Updated June 2020
Santa Clara real estate remains strong. The YTD median price is up 5% over the prior year, but still 5% below the peak in 2018. Market demand remains strong with average days on market continuing at historic lows. Final sales prices are still over list price, however only by 2-6% compared to around 10% previously. The supply of new listings declined dramatically by 26% during the first half, but is expected to rebound in the second half.
Santa Clara is the home to Intel and the San Francisco 49er’s football team and Santa Clara University.
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 2019 sales.
The annual median price for a home in Santa Clara are continuing their upward trend, even after a spike in 2018. The annual increase in the median price for Santa Clara homes has averaged 6.9% per year since 1998 (CAGR).
Market demand for Santa Clara homes softened in 2019. The annual average Days on Market (red line) increased to the highest point since 2012, but is still at historic lows. The final sales vs. list price (blue line) declined fairly significantly indicating fewer competitive offers.
The supply of New Listings for Santa Clara homes (blue line) declined dramatically due to Covid as did the number of Sales (red line). I expect this to rebound significantly in the second half.
Santa Clara homes are still selling for over list price during the first two weeks on market during 2019. After that they are typically selling below list. Note: this is showing the current list price, after any price reductions.
The $/SQFT also varies widely from the 2019 average of $916. The scatter chart above shows the distribution of both size of homes and their $/SQFT. The dots represent a home sale in 2019.
Quarterly median prices appear to have leveled-off after a spike during the first half of 2018.
The monthly view of median prices have been relatively flat since mid-2018. 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 are slightly higher in 2018 and 2019 compared to prior years. 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 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 Inventory of Active listings is higher than previous years, especially 2017. Buyers should have a good number of homes to consider.
The number of Sales has declined slightly since 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.