Kapowich Real Estate

10/20/2026

October 20, 2026
Before it was Silicon Valley, it was the Valley of Heart's Delight.

Orchards. Apricots. Prunes.

Today, the Santa Clara Valley grows something else: some of the world's most valuable homes.

In September 2026, 728 homes sold across 15 towns and cities—up from 703 a year ago.

Same valley. Very different markets.

Here is each one in 7 numbers. Here is each one in 7 numbers.

Campbell | Cooling, not cold
Homes Sold — 18 (down from 26)
Homes Listed — 27 (up from 23)
Median Sale Price — $1,910,000 (down from $2,134,000)
Avg $/Sq Ft — $1,204 (down from $1,315)
Median DOM — 20 (up from 12)
List Price Received — 102% (down from 105%)
Months of Inventory — 1.6 (up from 0.8)

Cupertino | Barely blinked
Homes Sold — 19 (up from 15)
Homes Listed — 27 (up from 22)
Median Sale Price — $3,120,000 (up from $3,066,420)
Avg $/Sq Ft — $1,747 (flat)
Median DOM — 8 (up from 7)
List Price Received — 106% (down from 107%)
Months of Inventory — 1.6 (up from 1.2)

Gilroy | Picking up speed
Homes Sold — 32 (up from 22)
Homes Listed — 37 (down from 48)
Median Sale Price — $1,129,000 (up from $1,100,000)
Avg $/Sq Ft — $548 (up from $530)
Median DOM — 12 (same)
List Price Received — 100% (same)
Months of Inventory — 2.5 (down from 3.0)

Los Altos | Still on fire
Homes Sold — 25 (down from 29)
Homes Listed — 35 (down from 36)
Median Sale Price — $5,126,000 (up from $4,858,300)
Avg $/Sq Ft — $2,208 (up from $2,051)
Median DOM — 8 (same)
List Price Received — 108% (up from 105%)
Months of Inventory — 1.1 (up from 1.0)

Los Altos Hills | Plays by its own rules
Homes Sold — 9 (down from 16)
Homes Listed — 13 (down from 19)
Median Sale Price — $6,500,000 (up from $5,675,500)
Avg $/Sq Ft — $1,720 (up from $1,675)
Median DOM — 14 (up from 10)
List Price Received — 100% (same)
Months of Inventory — 2.2 (down from 2.4)

Los Gatos | Most homes on the shelf
Homes Sold — 25 (down from 28)
Homes Listed — 37 (up from 30)
Median Sale Price — $2,550,000 (down from $3,112,500)
Avg $/Sq Ft — $1,221 (down from $1,357)
Median DOM — 12 (down from 13)
List Price Received — 103% (up from 100%)
Months of Inventory — 4.0 (up from 2.5)

Milpitas | Opened the floodgates
Homes Sold — 20 (up from 18)
Homes Listed — 35 (up from 13)
Median Sale Price — $1,544,000 (down from $1,680,000)
Avg $/Sq Ft — $1,019 (flat)
Median DOM — 17 (up from 16)
List Price Received — 105% (down from 106%)
Months of Inventory — 2.0 (up from 0.9)

Monte Sereno | Tiny sample, big swings
Homes Sold — 3 (up from 2)
Homes Listed — 5 (up from 3)
Median Sale Price — $4,802,000 (down from $6,275,000)
Avg $/Sq Ft — $2,058 (up from $1,488)
Median DOM — 1 (down from 38)
List Price Received — 107% (up from 101%)
Months of Inventory — 1.2 (down from 1.5)

Morgan Hill | Lower gear
Homes Sold — 22 (down from 36)
Homes Listed — 33 (up from 32)
Median Sale Price — $1,550,000 (up from $1,478,750)
Avg $/Sq Ft — $625 (up from $610)
Median DOM — 25 (up from 23)
List Price Received — 99% (up from 98%)
Months of Inventory — 3.0 (up from 1.7)

Mountain View | Sprinting
Homes Sold — 29 (up from 21)
Homes Listed — 33 (up from 29)
Median Sale Price — $3,020,000 (up from $2,684,000)
Avg $/Sq Ft — $1,786 (up from $1,564)
Median DOM — 8 (down from 9)
List Price Received — 109% (up from 102%)
Months of Inventory — 1.2 (up from 1.0)

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Palo Alto
Palo Alto | Climbing where it counts
Homes Sold — 40 (up from 36)
Homes Listed — 52 (up from 49)
Median Sale Price — $4,168,500 (down from $4,365,000)
Avg $/Sq Ft — $2,178 (up from $2,049)
Median DOM — 8 (same)
List Price Received — 109% (up from 107%)
Months of Inventory — 1.4 (same)

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San Jose
San Jose | The steady giant
Homes Sold — 369 (up from 361)
Homes Listed — 470 (up from 456)
Median Sale Price — $1,568,888 (down from $1,650,000)
Avg $/Sq Ft — $980 (down from $988)
Median DOM — 14 (up from 13)
List Price Received — 102% (down from 103%)
Months of Inventory — 1.7 (up from 1.3)

Santa Clara | Fast, but eased
Homes Sold — 40 (up from 32)
Homes Listed — 53 (up from 51)
Median Sale Price — $1,817,000 (down from $2,178,000)
Avg $/Sq Ft — $1,215 (down from $1,371)
Median DOM — 9 (up from 8)
List Price Received — 105% (down from 108%)
Months of Inventory — 1.4 (up from 0.8)

Saratoga | Foot off the gas
Homes Sold — 24 (up from 19)
Homes Listed — 28 (down from 37)
Median Sale Price — $4,100,000 (down from $4,388,000)
Avg $/Sq Ft — $1,647 (up from $1,631)
Median DOM — 24 (up from 8)
List Price Received — 100% (down from 103%)
Months of Inventory — 1.7 (down from 2.4)

Sunnyvale | Tightest market in the valley
Homes Sold — 53 (up from 42)
Homes Listed — 54 (up from 52)
Median Sale Price — $2,820,000 (up from $2,691,500)
Avg $/Sq Ft — $1,620 (up from $1,550)
Median DOM — 7 (down from 10)
List Price Received — 107% (up from 106%)
Months of Inventory — 0.9 (up from 0.8)

Statistics are helpful. But selling a long-held family home requires an in-person visit for every ZIP code, neighborhood, property, yard, and building.

Selling a family home comes with real responsibility:

Protect the value.
Document every decision.
Provide clarity to every beneficiary.

As a lifelong resident of the Santa Clara Valley, I’ve seen this region transform firsthand. Orchards became neighborhoods. Neighborhoods became tech corridors. Entire cities reshaped over time.

When it’s time to sell, local experience matters.

That is how I know the Santa Clara Valley: Directly. Physically. Continuously.

Realtor@ Pat Kapowich | [email protected] |(408) 245-7700


Information curated from Pro.MLSListings.com, single-family homes. Deemed reliable but not guaranteed. CA DRE Broker License #00979413

10/16/2026

8 siblings. 3 Realtors. 1 family home.

The Challenge
Selling a longtime family home can be complicated enough. Add 8 brothers and sisters, each with their own perspectives, expectations, and concerns, and the process takes on an entirely different dimension.

The Interviews
When Leland Wardell and his family decided to sell their family home, they interviewed 3 Realtors.

What ultimately influenced their decision?

Reason 1 The Roadmap
According to Leland, the first factor was a detailed roadmap for preparing, improving, marketing, and selling the property, including a contractor who could bring the house back to like-new condition.

Reason 2 The Personality
The second was the personality of the person who would be working with the family. In Leland’s words, it was a personality that “could gel with the 8 of us.” The family walked away feeling taken care of.

Why It Matters
That second consideration is easy to underestimate. A successful family home sale requires more than an understanding of property values, marketing, and negotiations. It can require patience, communication, diplomacy, and the ability to keep multiple people moving toward a common objective.

For Attorneys and Fiduciaries
For attorneys, professional fiduciaries, and successor trustees, selecting the right real estate broker can be as much about managing the process as marketing the property.

The Takeaway
After decades in Silicon Valley real estate, I believe one principle deserves more attention. The more complicated the circumstances surrounding a sale, the more important the preparation and the people involved.

09/30/2026

Marketwise column for the Bay Area News Group and its flagships, The Mercury News and East Bay Times

Published: December 25, 2017

Titled: Older home sellers can send the home flippers away while reaping the rewards

By Pat Kapowich

“Not in my backyard” has been replaced with “yes in my backyard.”

Twenty years ago, most Bay Area homeowners were opposed to having secondary housing units in their next-door neighbor’s backyard. Similarly, Accessory Dwelling Units (ADUs) have replaced “granny units” and “in-law quarters.”

Times change. Perhaps the housing shortage and aging population have shifted attitudes. Regardless, according to the California Department of Housing and Community Development, “changes to ADU laws (SB 1069, AB 2299 and AB 2406) will further reduce barriers, better streamline approval and expand capacity to accommodate the development of ADUs.”

The term “housing crisis” is now synonymous with the housing shortage. Young, old, rich or poor have all seen Bay Area rents skyrocket as supply plummets. The new laws deliberately eased parking and other requirements, which will no doubt add housing stock for renters and rental-income ADU owners.


As a Realtor, I know this is another option for many older adults who are traditionally unable or unwilling to sell and move. In fact, our Multiple Listing Service will include a search function for properties with an ADU.

Accessory Dwelling Units — aka Secondary Dwelling Units or Accessory Living Units — are attached or detached new construction. Conversely, a Junior Accessory Dwelling Unit (JADU), repurposes a room within the existing footprint of the single-family residence.

JADUs have a separate entrance but no gas or 220-volt appliances and can be no more than 500 square feet. Two double locking doors are required to connect the unit to the primary residence. The JADU requires an efficient kitchen, while a bathroom is optional.

Senior citizens, now referred to as “older adults,” can maximize the newer term “aging in place.” The ADU can accommodate guests, renters, family members or caregivers. Lest we forget, the homeowner can live in the ADU while collecting rent on the larger home.

Regardless, rental income in the backyards of retirees or a growing family is a safe investment. Thankfully, major banks are working on an ADU-specific home loan that will allow future rents to count toward qualifying.
How much do they cost? One newspaper article stated, “a rock-bottom new one can cost $50,000 to construct.” We’re not talking sheds.

Another reported $200,000 on the high end to complete. Reports also indicate that speeding up the process can dramatically reduce fees and costs. After interviews with the Garrison brothers of MC Contractors & Engineering, I thought it would be prudent to get real-world advice.

Owner Mark Garrison currently has 20 permits open at different building departments from San Francisco to Gilroy. They also recently built a detached ADU in Los Gatos for $335,000. The permits were over 15 percent of the cost.

Garrison confirmed a few of my concerns. Adding an ADU could trigger upgrades to the existing home’s old, undersized water, gas, and sewer lines.

“One can easily spend $75,000 in utility upgrades,” he said. Utility companies bring their respective lines from the street to the single-family home. The contractor will then bring those lines to the ADU. Garrison recalled an attached, non-permitted ADU that triggered the need to add fire sprinklers to both dwellings.

The cost could reach $30,000 in plumbing, labor, fees, and permits. Fire sprinklers aren't mandated in ADUs if the existing house didn't require them when it was built. However, building and fire departments might find a loophole.

Mark’s brother, Tim, author of “Structural Concepts for the Non-Engineer,” shared how many professionals you can hire to build an ADU.

“The primary disciplines typically required are an architect, surveyor, civil engineer, planner, structural engineer, and builder. Secondary disciplines may also be involved, such as a landscape architect or interior designer. Trade contractors usually handle disciplines such as electrical engineering and mechanical engineering.

“If this site is steeply sloping, seismically active or has some other geological issue, you’ll likely need a geotechnical engineer,” Tim added. “If everything goes perfectly, six months minimum. If there are glitches — there’s no upper limit. Realistically I’d estimate a year.”

No matter — the “win-win” investment and security of an ADU or JADU may well be worth the cost and wait.

Realtor Pat Kapowich provides old-fashioned service within a high-tech world. He writes the MarketWise column for the San Jose Mercury News and Bay Area News New Group. He can be reached at 408-245-7700 or [email protected]. SiliconValleyBroker.com.

09/19/2026

For release:
September16, 2026

California home sales and prices rise in August despite higher mortgage rates, housing costs, C.A.R. reports

Existing, single-family home sales totaled 269,620 in August on a seasonally adjusted annualized rate, up 2.4 percent from 263,320 in July and up 1.4 percent from 265,780 in August 2025.
August’s statewide median home price was $901,420, up 1.6 percent from $887,210 in July and up from $900,620 in August 2025.

Year-to-date statewide home sales were up 1.8 percent in August.

SACRAMENTO (Sept. 16) – California’s housing market finished the homebuying season on a positive note in August, with sales and prices posting gains from both the previous month and last year despite continued pressure from high mortgage rates and housing costs, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.

Closed escrow sales of existing, single-family detached homes in California reached a seasonally adjusted annualized rate of 269,620 in August, according to data collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. This annualized figure reflects the number of homes that would be sold in 2026 if August’s sales pace continued throughout the year, with adjustments made for typical seasonal patterns. August sales were up 2.4 percent from 263,320 in July and up 1.4 percent from 265,780 in August 2025.

Statewide sales continued to stay below the 300,000-unit benchmark for the 47th consecutive month, underscoring the market’s continued struggle to build sustainable momentum. Mortgage rates remained elevated in August with 30-year fixed mortgage rates (FRM) averaging 6.67 percent for the month. Since late August, mortgage rates have climbed sharply, with the average 30-year fixed rate surpassing 7.0 percent in the second week of September, according to Mortgage News Daily. As borrowing costs approach a 20-month high and the homebuying season winds down, housing demand may continue to soften in the months ahead.

“Buyers remained engaged in August despite elevated borrowing costs, but the recent rise in mortgage rates and continued economic uncertainty could create some headwinds as we move into the fall,” said 2026 C.A.R. President Tamara Suminski, a Southern California broker and REALTOR®. “At the same time, year-over-year gains show that demand is still there, especially among buyers who are prepared to move when the right home and opportunity come together.”

California’s statewide median home price rebounded in August, rising above $900,000 after dipping below that threshold in July. The median price increased 1.6 percent from the prior month to $901,420, outpacing the typical July-to-August gain of 1.2 percent, though below the 10-year average increase of 2.2 percent. Compared with a year earlier, prices were up just 0.1 percent, marking a fourth consecutive annual gain. Looking ahead, home prices typically ease during the fall and winter months. With mortgage rates recently surging, affordability remains strained and housing demand could weaken further. As sales slow and competition moderates, home prices may face additional downward pressure through the end of the year.

The share of million-dollar home sales declined for the third straight month, slipping from 35.5 percent in July to 35.2 percent in August. Meanwhile, the statewide median price per square foot, a measure less influenced by property size and sales mix, fell 1.4 percent from July to $428 but was up 0.2 percent from a year earlier. Together, these trends suggest that August’s increase in the statewide median price was not driven by a larger share of high-end sales and that underlying home price appreciation remains modest.

“The recent increase in mortgage rates adds another layer of uncertainty to California’s housing outlook, especially as the market moves beyond the peak homebuying season. While August showed that underlying demand remains present, pending sales softened and inventory is taking longer to clear, suggesting buyers are becoming more sensitive to changes in borrowing costs,” said C.A.R. Senior Vice President and Chief Economist Jordan Levine. “If the Federal Reserve decides to take a more restrictive path for the rest of the year, mortgage rates could remain elevated or move higher, further challenging affordability and weighing on market activity this fall.”

Other key points from C.A.R.’s August 2026 resale housing report include:

At the regional level, home sales softened across most of the state’s major regions in August, with three of the five posting year-over-year declines. Sales fell 4.8 percent in Southern California, 4.2 percent in the San Francisco Bay Area, and 3.2 percent on the Central Coast. In contrast, the Central Valley recorded a modest 1.5 percent increase, while the Far North led the state with a 15.0 percent annual gain. On a monthly basis, sales declined in four of the five regions, with the Far North as the only region to post an increase.

At the county level, 28 of the 53 counties tracked by C.A.R. posted year-over-year sales increases in August, including 17 with double-digit gains. Tehama led the state with an 89.3 percent increase, followed by Calaveras (50.9 percent) and Trinity (42.9 percent). Meanwhile, 24 counties recorded annual declines, nine of which fell by 10 percent or more, while sales in Del Norte were unchanged. Glenn experienced the largest drop (-52.6 percent), followed by Mariposa (-40.0 percent) and Kern (-17.2 percent). As is often the case in smaller counties, these sharp gains and losses may reflect low transaction volumes rather than significant shifts in underlying housing demand.
Three of California’s five major regions posted year-over-year median price gains in August, though appreciation remained modest. Southern California led with a 2.9 percent increase, followed by the Central Valley and Far North at 1.0 percent. The Central Coast saw the largest decline (-2.3 percent), while the San Francisco Bay Area slipped 0.2 percent. Month over month, price trends improved from July, with gains in Southern California and the Central Coast, flat in the Central Valley, and declines in the Far North and Bay Area.

At the county level, 32 of the 53 counties tracked by C.A.R. posted year-over-year median price gains in August, led by Glenn (42.9 percent), Trinity (26.2 percent), and Lassen (25.6 percent). Twenty counties recorded declines, with the largest drops in Calaveras (-17.6 percent), Monterey (-16.2 percent), and Lake (-12.0 percent), while prices in Santa Clara were unchanged. As is common in smaller counties, these sharp swings likely reflect low sales volume and changes in the mix of homes sold rather than broad shifts in home values.

Housing supply continued to improve in August as inventory took longer to sell. The Unsold Inventory Index rose 8.8 percent from July to 3.7 months, its highest level in six months, though still below the 3.9 months recorded a year ago. Active listings slipped 1.6 percent from July and were down 6.2 percent year over year but remained among the highest August levels in recent years. The rise in inventory despite fewer listings suggests housing demand softened further during the month.

Active listings fell year over year in 38 of the 53 counties tracked by C.A.R., remaining below last summer’s levels across much of the state. The largest declines were in San Francisco (-53.6 percent), Marin (-28.6 percent), and Trinity (-25.0 percent). Fifteen counties posted increases, led by Calaveras (37.8 percent), Kings (34.8 percent), and Imperial (22.4 percent). Overall, active listings were below year-ago levels in nearly three-fourths of counties.

The median number of days it took to sell a California single-family home was 28 days in August, down from 31 days in August 2025.

C.A.R.’s statewide sales-price-to-list-price ratio* was 98.9 percent in August 2026 and 98.3 percent in August 2025.
The statewide median price per square foot** for an existing single-family home was $428, up from $427 in August a year ago.

The 30-year, fixed-mortgage interest rate averaged 6.67 percent in August, up from 6.59 percent in August 2025, according to C.A.R.’s calculations based on Freddie Mac’s weekly mortgage survey data.

Note: The County MLS median price and sales data in the tables are generated from a survey of more than 90 associations of REALTORS® throughout the state and represent statistics of existing single-family detached homes only. County sales data is not adjusted to account for seasonal factors that can influence home sales. Movements in sales prices should not be interpreted as changes in the cost of a standard home. The median price is where half sold for more and half sold for less; medians are more typical than average prices, which are skewed by a relatively small share of transactions at either the lower end or the upper end. Median prices can be influenced by changes in cost, as well as changes in the characteristics and the size of homes sold. The change in median prices should not be construed as actual price changes in specific homes.

*Sales-to-list-price ratio is an indicator that reflects the negotiation power of home buyers and home sellers under current market conditions. The ratio is calculated by dividing the final sales price of a property by its original list price and is expressed as a percentage. A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, and a ratio below 100 percent indicates that the price sold below the asking price.

**Price per square foot is a measure commonly used by real estate agents and brokers to determine how much a square foot of space a buyer will pay for a property. It is calculated as the sale price of the home divided by the number of finished square feet. C.A.R. currently tracks price-per-square foot statistics for 53 counties.

Leading the way…® in California real estate for 120 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with nearly 190,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Sacramento.

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Realtor® Secure Transaction is your place to discover, access and master the essential tools for a modern, efficient and secure transaction.

09/18/2026

Gary Marsh knows something about reputation.

He began his career as a real estate journalist for the San Jose Business Journal, now known as the Silicon Valley Business Journal. He later built a marketing and public relations firm serving the real estate industry.

Over the years, Gary has met thousands of real estate professionals.

So when a friend called looking for a Silicon Valley Realtor who could “bring their A-game every day” for a complicated real estate transaction, Gary had a reputation in mind.

As it turned out, members of the trustee’s family, including a retired Realtor and three retired escrow and title professionals, were independently hearing the same recommendation.

In every industry, insiders know the go-to professionals by name. They may not be household names. The public may never have heard of them. But within their profession, their reputations travel.

They are the names that come up when the situation is difficult, the stakes are high, and someone asks, “Who would you call?”

08/31/2026

Look Back Series | December 2025 Silicon Valley Home Sale Trends

This post is part of my 2025 Look Back Series. I am documenting how the year ended and how the winter market set the stage for early 2026 momentum across Silicon Valley. Homebuyers and home sellers always want to know how the year actually finished, not just how it started.

Below are the five core indicators for December 2025 across Santa Clara County cities:

Median Sale Price, Median Days on Market, Months of Inventory, Percent of List Price Received, and Avg. Dollar per Sq. Ft.

Alphabetical Order

- Campbell
Median Sale Price: $2.14M
Median Days on Market: 10
Months of Inventory: 0.1
Percent of List Price Received: 107%
Avg. $/Sq. Ft.: $1,406

- Cupertino
Median Sale Price: $3.20M
Median Days on Market: 14
Months of Inventory: 0.6
Percent of List Price Received: 102%
Avg. $/Sq. Ft.: $1,787

- Gilroy
Median Sale Price: $1.08M
Median Days on Market: 17
Months of Inventory: 1.5
Percent of List Price Received: 99%
Avg. $/Sq. Ft.: $568

- Los Altos
Median Sale Price: $4.45M
Median Days on Market: 9
Months of Inventory: 0.3
Percent of List Price Received: 111%
Avg. $/Sq. Ft.: $2,066

- Los Altos Hills
Median Sale Price: $5.40M
Median Days on Market: 14
Months of Inventory: 0.8
Percent of List Price Received: 97%
Avg. $/Sq. Ft.: $1,536

- Los Gatos
Median Sale Price: $3.11M
Median Days on Market: 35
Months of Inventory: 1.5
Percent of List Price Received: 103%
Avg. $/Sq. Ft.: $1,196

- Milpitas
Median Sale Price: $1.45M
Median Days on Market: 15
Months of Inventory: 1.0
Percent of List Price Received: 103%
Avg. $/Sq. Ft.: $941

- Monte Sereno
Median Sale Price: $4.35M
Median Days on Market: 2
Months of Inventory: 0.9
Percent of List Price Received: 101%
Avg. $/Sq. Ft.: $1,645

- Morgan Hill
Median Sale Price: $1.22M
Median Days on Market: 21
Months of Inventory: 1.3
Percent of List Price Received: 98%
Avg. $/Sq. Ft.: $676

- Mountain View
Median Sale Price: $3.07M
Median Days on Market: 8
Months of Inventory: 0.1
Percent of List Price Received: 105%
Avg. $/Sq. Ft.: $1,610

- Palo Alto
Median Sale Price: $4.15M
Median Days on Market: 12
Months of Inventory: 0.5
Percent of List Price Received: 104%
Avg. $/Sq. Ft.: $2,262

- San Jose
Median Sale Price: $1.57M
Median Days on Market: 14
Months of Inventory: 0.5
Percent of List Price Received: 103%
Avg. $/Sq. Ft.: $978

- Santa Clara
Median Sale Price: $1.88M
Median Days on Market: 11
Months of Inventory: 0.5
Percent of List Price Received: 106%
Avg. $/Sq. Ft.: $1,216

- Saratoga
Median Sale Price: $4.26M
Median Days on Market: 12
Months of Inventory: 0.6
Percent of List Price Received: 102%
Avg. $/Sq. Ft.: $1,659

- Sunnyvale
Median Sale Price: $2.20M
Median Days on Market: 12
Months of Inventory: 0.3
Percent of List Price Received: 107%
Avg. $/Sq. Ft.: $1,453

These five indicators show how 2025 closed and how early 2026 began. Inventory remained tight, competition stayed strong, and several cities posted double‑digit sale‑to‑list ratios even in the final month of the year.

Pricing a home is part art and part science. A correct pricing strategy requires an in‑person analysis of the building, the yard, the street, the neighborhood, and the ZIP code. Every property has unique strengths and challenges that a trained eye can identify on site.

I am a lifelong Silicon Valley resident and have guided clients through every market cycle, including the S&L crisis, the dot‑com era, 2008, the pandemic, and beyond.

Over half of Kapowich listings achieve a median of 9 days on market for single‑family homes and 8 days for condos and townhomes.

Accreditations:
CRS and GRI for Seller Representation
ABR for Buyer Representation
SRES and CTP for Seniors and Probate
CRB for Brokerage Management

Data Source: MLSListings®
Compiled and Presented by Pat Kapowich, Broker
CalDRE #00979413

Part Art. Part Science. Kapowich Excels at Negotiations.

08/17/2026

(Here we go again) Tight Inventory Is Fueling a National Off-Market Trend and a Hidden Legal Risk

From the Kapowich Vault. Real estate attorney Simon Offord joined Pat Kapowich to explain how private, off-MLS home sales quietly raise dual-agency exposure. A smaller pool of participating real estate agents increases the odds that the same real estate agent, or agents under the same brokerage, represent both the buyer and the seller.

Offord explains that courts have punished dual agents even when the surrounding facts were otherwise favorable, and that the California Supreme Court settled this question in Horiike v. Coldwell Banker Residential Brokerage Co., ruling that a brokerage owes a fiduciary duty to both parties even when different real estate agents under the same broker represent each side.

The problem this interview describes has not gone away. Home sale prices have nearly doubled since this conversation was recorded, and dual-agency exposure has only grown with them.

For Home Sellers, less market exposure does not mean less risk. It often means a different kind of risk, one with less built-in transparency.

This is not a new problem. Pat served on the Santa Clara County Association of Realtors Off MLS task force in 2010 and 2011, and the same fiduciary conflict examined then is resurfacing now as national inventory tightens and off-market sales trend upward again. Home sale prices have nearly doubled since this interview was recorded. The risk has not gone anywhere.

Full interview link available in the first comment.

Guest:
Real Estate Attorney Simon Offord
Brewer Offord & Pedersen LLP
[email protected]

Before you list, call Pat.

Pat Kapowich, CRB, CTPS | Kapowich Real Estate | [email protected] | (408) 245-7700 | CalDRE #00979413

Home Sellers remain responsible for complying with applicable laws, disclosure obligations, contracts, permit requirements, and professional recommendations related to their specific transaction. Always consult qualified legal, tax, title, escrow, inspection, insurance, contractor, and licensed real estate professionals, or a subject matter expert in your situation, before acting.