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Santa Clara real estate market - The Santa Clara Women's Club http://www.santaclarawomansclub.org/

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 winter cooling, February’s sales data shows increasing activity with early spring trends and strong market interest in this city.

  • The February sale to list price ratio has shot up to 106.0%, averaging well over asking price.
  • Pending sales and active inventory grew month-over-month while closed sales dipped.
  • The average time to sell raced to just 10 days on market, while the average days of inventory (or market absorption) slowed to 40 days.
  • Prices rose month-over-month around 12%, but plunged 13% – 17% below 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.

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.)

 

Santa Clara Real-Time Market Profile

According to Altos, it’s a strong seller’s market with some up and down in market action that may be on the rise again, prices possibly starting to level out, and severely 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 have become more choosy or have dropped out of the competition. Homeowners also appear 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 Feb 2023 Previous Month Year-over-Year
Median Price $1,650,000 (+11.9%) $1,475,000 $1,987,000 (-17.0%)
Average Price $1,702,250 (+11.8%) $1,522,760 $1,956,860 (-13.0%)
No. of Sales 15 (-11.8%) 17 30 (-50.0%)
Pending 43 (+26.5%) 34 60 (-28.3%)
Active 22 (+22.2%) 18 31 (-29.0%)
Sale vs. List Price 106.0% (+5.9%) 100.0% 123.1% (-13.9%)
Days on Market 10 (-67.6%) 31 (+50.0%)
Days of Inventory 40 (+24.7%) 32 28 (+41.9%)

 

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.

Santa Clara Condos Real-Time Market Profile

The condo and townhome market in Santa Clara is showing a strong market action following slightly different trends compared to the single family housing market, although market action is currently just a hair below the single family chart.

Condo Market Trends at a Glance from the RE Report

Authors

  • Clair Handy

    Realtor, GREEN | DRE 02153633 | Christie's International Real Estate - Sereno

  • Mary Pope-Handy

    Silicon Valley Realtor, selling homes in Los Gatos, Saratoga, San Jose, Silicon Valley, and nearby since 1993. Prolific blogger with a network of sites.