Updated May 2020
Santa Clara real estate remains strong. While shelter-in-place orders resulted in a 25% reduction in the supply of New Listings, market demand remained strong. Average days on market were at all-time lows in April and finals sales vs. list percentages increased to highs exceeding 2018-19 levels. Median prices have risen slightly over 2019, but are consistent with 2018.
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 declined by 9.3% in 2019. This is after an unusual spike of 17% and 18% in 2017 and 2018. The annual increase in the median price for Santa Clara homes has averaged 6.6% per year since 1998 (CAGR).
Market demand for Santa Clara homes declined in 2019. The annual average Days on Market (red line) increased again in 2019 to the highest point since 2012. The final sales vs. list price (blue line) declined fairly significantly indicating few competitive offers.
The supply of New Listings for Santa Clara homes (blue line) declined, but is still consistent with recent years. The number of Closed Sales (red line) also declined slightly, however is still consistent with recent years.
Santa Clara homes are still selling for over list price during the first two weeks on market. 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.
A view of the quarterly median price suggests that prices are leveling-off at 2017 levels.
The monthly view of median prices has been relatively flat in 2019. 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 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 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.