Real Estate Report presented by Mary Pope-Handy

March 2014 Report

Single Family Homes in Santa Clara County, San Jose, All Neighborhoods Change >


Median Price
$755,000
+7.9%
Average Price
$839,164
+12.5%
No. Sold
402
+36.7%
Pending Properties
562
+22.7%
Active
629
+6.4%
Sale/List Price Ratio
104.5%
+0.7%
Days on Market
24
0.0%
Days of Inventory
47
-13.5%

Market Barometer

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Market Commentary

Spring Surge

A price surge in March pushed home prices to 2007 levels.

The median price for single-family, re-sale homes went over $800,000, the highest since November 2007. The peak price occurred in October 2007 at $868,500.

The average price went over $1,000,000, a level we haven’t seen since November 2007.

We are definitely in the recovery stage of this real estate cycle.

Other signs we are in the recovery stage are:

  • Declining foreclosures
  • Low inventory
  • Low mortgage rates
  • Building is increasing.

I expect we will stay in this stage for the next few years. When the above signs start turning, we will probably be at or nearing the next peak in the market.

Some pundits are predicting the next peak in the market will happen around 2020.

One thing to keep firmly in mind, real estate is very local so what pundits say about the national real estate market may or may not correlate with what will happen in our local market.

March Market Statistics

Year-Over-Year

  • Median home prices increased by 15.2% year-over-year to $805,000 from $699,000.
  • The average home sales price rose by 17.0% year-over-year to $1,036,730 from $886,461.
  • Home sales fell by 14.3% year-over-year to 879 from 1,026.
  • Active listings fell 24.5% year-over-year to 1,081 from 1,432.
  • Sales price vs. list price ratio fell by 0.1% year-over-year to 105.4% from 105.5%.
  • The average days on market fell by 4% year-over-year to 23 from 24.

Compared To Last Month

  • Median home prices improved by 7.3% to $805,000 from $750,000.
  • The average home sales price rose by 6.4% to $1,036,730 from $974,477.
  • Home sales Up by 32.6% to 879 from 663.
  • Active listings increased 12.0% to 1,081 from 965.
  • Sales price vs. list price ratio increased by 1.2% to 105.4% from 104.2%.
  • The average days on market dropped by 14% to 23 from 27.

Prices & Sales

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Days of Inventory

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Sales to Date

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Sales Price Ratio

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