How’s the real estate market in Santa Clara, California? In a nutshell, it’s doing much better than the majority of Santa Clara County or Silicon Valley. Let’s look at the absorption rate first, which is the rate at which the current inventory would sell off if no new homes were to come on the market and properties would continue selling at the current rate. The National Association of Realtors says that 6 months or less of inventory is a sellers market whereas more than 6 months reflects a buyers lunch.
As you can see on the absorption rate chart above, the condo market has had its ups and downs, faring better than the single family market five months of the nine so far this year, but faring far, far worse on the others.
Next let’s track the data for Santa Clara’s houses, and afterwards, condos and townhomes.
Real Estate Statistics for Single Family Homes in Santa Clara, CA
| Trends At a Glance | Sep 2008 | Previous Month | Year-over Year |
|---|---|---|---|
| Median Price | $662,500 | $616,500 (+7.5%) | $742,250 (-10.7%) |
| Average Price | $681,878 | $654,516 (+4.2%) | $762,340 (-10.6%) |
| No. of Sales | 46 | 42 (+9.5%) | 50 (-8.0%) |
| Active | 188 | 206 (-8.7%) | 192 (-2.1%) |
| Sale vs. List Price | 98.4% | 98.0% (+0.4%) | 98.2% (+0.2%) |
| Days on Market | 39 | 49 (-19.7%) | 39 (+0.5%) |
Things seem to be improving. It will be good to keep an eye on this market to see if this month was just a blip or if the market is truly on its way back up.
Real Estate Statistics for Condominiums and Townhouses in Santa Clara, CA
| Trends At a Glance | Sep 2008 | Previous Month | Year-over Year |
|---|---|---|---|
| Median Price | $507,500 | $412,000 (+23.2%) | $495,475 (+2.4%) |
| Average Price | $492,786 | $467,405 (+5.4%) | $498,054 (-1.1%) |
| No. of Sales | 14 | 25 (-44.0%) | 20 (-30.0%) |
| Active | 100 | 90 (+11.1%) | 134 (-25.4%) |
| Sale vs. List Price | 98.1% | 97.1% (+1.0%) | 98.9% (-0.8%) |
| Days on Market | 28 | 50 (-43.8%) | 45 (-37.6%) |
Prices seem to be on their way up and inventory is up from last month but down from last year, and days on the market are down too. The Santa Clara condo market appears to be improving so this is definitely something to watch. Buyers, this may be a great time to buy a condo in Santa Clara!
