Real Estate Prices and Sales Bounce Back in March in Santa Clara County

Sales of single-family, re-sale homes continued to gain ground last month in Santa Clara County, rising 52.1% from February, and up 11.8% year-over-year.The median price for single-family, re-sale homes in Santa Clara County was up 7.1% from February, but down 5.4% year-over-year. This is the fifth month in a row the median price has been lower than the year before.
The average price was up 14% from February and posted a 3.8% year-over-year gain. The rise in the average price reflects increased activity in the luxury end of the market.

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Inventory and List to Sale Price

  • Year-over-year, home inventory was down for the first time since last June: 5.6%.
  • Pending inventory was down, year-over-year, for the fifth month in a row: 4.2%.
  • The sales price to list price ratio was flat at 99%.

Santa Clara County Condo market

  • The median price was down 24% year-over-year. The average price was also down, dropping 10.5% year-over-year.
  • Condos sales were up for the third month in a row, gaining 23.7% year-over-year. The 397 condos sold were the most in any month since last May.
  • Pending condo sales declined last month, falling 8.5% compared to last March.
  • Inventory increased for the tenth month in a row, albeit at its slowest pace in those months: up 1.9% year-over-year.

Remember, the real estate market is a matter of neighborhoods and houses. No two are the same. So if you are looking to Buy, Sell or Refinance and would like a detailed information on a particular neighborhood or property, email me at shashank@arcuslending.com.