The median sales price for single-family, re-sale homes in June was down for the fifth month in a row and seven of the past eight months, year-over-year. It fell 4.1%. The average sales price was down for the eighth month a row. It fell 4.5%.
The sales price to list price ratio dropped to 101.6% from 102.2%.
Home sales dropped 17.6% from May, and they were down, year-over-year, for the fourteenth month in a row: 16.4%. There were 817 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 thirteen months in a row. Last month, it was up 42% 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, gained ten days to 54 days compared to May. The average since 2003 is 89.
As of July 5th, there were 1,514 homes for sale in Santa Clara County. The average since January 2000 is 2,778.
It is taking twenty-four 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. Sales prices for condos have been lower than the year before seven months in a row.
The sales price to list price ratio was 101.3%.
Condo sales were down 21.2% year-over-year.
Inventory continues to expand. It has been higher than the year before thirteen months in a row.
As of July 5th, there were 697 condos for sale in Santa Clara County. The average since January 2000 is 757.
Days of inventory rose to sixty-eight.
It took an average of twenty-eight days to sell a condo last month.
If you are planning on selling your property, call me for a free comparative market analysis.