Santa Clara County Real Estate Market Update
Posted on April 29, 2020.
With all that is going on in the world, it is hard to know exactly how things will turn out or affect the local real estate market over the next few months. As was expected amidst the Covid-19 pandemic, home sales have declined compared to this time last year. However, overall, the real estate market in Santa Clara county is also still seeing many positive trends. One positive for real estate is that mortgage interest rates hit a historic low in early March, and rates play a huge role in housing affordability.
In the meantime, this report will look at the most recent data available through March 2020:
· The median sales price for single-family, re-sale homes in March was up 8.1% compared to last year. The average sales price was up 9.6% year-over-year.
· Days of Inventory, or how long it would take to sell all homes listed for sale at the current rate of sales, fell three days to 33 days compared to February. The average since 2003 is 89 days on market.
· It took only twenty days to sell a home last month. That is the time from when a home is listed for sale to when it goes into contract.
· The median sales price for condos was down 6.4% from last March. The average sales price fell 3.6% year-over-year.
· Condo sales were up 6.7% year-over-year.
· Condo inventory dropped 49.5% from last March.
· Days of inventory, how long it would take to sell all homes listed for sale at the current rate of sale, rose to twenty-nine from twenty-five.
· It took an average of twenty days to sell a condo last month.
If you are interested in learning more about the current state of the real estate market in Santa Clara County and would like a no-obligation home value estimate, contact us today!
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**This report has been prepared solely for information purposes. The information herein is based on or derived from information generally available to the public and/or from sources believed to be reliable.