Real Estate Report – March 2018

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.