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 March sale to list price ratio rose to 115.8%, well over asking price and well above this time last year.
  • Available inventory, closed, and pending sales all rose month-over-month. Year-over-year closed and pending sales are up while inventory lags far behind.
  • Time to sell sped to an average of just 9 days on market, while the average days of inventory (or market absorption) sped to 17 days.
  • Prices didn’t move far month-over-month, and are up about 22%-23% 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 has already topped that $2 million marker!

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. Though there was a clear dip in market action during fall and winter it’s beginning to turn around into spring.

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 GlanceMar 2024Previous MonthYear-over-Year
Median Price$1,954,440 (-0.7%)$1,967,500$1,604,440 (+21.8%)
Average Price$2,041,990 (+0.9%)$2,024,270$1,657,070 (+23.2%)
No. of Sales32 (+77.8%)1828 (+14.3%)
Pending38 (+46.2%)2621 (+81.0%)
Active18 (+20.0%)1524 (-25.0%)
Sale vs. List Price115.8% (+3.7%)111.7%106.6% (+8.7%)
Days on Market(-56.5%)2013 (-32.9%)
Days of Inventory17 (-27.7%)2326 (-34.4%)

 

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Real Estate Inventory & Sales in Silicon Valley’s “West Valley” Areas of Los Gatos, Saratoga, Campbell and Cambrian Park

With the massive housing correction, we saw a rise in real estate inventory which has now begun to subside, and we saw a wave of short sales and bank owned properties begin to roll through Santa Clara County.  In the “West Valley” communities of Los Gatos, Saratoga, Campbell and Cambrian Park, we have seen the impact of this to varying degrees.

Today I pulled the numbers for these four areas of Silicon Valley to see this history of inventory and pending sales over the last six years to get a year-over-year view of the market.  (Status 1 = homes available, Status 2 = homes under contract with a seller’s contingency, they might be available, Status 3 = sale pending with normal contingencies on the buyer’s side for inspections, financing, and/or appraisal, and Status 4 = all contingencies have been removed.)

 

Real-estate-inventory-los-gatos-saratoga-campbell-cambrian.jpg

 

What do these numbers reveal to us?
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