SAN JOSE, Calif., August 14, 2012 – Prices continue to rise in the Santa Clara County housing market, a strong sign that the market is further recovering from the downturn of the previous years.
The average price of single family homes for July increased by 16.29 percent from the same month of last year, jumping from $785,898 to $913,950. The average price of condos rose by 16.65 percent during the same period, from $374,191 to $436,507.
In the meantime, the average number of days on market decreased drastically from a year earlier. In July, it took an average of 43 days to sell a single family home, down from the 64 days in July 2011 and a 32.81 percent drop; it took average of 53 days to sell a condo, down from the 81 days in July 2011 and a 34.57 percent decrease.
The market also shows a tight supply of homes for sale. Inventory for single family homes for July dropped to 2,460 from the 4,053 of July 2011, a decrease of 39.30 percent. Inventory for condos dropped to 790 to 1,616, a decrease of 51.11 percent.
“The housing market in Santa Clara County is fast and furious and doesn’t show any signs of stopping yet,” said Barbara Lymberis, president of the Santa Clara County Association of REALTORS®. “New listings are barely keeping ahead of closed sales. For buyers and their agents to succeed in this market, they need to be constantly monitoring new listings, including using technology that notifies them instantly once a home comes on the market.”
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.