Prices Reach New All-Time Highs

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Home prices continue to advance in accordance with supply and demand. There is strong demand and a definite lack of supply.

From January 2000 through December 2013, inventory averaged 3,456 units on the market each month. Since November 2013, inventory has averaged less than 1,500 units for sale.

Pending sales also continue to be anemic. They have been lower than closed sales for the past four months, portending a continuing slow down in sales in Santa Clara County.

Although condo prices also reached new highs last month, inventory and pending condo sales are much healthier.

Pending condo sales were actually up 6.4% year-over-year, although they are still lower than closed sales.

August Market Statistics

Year-Over-Year

  • Median home prices increased by 15.2% year-over-year to $870,000 from $755,000.
  • The average home sales price rose by 23.6% year-over-year to $1,154,130 from $933,508.
  • Home sales fell by 29.7% year-over-year to 910 from 1,295.
  • Total inventory* fell 40.7% year-over-year to 1,971 from 3,325.
  • Sales price vs. list price ratio fell by 0.5% year-over-year to 103.2% from 103.7%.
  • The average days on market rose by 16.8% year-over-year to 26 from 22.

Compared To Last Month

  • Median home prices improved by 0.2% to $870,000 from $868,000.
  • The average home sales price rose by 2.9% to $1,154,130 from $1,121,460.
  • Home sales Down by 12.7% to 910 from 1,042.
  • Total inventory* dropped 4.3% to 1,971 from 2,060.
  • Sales price vs. list price ratio dropped by 0.7% to 103.2% from 104.0%.
  • The average days on market increased by 15.0% to 26 from 22.

Condominium Statistics

Year-Over-Year

  • Median condo prices increased by 31.8% year-over-year to $560,000 from $425,000.
  • The average condo sales price rose by 31.5% year-over-year to $602,755 from $458,243.
  • Condo sales rose by 32.1% year-over-year to 379 from 287.
  • Total inventory* rose 3.4% year-over-year to 642 from 621.
  • Sales price vs. list price ratio fell by 0.7% year-over-year to 103.0% from 103.8%.
  • The average days on market rose by 18.1% year-over-year to 23 from 19.

* Total inventory is active listings plus contingent or pending listings. Active listings do not include contingent listings.

 

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