Trends At-a-Glance for Santa Clara County

Trends At a Glance

Jun 2018

Previous Month

Year-over-Year

Median Price

$1,402,000 (-1.0%)

$1,416,000

$1,180,000 (+18.8%)

Average Price

$1,712,500 (+0.4%)

$1,706,510

$1,444,410 (+18.6%)

No. of Sales

977 (-7.7%)

1,059

1,207 (-19.1%)

Pending

930 (-7.7%)

1,008

1,081 (-14.0%)

Active

1,066 (+9.7%)

972

854 (+24.8%)

Sale vs. List Price

107.8% (-2.6%)

110.6%

105.9% (+1.7%)

Days on Market

17 (+19.7%)

14

18 (-9.3%)

Days of Inventory

32 (+14.9%)

28

21 (+54.2%)

 

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Market Barometer

Prices and Sales

Days of Inventory

Sales Year-to-Date

Sale Price/List Price Ratio

Market Overview

Home Prices Slip

After setting new highs in March, the median and average prices for single-family, re-sale homes have been showing weakness.

The median price for homes peaked at $1,450,000 in March. In June, the median price was down to $1,402,000. Nevertheless, the median price was up 18.8% year-over-year.

The average price for homes peaked at $1,745,230 in March and was at $1,712,500 in June. It was up 18.6% year-over-year.

The median price for homes has been higher than the year before by double-digits twelve months in a row. The average price was up by double-digits for the eleventh consecutive month.

This is also the 76th month in a row the median price has been higher than the year before.

Multiple offers continue to be the norm. The sales price to list price ratio, or what buyers are paying over what sellers are asking remains at triple digits: 107.8%. Of note, that is the first time since February the ratio has been below 110%.

The ratio has been over 100% for homes since March 2012 and for condos since April 2012.

Homes and condos are flying off the shelf. It is taking only seventeen days to sell a home, on average. Condos are taking thirteen days.

All this is due to an incredible lack of inventory. Since January 2000, Santa Clara County has averaged ninety-four days of inventory. Last month it was thirty-two.

Condos have averaged eighty-seven days since 2000. Last month it was twenty-three.

As of July 5th, there were 1,066 homes and 302 condos for sale in Santa Clara County.

That’s the first time since May 2017 home inventory has been over 1,000 units.