As of November 19th out of 444,000 homes in Santa Clara County, there are 1869 active on the market. Of those, 1270 are single family homes and 599 are condos or townhouses. Inventory is down from last month, although our "number of months supply" has been hovering right around 2 months for over a year, give or take. Average days on market before going into contract is up, 36, and listings are selling at a rate of 99.7% of the list price - pretty much right at the offering price. Of note, the sales price to original list price ratio is currently 97 (taking price reductions into consideration).
Average sales price across property types is $1,354,561, and for single family homes is $1,564,000 for the county. Median price of a single family home is $1,230,000. Even though the market has seen some ups and downs during 2019, the median and average sales prices are very similar to one year ago.
Interest rates dropping and remaining attractive has been fueling the market. If you'd like a customized market report for your town, area, or zip code please let us know and we're happy to prepare it for you.