Real Estate Report presented by Mary Pope-Handy & Clair Handy

February 2023 Report

Single Family Homes in Santa Clara County, Los Gatos, All Neighborhoods Change >


Median Price
$2,580,000
+5.3%
Average Price
$2,735,760
+3.3%
No. Sold
389
-36.6%
Pending Properties
43
-17.3%
Active
42
+147.1%
Sale/List Price Ratio
105.7%
+0.7%
Days on Market
28
-9.8%
Days of Inventory
39
+290.0%

Market Barometer

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Market Commentary

Prices up, Sales Down in 2022

After a slow 2019, sales prices in Santa Clara County have risen the past three years. Prices for single-family, re-sale homes set new highs in 2022.

The median sales price for single-family, re-sale homes was $1,780,000 for the year, a gain of 9.5% from 2021. The average sales price gained 6.4% to $2,132,640.

Home sales slumped 28.4% from the year before.

Home inventory was up 36.1% year-over-year. There were an average of 764 homes listed for sale each month in 2022. The average from 2000 through 2020 is 2,637. Lack of inventory propped prices up.

The sales price to list price ratio closed the year at 107.6%. Nevertheless, the ratio was under 100% for the last two months of the year.

The median sales price for re-sale condominiums rose 6.8% last year to $960,000. The average price gained 6.9% to $1,042,230. That’s the first time the average sales price has been over $1,000,000.

Condo sales were down 27.6% from 2021.

Condo inventory was down year-over-year.  There were an average of 330 condos listed for sale each month. The average from 2003 to 2020 is 833.

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, if you go to my on-line report and 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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