The median sales price for single-family, re-sale homes in July was down for the sixth month in a row and eight of the past nine months, year-over-year. It fell 4.1%. It was also down 4.8% from June.
The average sales price was down for the ninth month a row, year-over-year. It fell 4.5%. It was down 4.9% compared to June.
The sales price to list price ratio dropped to 100.6% from 101.6%.
Home sales rose 0.5% from June, but they were down, year-over-year, for the fifteenth month in a row: -3.1%. There were 821 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 fourteen months in a row. Last month, it was up 19.5% 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, fell four days to 50 days compared to June. The average since 2003 is 89.
As of August 5th, there were 1,375 homes for sale in Santa Clara County. The average since January 2000 is 2,778.
It is taking twenty-seven 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 down significantly last month from the month before and year-over-year. The median sales price fell 10% from June and 12.5% from last July.
The average sales price fell 8.2% from June and 11.3% from last July.
Sales prices for condos have been lower than the year before nine months in a row.
The sales price to list price ratio fell from 101.3% to 100.6%.
Condo sales were down 25.1% year-over-year.
Inventory continues to expand. It has been higher than the year before fourteen months in a row.
As of August 5th, there were 625 condos for sale in Santa Clara County. The average since January 2000 is 757.
Days of inventory fell to sixty-six.
It took an average of twenty-seven days to sell a condo last month.
If you are planning on selling your property, call me for a free comparative market analysis.