The average sales price of houses sold in Santa Clara County has been sitting at just over one million dollars for the last four months. This isn’t shocking to Realtors active in the San Jose area, as we’ve seen appreciation going through the roof over the last 18 months or so. In many areas, home values are up about 20% over a year ago. But this fact did make front page news in today’s San Jose Mercury: Average Silicon Valley home tops $1 million.
What sort of home is that million dollar place in Silicon Valley? To provide a quick snapshot, I ran the closed sales of single family homes (mostly houses but also some duet homes) for the last week in this county. This is all of the county, both more and less expensive areas, with better and worse school districts, from Palo Alto to Gilroy. On average, these properties were 43 years old with living areas of approximately 2000 square feet on lots of about 11,000 SF and had been on the market for 22 days. The average list price was $1,055,765 and average sales price $1,089,940.
These numbers are horrifying for people considering our market from out of the area. But here – it’s just how it is.