October 2018 Report
Single Family Homes in Santa Clara County, Monte Sereno, All Neighborhoods Change >
Average Price$3,655,000
+24.1%
Pending Properties2
-60.0%
Sale/List Price Ratio101.3%
+4.7%
Days of Inventory35
+74.0%
Trends at a Glance
| Trends At a Glance |
Sep 2018 |
Previous Month |
Year-over-Year |
| Median Price |
$3,650,000 (+47.9%) |
$2,467,810 |
$2,625,000 (+39.0%) |
| Average Price |
$3,655,000 (+24.1%) |
$2,944,770 |
$2,576,250 (+41.9%) |
| No. of Sales |
5 (-16.7%) |
6 |
6 (-16.7%) |
| Pending |
2 (-60.0%) |
5 |
4 (-50.0%) |
| Active |
6 (+50.0%) |
4 |
6 (0.0%) |
| Sale vs. List Price |
101.3% (+4.7%) |
96.7% |
97.5% (+3.9%) |
| Days on Market |
20 (-5.2%) |
21 |
26 (-23.1%) |
| Days of Inventory |
35 (+74.0%) |
20 |
29 (+20.0%) |
Market Commentary
The Silicon Valley real estate market continued to slow in September with single-family, re-sale home sales and prices lower than the month before.
The median price for homes was lower than the month before for the sixth month in a row. The average price has been lower five of the past six months. Sales have been lower for the past five months.
Nevertheless, prices continue to be higher than the year before. The median price for homes was up 6.0% over last year, while the average price was up 1.2%. Home sales were down for the fifth month in a row: -24.1%.
The sales price to list price ratio, or what buyers are paying over what sellers are asking has been declining and is now at its lowest level since January 2017. Nevertheless, it remains in the triple digits: 102.2%.
Inventory continues to expand. It has been higher than the year before four months in a row. In September it was more than double last year: 107.9%.
As of October 5th, there were 1,345 homes for sale in Santa Clara County.
Days of Inventory rose nine days to fifty-five days in September. That’s the highest the indicator has been since July 2016. Since January 2000, Santa Clara County has averaged ninety-four days of inventory.
It is taking twenty-five days to sell a home. That’s the longest since February 2017.
The median price for re-sale condos was up 19.3% year-over-year. The average price was up 14.2%.
The sales price to list price ratio was 103.6%.
Days of inventory rose eight days to 52. There are 551 condos for sale in Santa Clara County.
It is taking twenty days to sell a condo.