Real Estate Report presented by Mary Pope-Handy

January 2018 Report

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

Median Price
Average Price
No. Sold
Pending Properties
Sale/List Price Ratio
Days on Market
Days of Inventory

Market Barometer

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Market Commentary

Prices End Year on High Note, Again

Prices for both single-family, re-sale homes and condos jumped by double-digits in December to set new all-time highs for the third month in a row.

That’s the seventh month in a row the median price for homes has been higher than the year before by double-digits. The average price was up by double-digits for the sixth month in a row.

The median price for homes jumped 34.8% over last December. At $1,293,690, the median price squeaked over the previous high of $1,288,500 set in November.

This is also the 70th month in a row the median price has been higher than the year before.

The average price for homes rose 31.2% to $1,556,330.

Condominium prices also set new highs in November. The median price for condos gained 27.8%. Notably, the median price for condos has been higher than the year before every month since July of 2011!

The average price for condos was up 26.8% over last December.

Multiple offers continue to be the norm. The sales price to list price ratio, or what buyers are paying over what sellers are asking remains at triple digits: 109.3% for homes and 110.8% for condos. That’s the highest it has ever been for condos.

The ratio has been over 100% for homes since March 2012 and for condos since April 2012.

Homes and condos are flying off the shelf. It is taking only twenty-one days to sell a home, on average. Condos are taking thirteen days.

All of this is due to an incredible lack of inventory. Since January 2000, Santa Clara County has averaged 94 days of inventory. Last month it was twelve.

Condos have averaged 87 days since 2000. Last month it was three.

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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