SAN JOSE, Calif., May 17, 2012 – The Santa Clara County housing market is showing multiple signs of a robust recovery: prices are up, days-on-the-market are shorter, and the number of closed sales is increasing.
In April, the average price for a single family home stood at $843,189, a 6.09 percent increase from the $794,823 of April 2011, according to data compiled by MLSListings. The average price of a condo stood at $395,751, an 8.71 percent jump from the $364,027 of April 2011.
In the past year, the number of days a single family home stayed on the market before being sold shrank from 77 to 58, and it decreased from 90 to 55 for condos. At the same time, the number of closed sales went up from 997 to 1,025 for single family homes and from 350 to 390 for condos.
Inventory has reached one of the lowest levels in a decade. There were 2,573 single family homes and 956 condos for sale in April, as compared with the 4,180 single family homes and 1,761 condos on the market in April 2011.
“We’re consistently seeing offers at or very near list price,” said Barbara Lymberis, president of the Santa Clara County Association of REALTORS®. “Many homes are receiving multiple offers and therefore are selling over the list price. If you’re considering selling, do it now, while demand still outstrips supply.”
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.