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.