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.