Santa Clara County Average Price for Homes Over a Million Over 1 Million Dollars

The average price for single-family, re-sale homes went back over $1,000,000 for the first time since November 2007. The average price for homes was up 24.5% year-over-year.

The rapid decline in the number of bank-owned and short sales has been credited with moving the statistical pricing numbers up rapidly.

There is something to be said for that theory. In January 2012, 40% of all homes sold were either bank-owned or short sales. Last month, that number was less than 10%.

I expect as bank-owned and short sales become less of a factor in the market, price increases should start going back into single-digits.

APRIL MARKET STATISTICS
The median price for single-family, re-sale homes reached $800,000 last month, which, again, is a level last seen In November 2007.

The median price for homes was again up by double-digits, gaining 28% year-over-year. The median price has been higher than the year before for the past fifteen months, with the gain in the past seven months being more than 20%.

Sales of single-family, re-sale homes were down 9.3% year-over-year. There were 989 homes sold last month.

The sales price to list price ratio has been over 100% for the past fourteen months. It was 105.9% in April. That is the highest the ratio has been since May 2000 when it was 107.7%.

Pending home sales were up 34.1% year-overyear. That’s the sixth month in a row pending sales have been lower than the year before, portending a slow first half in 2013.

SALES MOMENTUM…
for homes dropped 1.2 points to –1.1.

PRICING MOMENTUM…
has been on the up-swing the past fourteen months. It rose 1.2 points to +18.2.

CONDO STATISTICS…
The median price for condos was up 50% year-over-year, and it went over $500,000 last month ($510,000), which is the highest it has been since March 2008. That’s thirteen straight months of double-digit gains.

Closed sales were off 7.2%, while pending sales fell 34%.

Condo inventory was down 48.2% from last April. As of the 5th of the month, there were only 244 condos for sale in the county.

This is an extraordinarily tough market for buyers. It’s important to be calm and realistic. If you don’t know what to do or where to begin, give me a call and let’s discuss your situation and your options.