Real Estate Report presented by Mary Pope-Handy

The real estate market in Santa Clara County continues to soften. The sales price to list price ratio, or what buyers are paying over what sellers are asking, fell below 100% for the first time since February 2012. It was 99.5%.

Although the market is turning towards buyers, it still favors sellers. The National Association of REALTORS® considers a 95% ratio to be a balanced market.

After being lower than the year before two months in a row, the median price of single-family, re-sale homes was up 1.9% year-over-year. The average price was down for the third month in a row, dropping 1.8% year-over-year. This indicates softening in the high-end of the marketplace.

Home sales were down 19.8% from last January.

Inventory continues to expand. It has been higher than the year before eight months in a row. In January, it was up 121.8% over last year. 

As of February 5th, there were 834 homes for sale in Santa Clara County.

Days of Inventory, or the number of days it would take to sell the current inventory divided by home sales, jumped thirty-two days to sixty-nine days.  Since January 2000, Santa Clara County has averaged ninety-four days of inventory.

It is taking thirty-nine days to sell a home. That is the time from when a home is listed to when it goes into contract.

The median price for re-sale condos was flat last month, year-over-year. The average price was down 7.4%.

The sales price to list price ratio was below 100% for the second month in a row: 99.6%.

Condo sales were down 14.2% in January. 

Inventory continues to expand. It has been higher than the year before eight months in a row. In January, it was up an 423.8% over last year. 

As of February 5th, there were 409 condos for sale in Santa Clara County.

Days of inventory more than doubled, going from to forty-one days to ninety-two.

It is taking forty days to sell a condo.

If you are planning on selling your property, call me for a free comparative market analysis.