City of Santa Clara real estate market

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 extremely high demand.

  • The May sale to list price ratio dropped -4.4% since last month, but remains at a jaw dropping 114.3% of asking, well above this time last year!
  • Available inventory rose month-over-month while closed and pending sales slipped. Year-over-year closed sales and active inventory are up while pending sales are relatively stable.
  • Time to sell slowed to an average of just 10 days on market, while the average days of inventory (or market absorption) slowed to 17 days.
  • Prices rose month-over-month, and are up about 28%-29% from 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 during the hottest months of 2023! That dropped off around fall and winter, as anticipated, but by February 2024 the average sales price had already topped that $2 million marker and continues to rise, still well above that in May. While it may decline some later in the season, there is the sense that this may be the new norm.

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.)

 

Santa Clara Real-Time Market Profile

According to Altos, it’s a strong seller’s market with elevated market action rising through spring, finally leveling out around the start of summer.

Data from my Real Estate Report

Next, stats at a glance for the Santa Clara real estate market for single family homes.

Despite rising interest rates and limited options for buyers, the market for single family homes in the city of Santa Clara is going wild!! Homes on average are selling more than 14% over asking in just a week and a half – it’s a red hot seller’s market!

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 GlanceMay 2024Previous MonthYear-over-Year
Median Price$2,190,000 (+8.3%)$2,021,500$1,706,000 (+28.4%)
Average Price$2,218,020 (+6.5%)$2,082,080$1,718,320 (+29.1%)
No. of Sales46 (-8.0%)5039 (+17.9%)
Pending32 (-15.8%)3833 (-3.0%)
Active26 (+13.0%)2320 (+30.0%)
Sale vs. List Price114.3% (-4.4%)119.5%108.2% (+5.6%)
Days on Market10 (+24.0%)818 (-42.0%)
Days of Inventory17 (+27.1%)1315 (+10.2%)

 

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The City of Santa Clara

Mission Santa ClaraThe City of Santa Clara sits in the heart of Silicon Valley and today it is well known for Mission Santa Clara, Santa Clara University, the Great America Theme Park, neighborhood & civic swimming pools and competitive swim teams, and of course high tech companies such as Intel, Applied Materials and Texas Instruments (among others). Within the San Francisco Bay Area, the construction of the new football stadium has been huge in raising the city’s profile in the eyes of sports enthusiasts. For business people, the Santa Clara Convention Center is a big draw too.

For many Silicon Valley workers, one of the biggest draws to Santa Clara is the shorter commute times it tends to afford. For some, it may also be newer construction and a pedestrian-friendly neighborhood at the Rivermark area.  And others may want to live in Santa Clara near Valley Fair and Santana Row.

I have a particular fondness for what used to be referred to as “The Mission City”  due to its history and continuing presence of the Mission Santa Clara today.  Perhaps I am also biased as I spent 10 years of my childhood living near Santa Clara University and another in the San Tomas Woods neighborhood, and to this day am a frequent visitor at the Mission.  There’s a lot to love, and more reasons joining the ranks every day with the new 49ers stadium on the horizon too.

Buying a home in Santa Clara

What does it cost to buy a house, townhouse or condo in the city of Santa Clara?  Have a look – below please find a list of homes for sale, newest listings shown first.

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(all data current as of 6/22/2024)

Listing information deemed reliable but not guaranteed. Read full disclaimer.