Real Estate Report presented by Mary Pope-Handy

June 2015 Report

Single Family Homes in Santa Clara County, San Jose, 19488 Change >


Median Price
$1,360,000
-4.6%
Average Price
$1,416,840
-1.3%
No. Sold
37
-9.8%
Pending Properties
40
-7.0%
Active
56
+43.6%
Sale/List Price Ratio
106.7%
+0.3%
Days on Market
11
-40.7%
Days of Inventory
45
+64.6%

Market Barometer

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Market Commentary

Home Prices Hit a Million

The median price for single-family, re-sale homes reached $1,000,000 for the first time ever.

Sales of single-family, re-sale homes fell, year-over-year, after two months of higher sales.

Active listings continue to be anemic, down by double-digits for the twelfth month in a row. Pending sales showed single-digit losses for the fourth month in a row.

Anecdotally, we’ve been hearing that multiple offers are declining. Rather than eight to ten offers on a home, many homes are selling with less than three offers.

This could be a result of buyers’ exhaustion, and could portend a slowing of the market.

Although, with a sales price to list price ratio of 107.7% last month, which matches the record high set the month before, demand seems to be strong.

The sales price to list price ratio has been over 100% for thirty-nine months in a row.

May Market Statistics

Year-Over-Year

  • Median home prices increased by 14.3% year-over-year to $1,000,000 from $875,000.
  • The average home sales price rose by 11.7% year-over-year to $1,298,990 from $1,163,220.
  • Home sales fell by 3.9% year-over-year to 1,027 from 1,069.
  • Total inventory* fell 15% year-over-year to 2,218 from 2,609.
  • Sales price vs. list price ratio rose by 1.9% year-over-year to 107.7% from 105.7%.

Month-Over-Month

  • Median home prices improved by 2.6% to $1,000,000 from $975,000.
  • The average home sales price rose by 1.4% to $1,298,990 from $1,280,480.
  • Home sales down by 2.1% to 1,027 from 1,049.
  • Total inventory* increased 8.9% to 2,218 from 2,037.
  • Sales price vs. list price ratio increased by 0.0% to 107.7% from 107.7%.

Condominiums

Year-Over-Year

  • Median condo prices increased by 14.2% year-over-year to $620,000 from $543,000.
  • The average condo sales price rose by 15.9% year-over-year to $679,810 from $586,779.
  • Condo sales fell by 15.6% year-over-year to 385 from 456.
  • Total inventory* fell 22.8% year-over-year to 678 from 878.
  • Sales price vs. list price ratio rose by 3.6% year-over-year to 108.6% from 104.8%.

Month-Over-Month

  • Median condo prices improved by 9.7% to $620,000 from $565,000.
  • The average condo sales price rose by 6.0% to $679,810 from $641,360.
  • Condo sales up by 6.6% to 385 from 361.
  • Total inventory* increased 9.5% to 678 from 619.
  • Sales price vs. list price ratio increased by 0.6% to 108.6% from 107.9%.

* Total inventory is active listings plus contingent or pending listings. Active listings do not include contingent listings.

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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