Real Estate Report presented by Mary Pope-Handy

September 2017 Report

Condos in Santa Clara County, San Jose, Evergreen Change >


Median Price
$627,500
+4.6%
Average Price
$625,415
+1.3%
No. Sold
24
+14.3%
Pending Properties
15
-46.4%
Active
21
-4.5%
Sale/List Price Ratio
99.1%
-2.0%
Days on Market
42
+46.5%
Days of Inventory
26
-16.5%

Market Barometer

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Market Commentary

August was Scorching!

And I’m not referring to the weather.

Prices for both single-family, re-sale homes and condominiums were up by double-digits, again!

The median price for homes gained 17.4% over last August. The third month in a row the median price has been higher by double-digits. It is also the 66th month in a row the median price has been higher than the year before.

The average price for homes was up 12.9%. The second month in a row it has been up by double-digits.

The median price for condos gained 10.8%, the second month in a row of double-digit gains. 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 14.5% over last August.

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: 106.4% for homes and 106.1% 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 nineteen days to sell a home, on average. Condos are taking eighteen 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 nineteen!

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

With demand being through the roof due to Silicon Valley’s growth, people are moving further and further out: into the East Bay and down valley towards Gilroy.

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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