Real Estate Report presented by Mary Pope-Handy

August 2020 Report

Condos in Santa Clara County, Los Gatos, All Neighborhoods Change >


Median Price
$1,200,000
-4.8%
Average Price
$1,177,120
0.0%
No. Sold
100
-8.3%
Pending Properties
6
+50.0%
Active
3
-62.5%
Sale/List Price Ratio
99.6%
-6.6%
Days on Market
30
+56.7%
Days of Inventory
11
-59.1%

Market Barometer

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Market Commentary

Sales & Prices Dropped in 2019

After a record breaking 2018, the real estate market in Santa Clara County dipped last year. The dip would have been more severe if it weren’t for the fact that the inventory of property for sale was very low. This propped prices up.

The median sales price for single-family, re-sale homes was $1,257,500 for the year, a drop of 6%. It was $1,337,500 in 2018. The average price dropped 4.9%.

Home sales were down 3.6% from the year before.

Home inventory was up 24% year-over-year. Nevertheless, it was pretty anemic. There were an average of 920 homes listed for sale each month in 2019. The average from 2000 through 2016 is 3,026. The good news is inventory was up over the year before for the last seven months of the year.

Condo statistics show similar trends.

The sales price to list price ratio peaked in April at 101.4%, significantly less than the 116.1% it peaked in 2018. It closed the year at 99.4%. That is only the third time the ratio has been below 100% since March 2012!

The median sales price for re-sale condominiums peaked at $898,500 in April. It ended the year at $782,500. The average price peaked at $931,815 in May. It ended the year at $851,190. Prices were lower than the year before every month of the year.

Condo sales were down 4.5% from 2018.

Condo inventory was also up year-over-year. It was also anemic. There were an average of 520 condos listed for sale each month. The average from 2003 to 2016 is 833.

Expect these trends to continue in 2020. That is, prices and sales will continue to decline.

The market, while still favoring sellers, will be constrained by low inventory.

For assistance in this market, do not hesitate to contact me. If you are thinking of selling, I can provide a free comparative market analysis. Also, click on Recent Sales & Listings, you will see what has sold, what is for sale and what is pending in your neighborhood.

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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