The Santa Clara Women’s Club (old adobe house)
http://www.santaclarawomansclub.org/
The real estate market in the city of Santa Clara, like the rest of Silicon Valley, is one which continues to be impacted by low inventory and high demand. Over the last few months, the market here has seen significant cooling. However October shows some up and downs that may indicate the market is starting to even out.
- The October sale to list price ratio rose above the month before, but is a full 9% below last year at 101.8% of asking.
- Pending and closed sales fell month-over-month while active inventory remained fairly stable.
- The average days of inventory (or market absorption) slowed to 26 days, and the days on market sped to 16, still quick turnover.
- Prices continue to fall month-over-month and year-over-year.
Prices in Santa Clara rose astronomically over the last year. I grew up in that city and was amazed to see that the average and median sales price there had been hovering around $2 million last spring! In summer it finally started to come down. This autumn prices have finally begun to drop below what we saw last year.
The Real Estate Market for the City of Santa Clara
Below there are charts for the market activity over the last few months for single family homes in Santa Clara. Market activity has been high for months, but finally began to cool down this summer. Low inventory across the valley means there is still a greater demand to fill than properties available. Further down in the article, we’ll check in on the condo market, too.
First, a market profile, automatically updated weekly, for the city of Santa Clara (these reports are available by zip code, too, and for condos/townhomes as well as single family dwellings). Check out the weekly Altos report HERE and click on subscribe to get weekly updates on all of Santa Clara or any particular zip code. (Scroll to the bottom and check out the profile of houses across 4 pricing quartiles – super interesting.)
According to Altos, it’s a strong seller’s market that’s dipping again after a mild recovery in market action, low median days on market, and subtle growth in inventory.
Data from my Real Estate Report
Next, stats at a glance for the Santa Clara real estate market for single family homes.
The year started out hot after years with minimal inventory, but the spring market began to cool down following the invasion of Ukraine and rapidly rising mortgage rates set to combat inflation. That pent-up demand is still around, however buyers have become more choosy since feeling the impact of changes towards stocks and mortgage rates. Homeowners also appear unwilling to part with their properties and lower mortgage rates in the current market environment and available inventory remains low.
Have a look at the market by the numbers below, or visit my RE Report page for Santa Clara stats here.
Trends at a Glance
| Trends At a Glance | Oct 2022 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $1,482,500 (-13.5%) | $1,713,060 | $1,641,000 (-9.7%) |
| Average Price | $1,566,360 (-11.8%) | $1,774,930 | $1,685,120 (-7.0%) |
| No. of Sales | 34 (-26.1%) | 46 | 57 (-40.4%) |
| Pending | 41 (-24.1%) | 54 | 61 (-32.8%) |
| Active | 29 (+3.6%) | 28 | 16 (+81.3%) |
| Sale vs. List Price | 101.8% (+0.6%) | 101.3% | 110.8% (-8.1%) |
| Days on Market | 16 (-27.2%) | 22 | 14 (+17.3%) |
| Days of Inventory | 26 (+45.0%) | 18 | 8 (+203.9%) |
Santa Clara list prices of houses for sale by zip codes (95050, 95051, 95054)
In addition to the RE Report, I also have a subscription to Altos Research, which uses list prices (not sales data) for tracking the pulse of the market.
Here see list prices by zip code – note how different they are! If we teased it out even more, by price point, school district or exact location, we would see a myriad of “micro markets.”
In the charts above, it’s clear that the real estate trends often vary from one Santa Clara zip code to the next. If we pulled it apart further and checked each zip code by price quartile, there’d be differences there also, as the low end and high end segments are often very, very different from each other.
Santa Clara condominium and townhouse real estate market
First, another city profile for the condominiums and townhouses in the city of Santa Clara.
The condo and townhome market in Santa Clara is showing a strong market action folowing slightly different trends compared to the single family housing market, and it remains a little cooler.
Condo Market Trends at a Glance from the RE Report
The Santa Clara condo and townhome market tends not to experience the same level of market heating, nor as significant a cooling as the single family market. That said, the sale price to list price ratio rose to 100.6% in October, remaining below last year for more than a quarter, but sales prices rose above 2021 values. With few sales, one or two outliers can cause big swings in the data so take this with a grain of salt.
From around mid-2020 to mid-2021, condos and townhomes in this city have had an unusually high level of active inventory. At the height of the pandemic more buyers were seeking larger homes and larger yards and moving away from condo living. Now that things are calming down, buyer interest in condos and townhomes has increased again.
For weary buyers, this market remains cooler than the housing market and could be a good opportunity. Overall, this is a seller’s market that’s not as strong as single family houses in this area.
See the full RE Report through the link.
Trends at a Glance
| Trends At a Glance | Oct 2022 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $970,000 (+17.6%) | $825,000 | $850,000 (+14.1%) |
| Average Price | $1,006,900 (+6.6%) | $944,828 | $985,647 (+2.2%) |
| No. of Sales | 11 (-62.1%) | 29 | 29 (-62.1%) |
| Pending | 30 (+7.1%) | 28 | 47 (-36.2%) |
| Active | 22 (0.0%) | 22 | 27 (-18.5%) |
| Sale vs. List Price | 100.6% (+2.1%) | 98.5% | 104.2% (-3.4%) |
| Days on Market | 24 (-15.2%) | 29 | 27 (-8.5%) |
| Days of Inventory | 60 (+172.7%) | 22 | 28 (+114.8%) |
Santa Clara list prices of condos & townhomes for sale by zip codes (95050, 95051, 95054)
Showing prices charted by zip codes, there’s a much tighter spread here than for houses right now.
For information on buying or selling residential real estate in the city of Santa Clara, please contact me for a personal, private, no obligation consultation. I have lived in two different parts of Santa Clara and am there frequently and truly appreciate this beautiful city. Best way to reach me initially is email, mary@popehandy.com (I get a LOT of spam / robo calls). We can arrange a time to talk by phone, and if we both want, can then arrange an in person meeting.
