December 2018 Report
Single Family Homes in Santa Clara County, Monte Sereno, All Neighborhoods Change >
Average Price$2,450,000
-45.6%
Pending Properties1
-50.0%
Sale/List Price Ratio92.7%
-9.5%
Days of Inventory58
-67.8%
Trends at a Glance
| Trends At a Glance |
Nov 2018 |
Previous Month |
Year-over-Year |
| Median Price |
$2,450,000 (-45.6%) |
$4,500,000 |
$3,420,000 (-28.4%) |
| Average Price |
$2,450,000 (-45.6%) |
$4,500,000 |
$3,753,750 (-34.7%) |
| No. of Sales |
2 (+100.0%) |
1 |
4 (-50.0%) |
| Pending |
1 (-50.0%) |
2 |
2 (-50.0%) |
| Active |
4 (-33.3%) |
6 |
1 (+300.0%) |
| Sale vs. List Price |
92.7% (-9.5%) |
102.4% |
97.1% (-4.5%) |
| Days on Market |
20 (+66.7%) |
12 |
55 (-63.8%) |
| Days of Inventory |
58 (-67.8%) |
180 |
7 (+700.0%) |
Market Commentary
The real estate market in Silicon Valley continues to soften. The sales price to list price ratio is at its lowest level since March 2012. While still over 100%, 100.4%, the trend will have it below that mark soon.
Prices of single-family, re-sale homes fell year-over-year. This the first time the median price has been lower than the year before since January 2012. Year-over-year, the median price was down 3%. The average price was down 4.4%.
Home sales were down 9.2%. Year-to-date, home sales are down 9.2%.
Inventory continues to expand. It has been higher than the year before six months in a row. In November it was more than double last year: 138.6%.
As of December 5th, there were 1,100 homes for sale in Santa Clara County.
Nevertheless, Days of Inventory shed nine days to forty-four days in November. Since January 2000, Santa Clara County has averaged ninety-four days of inventory.
It is taking thirty days to sell a home. That’s the longest since January 2017.
The median price for re-sale condos was up 9.8% year-over-year. The average price was up 6.5%.
The sales price to list price ratio was 101.2%. That’s the lowest it has been since April 2012.
Condo sales were down 8.4% in November. Year-to-date, condo sales are down 12.8%.
Inventory continues to expand. It has been higher than the year before six months in a row. In November it was up 419.8% over last year.
As of December 5th, there were 447 condos for sale in Santa Clara County.
Days of inventory fell eleven days to forty-six.
It is taking twenty-eight days to sell a condo.