Prices Rise and Inventory Shrinks in Santa Clara County Housing Market

SAN JOSE, Calif., April 18, 2012 – Compared to a year earlier, homes in Santa Clara County last month were selling faster and for a higher price, and there were fewer homes on the market.

According to MLSListings, last month the average price for single family homes stood at $792,643, a 3.26 percent rise from the $767,589 of March 2011. The average price of a condo went up to $390,453 from $358,946 of March 2011, an 8.78 percent jump.

Meanwhile, Days on the Market went down from 79 to 68 for single family homes, a 16.18 percent decrease, and from 95 to 78 for condos, a 17.89 percent drop.

Inventory was low. 2,803 single family homes and 1,038 condos were for sale last month, down from the 3,952 and 1,771 of March 2011. The decreases were 29.07 percent and 41.39 respectively.

“The market is very active,” said Barbara Lymberis, president of the Santa Clara County Association of REALTORS®. “Sales continue to increase, running neck to neck with new listings in some areas. Buyers are rushing to take advantage of the affordable prices and the incredibly low interest rates. Sellers who price their homes right are routinely attracting multiple offers.”

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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