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 in which the sellers have a strong upper hand and it continues to be impacted by rising prices and heightened demand. Buyers are seemingly going crazy over this part of Silicon Valley right now!
- The April sale to list price ratio is a red hot 118.2% of asking.
- April had just 29 active listings at the end of the month, but 52 closed sales and 65 pending sales for single family houses!
- The average days of inventory (or market absorption) was just 16, and the days on market was 9, so extremely quick turnover
Prices in Santa Clara are astronomical. I grew up in that city and am amazed to see that the average and median sales price there are now hovering around $2 million!
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, and low inventory from the past two years with continuous low inventory around the rest of 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 right now with elevated market action rising through early spring, low median days on market, and a slight increase in perpetually low inventory.
Data from my Real Estate Report
Next, stats at a glance for the Santa Clara real estate market for single family homes. There’s a glitch with our usual system that generates the statistics and trends, so the numbers might not be exact but the trend tracking is still accurate.
Looking back, 2020 began with a hotter than usual winter market getting progressively hotter towards spring. Things started to change after March 2020 and the market was hit with some significant cooling at the start of shelter-in-place. As the country began to open up, easing restrictions for realty sales, all that pent up demand fired up the market!
High demand and low inventory have been fueling a blazing hot market in Santa Clara over the last couple of years. There was no winter cool down here. Normally we don’t include the market heat charts from the RE Report, but the December 2021 spike was so striking that I wanted to include it. It’s a quick view of why it’s so hard for buyers to buy here, and so easy for sellers to sell right now. That chart can be viewed larger by clicking on it, or visit my RE Report page for Santa Clara stats here.
Trends at a Glance
| Trends At a Glance | Apr 2022 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $1,920,000 (-2.5%) | $1,970,000 | $1,640,000 (+17.1%) |
| Average Price | $2,068,930 (+3.1%) | $2,007,080 | $1,608,630 (+28.6%) |
| No. of Sales | 52 (-1.9%) | 53 | 52 (0.0%) |
| Pending | 65 (-8.5%) | 71 | 66 (-1.5%) |
| Active | 29 (+20.8%) | 24 | 33 (-12.1%) |
| Sale vs. List Price | 118.2% (-4.9%) | 124.4% | 109.2% (+8.2%) |
| Days on Market | 9 (+4.8%) | 9 | 17 (-45.1%) |
| Days of Inventory | 16 (+19.1%) | 14 | 18 (-12.1%) |
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! Zip codes 95054 and 95050 occasionally switch places. 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 rising market action and it remains in a strong seller’s market. Current market action is almost on-par with single family homes!
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 as the housing market, nor as significant a cooling as the single family market. The sale price to list price ratio dipped to 110.6%, remaining well above last year, and time on market was just 10 days. Looking back a year, pending sales are up 50%, and closed listings have increased while active inventory continues to fall behind – it’s unbelievably low!
From around mid-2020 to mid-2021, condos have had an unusually high level of active inventory, although declined some between June 2021 and February 2022. 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 hot 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 | Apr 2022 | Previous Month | Year-over-Year |
|---|---|---|---|
| Median Price | $917,500 (+0.5%) | $913,000 | $823,500 (+11.4%) |
| Average Price | $1,006,890 (-4.8%) | $1,057,410 | $923,729 (+9.0%) |
| No. of Sales | 34 (-10.5%) | 38 | 30 (+13.3%) |
| Pending | 57 (0.0%) | 57 | 38 (+50.0%) |
| Active | 29 (+38.1%) | 21 | 44 (-34.1%) |
| Sale vs. List Price | 110.6% (-1.1%) | 111.8% | 104.4% (+5.9%) |
| Days on Market | 10 (+16.0%) | 9 | 18 (-41.9%) |
| Days of Inventory | 25 (+49.2%) | 17 | 43 (-41.8%) |
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. Zip codes 95051 and 95050 are keeping relatively close together right now, while 95054 condos are following very different trends at a higher list price.
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.
