Updated July 2019
Santa Clara is the home to Intel and the San Francisco 49er’s football team.
Santa Clara homes are typically in the $1.0M to $2.0M price range. The chart above shows the distribution of home prices by number of bedrooms for 2018 sales.
The annual median price for a home in Santa Clara declined by 7% during the first half of 2019. This is after an unusual spike of prices during the first half of 2018. The annual increase in the median price for Santa Clara homes has averaged 7.5% per year since 1998 (CAGR).
Market demand for Santa Clara homes remains strong. The annual average Days on Market (red line) increased slightly but continue to be at all-time lows. The final sales vs. list price (blue line) declined fairly significantly indicating few competitive offers.
The supply of New Listings for Santa Clara homes continued to increase by 2.2% in 1H2019 to the highest level since 2010. Yet, the number of Closed Sales declined by 5.8%, which is consistent with recent years.
The percentage that the final sales price is over/under varies significantly from the annual average of 2.9%. Sales that occur during the first two weeks on market typically exceed the list price by up to 15%. Buyers should anticipate paying 5% to 10% over list and then adjust according to the specific situation.
The $/SQFT also varies widely from the 1H2019 average of $929. The scatter chart above shows the distribution of both size of homes and their $/SQFT. The dots represent a home sale in 2018.
A view of the quarterly median price suggests that prices are leveling-off, starting in early 2018.
The monthly view of median prices shows that most of 2019 has been very consistent with no increases (or decreases). 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 shows that our current market is relatively strong with homes selling on average in less than 20 days. The spikes are typically in Dec-Jan during the slowest time of the year.
The monthly average final sales over list price has declined significantly since 1H2018. The average final sales price is now 3% to 5%, the lowest over the past 7 years.
The Inventory of Active listings is higher than previous years, especially 2017. Buyers should have a good number of homes to consider.
The monthly supply of New Listings for homes in Santa Clara is increasing. Note the seasonality with December typically being the low-point during the year.
The number of Closed Sales is 5.8% fewer than this time last year. Not sure why, yet. Possibly due the higher interest rates.
Sources: 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.