August 2023 Report
Single Family Homes in Santa Clara County, All Cities, All Neighborhoods Change >
Average Price$2,237,100
+7.8%
Pending Properties515
+2.0%
Sale/List Price Ratio105.3%
-0.5%
Trends at a Glance
| Trends At a Glance |
Aug 2023 |
Previous Month |
Year-over-Year |
| Median Price |
$1,850,000 (+3.1%) |
$1,795,000 |
$1,647,500 (+12.3%) |
| Average Price |
$2,237,100 (+7.8%) |
$2,075,050 |
$1,938,430 (+15.4%) |
| No. of Sales |
634 (+15.1%) |
551 |
742 (-14.6%) |
| Pending |
515 (+2.0%) |
505 |
686 (-24.9%) |
| Active |
623 (+4.9%) |
594 |
1,094 (-43.1%) |
| Sale vs. List Price |
105.3% (-0.5%) |
105.9% |
100.1% (+5.2%) |
| Days on Market |
18 (+4.1%) |
17 |
25 (-28.4%) |
| Days of Inventory |
29 (-8.8%) |
32 |
44 (-33.4%) |
Market Commentary
The median sales price for single-family, re-sale homes rose, month-over-month. It was up 3.7% from July. It was up 12.1% compared to last year.
The average sales price for single-family, re-sale homes was up 7.1%, month-over-month. It was up 14.1% year-over-year.
Sales of single-family, re-sale homes were down for the twentieth month in a row, year-over-year, in August. Sales fell 14.2%. There were 633 homes sold in Santa Clara County last month. The monthly average since 2000 is 987.
The sales price to list price ratio fell from 105.9% to 105.3%.
Pending sales were down 56.5% year-over-year.
Inventory of single-family, re-sale homes was down for the fifth month in a row. It fell 56.6% compared to last year. As of September 5th, there were 584 homes for sale in Santa Clara County. The average since January 2000 is 2,703.
Days of Inventory, or how long it would take to sell all homes listed for sale at the current rate of sales, fell from 30 days to 28 days. The average since 2003 is 89.
It took eighteen days to sell a home last month. That is the time from when a home is listed for sale to when it goes into contract.
The median sales price for condos was up 7.3% compared to last August. The average sales price gained 4.5% year-over-year.
Condo sales were up 1% year-over-year. There were 290 condos sold in August.
The sales price to list price ratio rose from 102.8% to 103.4%.
Condo inventory was down 48.6% compared to last August.
As of September 5th, there were 236 condos for sale in Santa Clara County. The average since January 2000 is 757.
Days of inventory fell from thirty-three to twenty-four.
It took an average of nineteen days to sell a condo last month.
If you are planning on selling your property, call me for a free comparative market analysis.