Updated January 2021
The median home price rose 5.5% in 2020, yet 4% below the 2018 spike. There doesn’t appear to be a significant impact from Covid-related restrictions. 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 remains strong. The annual average Days on Market (red line) is still at historically low levels. The final sales vs. list price (blue line) is slightly over list, but lower than the 8-10% over from 2015-18.
The supply of New Listings for Santa Clara homes (blue line) is rising slightly over recent years. The number of Sales (red line) remains fairly consistent with prior years.
Santa Clara homes are typically in the $1.0M to $2.0M price range. Santa Clara is the home to Intel and the San Francisco 49er’s football team and Santa Clara University.
The $/SQFT also varies widely from the 2020 average of $971. The scatter chart above shows the distribution of both size of homes and their $/SQFT. The dots represent a home sale in 2020.
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.
Final sales price vs. List price varies significantly by number of days on market. Homes selling during the first two weeks on market typically sell for over list, while homes on the market typically sell for under list. Buyers should plan on paying 5-10% over list in order to compete for the more desirable listings. 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 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.