Santa Clara County Housing Market Update
Average monthly active listings is historically low. There are many reasons that contribute to this. First, the baby boomers are not moving. According to AARP survey, 83% of seniors over age of 65 plans to stay in their home to be close to family and friends, and to avoid capital gain. Other factors that contribute to the low inventory was that many of the homes were purchased institutional investors during the down cycle who plans to hold it as rental properties in near foreseeable future. Lastly, builders are not building as many due to higher construction and land cost.
Due to this low level of available homes for sale, Santa Clara County market’s new normal is multiple offers and rising prices.
Santa Clara County Year-Over-Year Stats
- Median home prices increased by 7.6% year-over-year to $1,130,000 from $1,050,000.
- The average home sales price rose by 5.6% year-over-year to $1,403,090 from $1,328,750.
- Home sales rose by 11.1% year-over-year to 783 from 705.
- Active listings fell 1% year-over-year to 1,857 from 1,876.
- Sales price vs. list price ratio fell by 0.6% year-over-year to 104.7% from 105.3%.
- The average days on market fell by 2.8% year-over-year to 22 from 23.
Santa Clara County Compared To Last Month Stats
- Median home prices improved by 2.8% to $1,130,000 from $1,099,000.
- The average home sales price rose by 5.7% to $1,403,090 from $1,326,980.
- Home sales up by 58.8% to 783 from 493.
- Active listings increased 36.5% to 1,857 from 1,360.
- Sales price vs. list price ratio increased by 1.0% to 104.7% from 103.7%.
- The average days on market dropped by 21.3% to 22 from 28.
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