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Average Home Sale Prices in Santa Clara County at 5-Year High in November

SAN JOSE, Calif., Dec. 21, 2012 – As the housing market in Santa Clara County continues the yearlong trends of recovery, the latest monthly statistics, which are compiled from the November market data, show that average home sale prices were at their highest last month for any November since 2008.

The average sale prices were only lower than numbers from November 2007 and November 2006, and were close to those from November 2005, according to data from MLSListings.

The average sale price for a single family home in November stood at $883,185, jumping 15.90 percent from the $762,007 of November 2011. The average sale price for a condo or townhome was $468,654, a whopping 39.39 percent increase from the $336,206 of November 2011.

The peak for any November came in 2007, with the average single family home selling for $1,047,683 and the average condo or townhome for $579,505.

The average sale prices were comparable to those from November 2005, when single family homes sold for $879,138 on the average and condos or townhomes for $501,346.

“Inventory remains scarce, which drives up prices or keeps prices steady depending on the specific submarket,” said Barbara Lymberis, president of the Santa Clara County Association of REALTORS®. “This trend may continue during at least the first half of next year, but the market should begin to normalize as more sellers feel more confident in the market and start to list their homes.”

In November the inventory of single family homes was 1,617, only 49.85 percent of its level in November 2011, which was 3,244. The inventory of condos and townhomes was 554, 40.82 percent of the 1,357 in November 2011.

About the Santa Clara County Association of REALTORS®
SCCAOR, established in 1896, is California’s oldest and Northern California’s largest real estate association. We represent about 10,000 REALTORS® and affiliate members. SCCAOR exists to meet the business, professional and political needs of its members and to promote, protect homeownership and private property rights.