Real Estate Report – May 2019

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Prices for single-family, re-sale homes were up in May from April. The median sales price rose 2.9% and the average sales price rose 0.1%. Year-over-year was a different story with prices down. The median sales price was off 5.5% and the average sales price fell 3.7%.

The sales price to list price ratio, which had a peak last spring of 112.4%, had dropped ten months in a row before bottoming out at 99.5% in January. It has risen every month since then. Last month it was up to 102.2%.

Home sales rose 40.4% from April, but they were down, year-over-year, for the thirteenth month in a row. There were 991 homes sold in Santa Clara County last month. The average since 2000 is 987.

Inventory continues to expand. It has been higher than the year before twelve months in a row. Last month, it was up 49.2% over last year.

Days of Inventory, or how long it would take to sell all homes listed for sale at the current rate of sales, was down to 44 days. The average since 2003 is 89.

As of June 5th, there were 1,450 homes for sale in Santa Clara County. The average since January 2000 is 2,778.

It is taking twenty-three days to sell a home. That is the time from when a home is listed to when it goes into contract.

Prices for re-sale condos were up last month from the month before but were down year-over-year.

The sales price to list price ratio was 101.3%.

Condo sales were down 4.5% year-over-year.

Inventory continues to expand. It has been higher than the year before twelve months in a row.

As of June 5th, there were 648 condos for sale in Santa Clara County. The average since January 2000 is 757.

Days of inventory dropped to fifty-one.

It took an average of twenty-four days to sell a condo last month.

If you are planning on selling your property, call me for a free comparative market analysis.

Real Estate Report – March 2018

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Prices Set New Highs for the Second Month in a Row

Prices for both single-family, re-sale homes and condos set new all-time highs in March.

The median price for homes has been higher than the year before by double-digits ten months in a row. The average price was up by double-digits for the ninth consecutive month.

The median price for homes rose 27.8% over last March to $1,450,000.

This is also the 73rd month in a row the median price has been higher than the year before.

The average price for homes rose 22.8% to $1,745,230.

The median price for condos gained 27.9% to $900,000. Notably, the median price for condos has been higher than the year before every month since July of 2011!

The average price for condos was up 26.9% over last March.

Multiple offers continue to be the norm. The sales price to list price ratio, or what buyers are paying over what sellers are asking remains at triple digits: 112.4% for homes and 116.1% for condos.

The ratio has been over 100% for homes since March 2012 and for condos since April 2012.

Homes and condos are flying off the shelf. It is taking only sixteen days to sell a home, on average. Condos are taking nine days.

All this is due to an incredible lack of inventory. Since January 2000, Santa Clara County has averaged 94 days of inventory. Last month it was eighteen.

Condos have averaged 87 days since 2000. Last month it was twelve.

As of April 5th, there were 516 homes and 124 condos for sale in Santa Clara County.

Real Estate Report – February 2018

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Prices Set New Highs, Again

Prices for both single-family, re-sale homes and condos set new all-time highs in February.

The median price for homes has been higher than the year before by double-digits nine months in a row. The average price was up by double-digits for the eighth month in a row.

The median price for homes rose 27.5% over last February to $1,380,000. The previous high was set in December.

This is also the 72nd month in a row the median price has been higher than the year before.

The average price for homes rose 25.4% to $1,663,540.

The median price for condos gained 24.1% to $831,500. Notably, the median price for condos has been higher than the year before every month since July of 2011!

The average price for condos was up 26.0% over last February.

Multiple offers continue to be the norm. The sales price to list price ratio, or what buyers are paying over what sellers are asking remains at triple digits: 112.4% for homes and 112.9% for condos.

The ratio has been over 100% for homes since March 2012 and for condos since April 2012.

Homes and condos are flying off the shelf. It is taking only seventeen days to sell a home, on average. Condos are taking eleven days.

All this is due to an incredible lack of inventory. Since January 2000, Santa Clara County has averaged 94 days of inventory. Last month it was twenty-seven.

Condos have averaged 87 days since 2000. Last month it was seventeen.

As of February 5th, there were 538 homes and 123 condos for sale in Santa Clara County.

Santa Clara County Stats – February 2016

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Year-Over-Year

  • Median home prices increased by 1.3% year-over-year to $940,000 from $928,000.
  • The average home sales price dropped by 4.6% year-over-year to $1,210,850 from $1,268,870.
  • Home sales fell by 13.6% year-over-year to 458 from 530.
  • Active listings fell 17.4% year-over-year to 1,467 from 1,777.
  • Sales price vs. list price ratio fell by 1.5% year-over-year to 103.5% from 105.1%.
  • The average days on market fell by 1.8% year-over-year to 31 from 31.

Compared To Last Month

  • Median home prices improved by 4.6% to $940,000 from $898,252.
  • The average home sales price rose by 11.4% to $1,210,850 from $1,087,020.
  • Home sales down by 10.5% to 458 from 512.
  • Active listings increased 35.2% to 1,467 from 1,085.
  • Sales price vs. list price ratio increased by 0.8% to 103.5% from 102.6%.
  • The average days on market dropped by 17.1% to 31 from 37.