Sales Price to List Price Ratios Remain Strong
Santa Clara County List to Sales Price Ratio – March 2010
The sales to list price ratio for single family homes in Santa Clara County remains above 100% for the 9th month in a row. Homes in Santa Clara County, on average, sold at 100.8% of list price in March of 2010. This ratio is a good indicator of demand for single family real estate in Santa Clara County. Ratios above 100% indicate strong demand in the market, often the result of multiple offers being fields on homes for sale.
Days of Inventory of Single Family Homes Down over 55%
Santa Clara County Days of Inventory – March 2010
When compared with March 2009, days of inventory of single family homes for sale in Santa Clara County is down over 55%. In March 2009, there were 197 days of inventory of single family homes available for sale. In March 2010, the number of days dropped to 87. Inventories are up compared with February as expected due to the beginning of a busier season for homes on the market.
Pending sales also continue to see growth. Pending home sales (single family) in Santa Clara County are up 55.5% year over year.
Prices are Up for Single Family Homes in Santa Clara County
The median and average prices of a single family home in Santa Clara County in March 2010 were $600,000 and $741,092, respectively. These indicators are both up significantly when compared to 2009, with the median home price up 33.3% and the average home price up 25.9% in March 2010.
New State Tax Credit Available After May 1
There is a new CA tax credit that goes into effect on May 1st for First Time Home Buyers and for buyers of new, never occupied homes. You can read more about this tax credit in my post, Palo Alto Homebuyer news – Governor Signs New California Home Buyer Tax Credit. Also, the Federal Home Buyer Tax Credit is still available for homes that go under contract by April 30.
We are continuing to see a positive trend in the market when compared to 2009 with closed sales, pending sales, and prices all moving up and days of inventory moving lower. As always, all real estate is local and results vary by neighborhood. For complete information on your neighborhood and your home’s value, you may contact me at any time. You may also sign up to receive future real estate market updates.
Past Santa Clara County Real Estate Market Updates
Follow this link to find additional current real estate market data for Palo Alto in Santa Clara County.