Santa Clara County : Home Prices Stabilize
Although prices for single-family, re-sale homes are down year-over-year, they are showing signs of picking up. The median sales price was flat in April compared to March. The average sales price was up 8.3% over March. It is now at its highest since June of last year.
The sales price to list price ratio, which had a peak last spring of 112.4%, had dropped ten months in a row before bottoming out at 99.5% in January. It has risen every month since then. Last month it was up to 102%.
Home sales were down, year-over-year, for the twelfth month in a row. There were 706 homes sold in Santa Clara County last month. The average since 2000 is 987.
Inventory continues to expand. It has been higher than the year before eleven months in a row. Last month, it was up 71.7% over last year.
Days of Inventory, or how long it would take to sell all homes listed for sale at the current rate of sales, was down to 53 days. The average since 2003 is 89.
As of May 5th, there were 1,293 homes for sale in Santa Clara County. The average since January 2000 is 2,778.
It is taking twenty-five days to sell a home. That is the time from when a home is listed to when it goes into contract.
Prices for re-sale condos were up last month from the month before but were down year-over-year.
The sales price to list price ratio was 101.4%.
Condo sales were down 27.7% year-over-year. Inventory continues to expand. It has been higher than the year before eleven months in a row.
As of May 5th, there were 546 condos for sale in Santa Clara County. The average since January 2000 is 757. Days of inventory dropped to fifty-seven. It took twenty-seven days to sell a condo last month.
If you are planning on selling your property, contact us for a free comparative market analysis!
* Total inventory is active listings plus pending listings. Active listings do not include pending.
Article from: Urban Realtor
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