Prices of single-family homes in Santa Clara County are "living up to their reputation for the most expensive real estate in the U.S.," according to MLSListings, the multiple listing provider of the Silicon Valley Association of Realtors. The MLS, which specializes in the counties of San Mateo, Santa Clara, Santa Cruz, San Benito and Monterey, indicates in its May market data report that Santa Clara County led these counties in largest price increase year-over-year at 17 percent. Santa Clara County also had the largest month-over-month inventory gain (28 percent).
The median single-family home in Santa Clara County sold for $1,407,500 in eight days, at 111 percent of asking price, down one percent from April, and up 17 percent from a year ago based on 1,087 sales in May 2018. Inventory grew 28 percent from April, but the overall inventory level for May was down 8 percent from May 2017, with 1,168 homes available compared to 1,275 homes last year. The median days on market remained at eight days. New listings entered in May saw a 15 percent month-over-month increase and a gain of 12 percent compared to May 2017. Closed sales increased 20 percent over April, from 908 to 1,087, but dropped 4 percent over May 2017.
The inventory of condos and townhomes is up, as well. The median condo/townhome in Santa Clara County sold for $950,000 in eight days, at 113 percent of asking price. Inventory rose 24 percent over April, but was still down 6 percent from May last year. Closed sales were up 10 percent from April, with 406 completed sales, down 9 percent from last May, when 445 sales were closed. The median sale price rose 3.3 percent month-over-month and 35 percent year-over-year. Average days on market rose to 10 days in May, a 41 percent decrease from a year ago when the average was 17 days on market.
"The market is changing in that we are seeing more listings. It's still not enough to meet demand, but sellers are realizing now is a good time to sell if they are considering it and spring and summer are ideal times to put their house on the market," said Bill Moody, president of the Silicon Valley Association of Realtors. "With tech giants like Google, Facebook and Apple expanding their footprint and workforce in Silicon Valley, the shortage of homes for sale has reached a serious level."
In neighboring San Mateo County, the median single-family home sold for $1,600,000 in 11 days, at 112 percent of the list price - down 11 percent from April, but up 8 percent from a year ago based on 443 sales in May 2018. Inventory was down 2 percent from April, and off 9 percent from May 2017, with 434 homes available, compared to 475 last year. The median days on market was 11 days. New listings were down 10 percent from April, and down 2 percent from May 2017. Closed sales gained 33 percent from April, from 334 to 443, but down 1 percent from May 2017.
The median condo/townhome in San Mateo County sold for $995,000 in 10 days, at 112 percent of asking price in May. Inventory was up one percent compared to April, but down 24 percent from a year ago. Closed sales were down 3 percent from April, with 121 completed sales, which was a 9 percent decrease from last May. The median sale price fell slightly by one percent month-over-month and gained 17 percent year-over-year.
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Variations of this article have appeared in local area newspapers.
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