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. After heating up through spring, May experienced some cooling, but it picked right back up in June and sales data prove that the market has continued to heat up this summer.
- The August sale to list price ratio climbed to 111.8%, well over asking price and, well above this time last year (when the market was cooling).
- Closed sales rose a hair and pending sales held stable month-over-month, but year-over-year sales are falling short.
- Available inventory rose, but remains just a hair behind last year and far below seasonal norms.
- Time to sell held stable at just 10 days on market, while the average days of inventory (or market absorption) slowed to a still quick 21 days.
- Prices rose month-over-month, and were up approximately 12%-14% compared to this time last year.
Prices in Santa Clara rose astronomically through 2021 and in the first half of 2022. I grew up in that city and was amazed to see that the average and median sales price was hovering around $2 million the first half of last year! In summer 2022 it finally started to come down, and by autumn prices finally began to drop below what we saw in 2021. Spring 2023 saw prices beginning to rise again, and by August 2023 we’re starting to get close to that $2 million average again!
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 years, and dispite some ups and downs over the last year, it remains high today. 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 with elevated market action, though it may be starting to see a dip, and low inventory with little growth.
Data from my Real Estate Report
Next, stats at a glance for the Santa Clara real estate market for single family homes.
Demand remains high, however buyers don’t have the same purchasing power that they had in 2021 or early 2022 and many have become more choosy or have dropped out of the competition entirely. Many homeowners are unwilling to part with their properties and low mortgage rates in the current market environment, so 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 | Aug 2023 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $1,940,000 (+18.3%) | $1,640,000 | $1,707,500 (+13.6%) |
| Average Price | $1,947,660 (+8.8%) | $1,790,600 | $1,735,120 (+12.2%) |
| No. of Sales | 35 (+6.1%) | 33 | 42 (-16.7%) |
| Pending | 22 (0.0%) | 22 | 59 (-62.7%) |
| Active | 25 (+38.9%) | 18 | 26 (-3.8%) |
| Sale vs. List Price | 111.8% (+1.1%) | 110.6% | 101.6% (+10.0%) |
| Days on Market | 10 (-2.6%) | 10 | 18 (-45.8%) |
| Days of Inventory | 21 (+31.0%) | 16 | 19 (+15.4%) |
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 following somewhat different trends as compared to the single family housing market.
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. With so few sales, one or two outliers can cause big swings in the data so take this with a grain of salt.
The sale price to list price ratio slipped a hair to 103.7% in August, and sales prices dipped month-over-month with both price markers up year-over-year.
For weary buyers, this market remains calmer than the housing market, but with practically nosuch low inventory the best listings get an onslaught of buyer demand and competition!
See the full RE Report through the link.
Trends at a Glance
| Trends At a Glance | Aug 2023 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $965,000 (-4.5%) | $1,010,000 | $895,000 (+7.8%) |
| Average Price | $1,042,990 (-1.6%) | $1,060,000 | $916,218 (+13.8%) |
| No. of Sales | 16 (-15.8%) | 19 | 21 (-23.8%) |
| Pending | 9 (-25.0%) | 12 | 38 (-76.3%) |
| Active | 22 (+120.0%) | 10 | 37 (-40.5%) |
| Sale vs. List Price | 103.7% (-0.1%) | 103.8% | 101.3% (+2.3%) |
| Days on Market | 19 (+3.7%) | 19 | 19 (+0.8%) |
| Days of Inventory | 41 (+161.2%) | 16 | 53 (-22.0%) |
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.
