Demand Grows and Inventory Shrinks in Santa Clara County Housing Market

SAN JOSE, Calif., March 15, 2012 – Demand in the housing market is growing rapidly in Santa Clara County. Last month the average home price increased while the inventory dropped – both significantly, compared with a year earlier.

The average price of single family homes increased to $737,381 from the $673,644 of February 2011, a 9.46 percent spike, according to MLSListings. The average price of a condo went up to $358,352 from the $346,701 of February 2011, a 3.36 percent jump.

In the meanwhile, the inventory for single family homes shrank to 2,847 from 3,818, a 25.43 percent drop, and the inventory for condos went down to 1,146 from 1,720, a 33.37 percent decrease.

“This is not a market for the faint of heart,“ said Barbara Lymberis, president of the Santa Clara County Association of REALTORS®. “You either do or do not do – there’s no try. Buyers, if you really want a particular home, your attitude must be to win the deal. Sellers, if you really want to sell, price under market, even at 99 percent of market value, and let the buoyancy of the market lift the offers up.  Whatever you do, get moving now…The race is on!”

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.

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