorbed at the lower end of the real estate market in Silicon Valley, it causes upward pressure in the middle market (under $1 million).
Here are several examples of recent multiple offers in Cupertino, west San Jose, Sunnyvale and Campbell (compiled by Alain Pinel Realtors colleague Mark Wong):
Cupertino: Â 1034 Pennington Lane - 35 offers
Listed at $875,000; Sold for $950,000+/-
Cupertino: 1115 S. Stelling Road -Â 10 offers
Listed at $799,000; Sold for $875,000+/-
Cupertino: 1123 Scotland Drive – Â 22 offers
Listed at $849,000; Â Sold for $920,000+/-
West San Jose: 6570 Dartmoor Way – 20 offers
Listed at $924,000: Â Â Â Â Â Â Sold for $970,000+/-
Sunnyvale: 825 Nectarine Avenue - 24 offers
Listed at $798,000; Â Â Â Â Â Â Sold for $850,000+/-
San Jose: 520 Patton Avenue – 21 offers
Listed at $449,000; Â Sold for $490,000+/-
Area 18 West San Jose: Â 10420 Pineville Ave -Â 12 offers
Listed at $875,000; Sold for $925,000+/-
Area 15 San Jose: 1427 Antonio Lane - 18 offers
Listed at $598,000; Sold for $650,000+/-
It seems like multiple offers are happening everywhere, not necessarily even confined to the most sought-after neighborhood with good schools. Â However, if you are a homebuyer or homeseller, don’t generalize about your particular situation; Â behavior is not the same in all sub-markets and at all pricepoints.