September 2024
Santa Clara is the home to Intel and the San Francisco 49er’s football team and Santa Clara University.
Santa Clara home values are showing a strong recovery to new all-time highs. The annual increase in the median price for Santa Clara homes has averaged 6.8% per year (CAGR) over the past 25 years and doubled over the past 10 years.
Market demand for Santa Clara homes remains strong. The annual average Days on Market (red line) declines to all-time lows. The final sales vs. list price (blue line) is well above list price and even higher if it sells within the first week or two on market (see below).
The supply of New Listings for Santa Clara homes (blue line) has declined dramatically. New listings in 2023 are 30% from last year.
Santa Clara homes are typically in the $1.0M to $3.0M price range.
The scatter chart above shows the distribution of both size of homes and their $/SQFT. The dots represent a closed sale.
Quarterly median prices are slightly higher than 2021 levels after a jump during the first two quarters for 2022.
The monthly median price is relatively consistent with 2021 after a strong jump in 2022. Keep in mind that the monthly fluctuation may be due to a change in the mix of homes selling in a particular month, not necessarily just changes in home values.
The monthly average Days on Market has returned to historic lows. The spikes are typically in Dec-Jan during the slowest time of the year.
The monthly average final sales over list price is increased significantly during 2023.
Homes selling during the first two weeks on market typically sell for over list, while homes on the market typically sell for under list.
The monthly supply of New Listings for homes in Santa Clara is dramatically lower than prior years. Note the seasonality with December typically being the low-point during the year.
The Inventory of Active listings is lower than previous years.
The number of Sales is consistent with previous years.
Source: The data above is obtained directly from MLSlistings, the multiple listing service (MLS) serving Santa Clara and San Mateo counties. The information is deemed to be accurate, however is not guaranteed.