May 2023
Santa Clara is the home to Intel and the San Francisco 49er’s football team and Santa Clara University.
The median home price returned to 2021 levels during the first four months of 2023 following a 10% increase in 2022 and 13% jump in 2021. The annual increase in the median price for Santa Clara homes has averaged 7.2% per year since 1998 (CAGR).
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 still well above list price.
The supply of New Listings for Santa Clara homes (blue line) returned to historically low levels in 2022. The number of Sales followed suit..
Santa Clara homes are typically in the $1.0M to $2.0M price range.
The $/SQFT varies. The scatter chart above shows the distribution of both size of homes and their $/SQFT. The dots represent a home sale in 2021.
Quarterly median prices returned to 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 changes in home values.
The monthly average Days on Market continues at all-time lows. The spikes are typically in Dec-Jan during the slowest time of the year.
The monthly average final sales over list price is about one-half in April year-over-year.
Final sales price vs. list price spiked in early 2022 and appears to be returning to more normal levels. Homes selling during the first two weeks on market typically sell for over list, while homes on the market typically sell for under list. Note: this is using the current list price, which may be after a price reduction.
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.