Santa Clara County Median Home Price Pops Back Over $1MM
The Santa Clara County median price for single-family, re-sale homes went back over $1,000,000 in February, after being below for the previous two months.
The rise saw the first double-digit, year-over-year price gain since last May. The median price was up 16.9%.
The average price, which has been over $1,000,000 every month since February 2014, gained 9.6% compared to last February.
Home sales were up 7.6%, but, at 493 sales that is less than half the average monthly sales for the past seventeen years.
The inventory of actively listed single-family, re-sales homes in Santa Clara County continues to define the market. There were 700 homes for sale as of March 5th. The average number of homes for sale each month since January 2000 is 3,000.
Days of Inventory, or how long it would take to sell all the homes on the market at the current rate of sales is thirty-eight days. The average in Santa Clara County since 2000 is ninety-five.
The Santa Clara County sales price to list price ratio jumped to its highest level since last May: 103.7%.
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