The Santa Clara Women’s Club (old adobe house)
http://www.santaclarawomansclub.org/
Update on the Santa Clara real estate market: The realty market in the city of Santa Clara, like the rest of Silicon Valley, is one in which the sellers have the upper hand, though prices softened in winter. What is key for home sellers is to price according to today’s market (the temptation being to instead set the offer value to the high point, which was a year ago spring).
That being said, this February the market went from a strong and steady to a scorching hot seller’s market!
Below there are charts for the market activity over the last few months. Low inventory from the past year and continuous low inventory around the rest of the Valley means there is still a greater demand to fill than properties available. Further 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 very strong seller’s market right now. This area is showing more market action than I’ve seen elsewhere in the market right now.
Data from my RE Report:
Next, stats at a glance for the Santa Clara real estate market for single family homes. See the statistics and trends for closings and listings for last month – updated each month on about the 5th – 10th on my RE Report site for realty stats & trends in Santa Clara:
Trends at a Glance
Seasonal cooling is normal in winter, but we’re not seeing a strong shift – it’s still a hot market. Inventory is up from January (which iss expected), but nowhere near what it was in February 2019. The only area where inventory is keeping up with last year is in the pending sales, which are way higher than last month and well above either sales or active inventory – it’s more than both combined! Sales vs list price shot up to an incredible 109.4% in February. That’s the highest percentage I’ve seen over the February markets! Generally, it’s an extremely hot market with rapid turnover and escalating prices.
| Trends At a Glance | Feb 2020 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $1,430,000 (+3.2%) | $1,385,000 | $1,400,000 (+2.1%) |
| Average Price | $1,454,240 (+3.7%) | $1,402,530 | $1,418,440 (+2.5%) |
| No. of Sales | 19 (+26.7%) | 15 | 37 (-48.6%) |
| Pending | 49 (+188.2%) | 17 | 45 (+8.9%) |
| Active | 16 (+14.3%) | 14 | 59 (-72.9%) |
| Sale vs. List Price | 109.4% (+9.7%) | 99.7% | 102.9% (+6.3%) |
| Days on Market | 12 (-74.7%) | 48 | 22 (-43.8%) |
| Days of Inventory | 24 (-15.8%) | 28 | 43 (-45.2%) |
And last month:
| Trends At a Glance | Jan 2020 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $1,385,000 (-1.1%) | $1,400,000 | $1,223,000 (+13.2%) |
| Average Price | $1,402,530 (+0.2%) | $1,399,090 | $1,292,580 (+8.5%) |
| No. of Sales | 15 (-62.5%) | 40 | 25 (-40.0%) |
| Pending | 17 (+21.4%) | 14 | 38 (-55.3%) |
| Active | 14 (+100.0%) | 7 | 53 (-73.6%) |
| Sale vs. List Price | 99.7% (-2.1%) | 101.8% | 98.2% (+1.5%) |
| Days on Market | 48 (+99.7%) | 24 | 32 (+49.3%) |
| Days of Inventory | 28 (+433.3%) | 5 | 64 (-56.0%) |
Looking back over the last few months you can see where the market’s been bouncing around. Compare that with this month and you can see what a dramatic warming has happened!
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, as well as the city of Santa Clara as a whole – note how different they are! Early in the year, the four areas moved much closer together than usual in recent months, though they’ve separated again since then. 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 chart below, it’s very clear 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.
Like the market for houses and duet homes, the condo and townhome market is strong for seller’s in Santa Clara right now. (That does not mean that prices are back at the peak of last March or April, only that selling conditions are in the seller’s favor.)
Condo Market Trends at a Glance from the RE Report
The Santa Clara condo and townhome market is hotter than the month before but has remained generally stable in the long run with some ups and downs. Condos are certainly not experiencing the same level of market heating as the housing market. The sale price to list price ratio has risen, as have the number of sold and pending properties, and days on market have shrunk. Overall, this is a strong seller’s market, but not as strongly in the seller’s favor as single family houses in this area which fits the usual trend for condos.
Please click on link for full details on Santa Clara condominiums and townhomes on my Santa Clara County RE Report.
| Trends At a Glance | Feb 2020 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $800,000 (-11.1%) | $900,000 | $864,000 (-7.4%) |
| Average Price | $911,369 (-8.1%) | $991,936 | $883,799 (+3.1%) |
| No. of Sales | 20 (-4.8%) | 21 | 18 (+11.1%) |
| Pending | 28 (+21.7%) | 23 | 21 (+33.3%) |
| Active | 5 (-54.5%) | 11 | 50 (-90.0%) |
| Sale vs. List Price | 102.6% (+3.5%) | 99.1% | 100.6% (+2.0%) |
| Days on Market | 33 (-35.3%) | 51 | 42 (-21.6%) |
| Days of Inventory | 7 (-55.5%) | 16 | 75 (-90.7%) |
And last month:
| Trends At a Glance | Jan 2020 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $900,000 (+23.3%) | $730,000 | $794,000 (+13.4%) |
| Average Price | $991,936 (+21.8%) | $814,294 | $915,433 (+8.4%) |
| No. of Sales | 21 (+23.5%) | 17 | 12 (+75.0%) |
| Pending | 23 (+21.1%) | 19 | 19 (+21.1%) |
| Active | 11 (-42.1%) | 19 | 39 (-71.8%) |
| Sale vs. List Price | 99.1% (+1.0%) | 98.2% | 98.9% (+0.2%) |
| Days on Market | 51 (+47.0%) | 34 | 39 (+28.8%) |
| Days of Inventory | 16 (-53.1%) | 34 | 98 (-83.9%) |
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 broader spread here than for houses right now. 95054 tops the chart by a long shot while the other three zip codes are currently clustered unusually close together near the bottom of the chart. While market demand is high, pricing is not where it was last spring and summer.
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.
