Santa Clara Real Estate Market Update, Jan. 2019

Number of Home Sold in Jan 2019

A total of 590 homes (SFR 437, Condo 153) were sold in Santa Clara County in January, 2019.

Compared to last month’s sales of 817 homes sold, it is 18% less than Dec. 2018.

Compared to last year’s same time, it is approximately 10% less homes sold than a year ago.

Inventory Update

Inventory is up 25% from last month (1159) and more than doubled that same time last year to 1458 vs. 652 (Jan. 2018); this explains the days on the market.

More inventory, taking longer to sell.

Days On the Market

With less than 652 homes for sale the same time last year, it took less than 10 days to sell homes. Now, It took approximately 55 days to sell a home this month compare to 32 to 35 days last month.  It is more than a 55% increase in days on the market compared to last month, and it takes 6 times longer to sell compared to this time last year.

Because homes were selling fast, many sellers might expect a speedy sale, but it takes a little bit of patience.

Prices

Now, let’s look at the average and median home prices.

For Single Family homes, the average is $1,406,746, the Median Price is $1,170,760.

For condos/townhouses, the Average Price is $804,000 and the median price is $780,000.

It is about 2% less than the last month and 3% less than this same time last year.

Sales Price to List Price

It was 100% for SFR, and 99% for condos. This didn’t change much from last month.

It is interesting to note, the Original List to sales ratio is 95%.

Compared to 113% for condo, 109% for SFR, Jan 2018, on the average, you will get the list price.

One of my listings was not an exception to the rules, although we got multiple offers on my listing, the price was not higher than the list price.

 

Posted on February 10, 2019 at 5:42 AM
Young Jacob | Category: Silicon Valley Market Update

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