February 2023 Report
Single Family Homes in Santa Clara County, All Cities, All Neighborhoods Change >
Average Price$1,919,400
-0.7%
Pending Properties1,087
+26.4%
Sale/List Price Ratio101.6%
+2.8%
Days of Inventory47
-24.3%
Trends at a Glance
| Trends At a Glance |
Feb 2023 |
Previous Month |
Year-over-Year |
| Median Price |
$1,510,000 (-1.3%) |
$1,530,000 |
$1,805,500 (-16.4%) |
| Average Price |
$1,919,400 (-0.7%) |
$1,933,540 |
$2,162,160 (-11.2%) |
| No. of Sales |
302 (+14.8%) |
263 |
478 (-36.8%) |
| Pending |
1,087 (+26.4%) |
860 |
1,159 (-6.2%) |
| Active |
531 (-3.5%) |
550 |
496 (+7.1%) |
| Sale vs. List Price |
101.6% (+2.8%) |
98.8% |
117.3% (-13.4%) |
| Days on Market |
30 (-13.6%) |
34 |
14 (+107.8%) |
| Days of Inventory |
47 (-24.3%) |
63 |
28 (+69.4%) |
Market Commentary
The median sales price for single-family, re-sale homes fell, month-over-month. It was down 1.2% from January. It was down 16.4% compared to last year.
The average sales price for single-family, re-sale homes was down 0.7%, month-over-month. It was down 11.2% year-over-year.
Sales of single-family, re-sale homes were down for the eighteenth month in a row, year-over-year, in February. Sales fell 36.8%. There were 302 homes sold in Santa Clara County last month. The monthly average since 2000 is 987.
The sales price to list price ratio rose from 98.9% to 101.6%.
Pending sales were down 6.5% year-over-year.
After being down, year-over-year, thirty months in a row, inventory of single-family, re-sale homes was up for the twelfth month in a row. It gained 7.3% compared to last year. As of March 5th, there were 531 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 61 days to 47 days. The average since 2003 is 89.
It took thirty 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 down 13.7% compared to last February. The average sales price fell 14% year-over-year.
Condo sales were down 48.3% year-over-year. There were 165 condos sold in February.
The sales price to list price ratio rose from 99.4% to 101.1%.
Condo inventory was up 80.1% compared to last February.
As of March 5th, there were 217 condos for sale in Santa Clara County. The average since January 2000 is 757.
Days of inventory fell from sixty-seven to thirty-six.
It took an average of thirty days to sell a condo last month.
If you are planning on selling your property, call me for a free comparative market analysis.