Home Prices Continue to Decline
Contrary to what we wrote in March that the plethora of tech IPOs would generate thousands of new millionaires and drive home prices upward, home prices have, instead, remained flat or declined.
Some are attributing the reason for the decline to the Chinese abandoning the market. Sales of real estate to Chinese buyers is down 56% year-over-year. See this article in USA Today: https://tinyurl.com/y5vmrq7f.
It is important to keep in mind that the Santa Clara County real estate market is dynamic and the stats below summarize the county as a whole. Some communities still saw increases in their average sale price and/or median price when compared month over month. Partnering with someone who understands the market is more important than ever. Visit my report page to see the numbers for your city. The on-line report is at: http://april.rereport.com/
The median sales price in Santa Clara County for single-family, re-sale homes in August was down for the seventh month in a row and nine of the past ten months, year-over-year. It fell 7.4%. It was also down 7.8% from July.
The average sales price was down for the tenth month a row, year-over-year. It fell 7.5%. It was down 6.7% compared to July.
The sales price to list price ratio dropped to 100.4% from 100.7%.
Home sales fell 4.6% from July, but are up 13.2%, year-over-year. There were 873 homes sold in Santa Clara County last month. The average since 2000 is 987.
Inventory continues to expand. It has been higher than the year before fifteen months in a row. Last month, it was up 9.4% over last year.
Days of Inventory, or how long it would take to sell all homes listed for sale at the current rate of sales, fell three days to 44 days compared to July. The average since 2003 is 89.
As of September 5th, there were 1,293 homes for sale in Santa Clara County. The average since January 2000 is 2,778.
It is taking thirty-one days to sell a home. That is the time from when a home is listed to when it goes into contract.
The median sales price for condos rose 4.7% from July, but, it was down 10.6% from last August.
The average sales price rose 0.2% from July, but was down 10.6% from last August.
The sales price to list price ratio fell from 100.6% to 100.0%.
Condo sales were up 15.1%.
Inventory continues to expand. It has been higher than the year before fifteen months in a row.
As of September 5th, there were 609 condos for sale in Santa Clara County. The average since January 2000 is 757.
Days of inventory fell to fifty-six.
It took an average of thirty-two days to sell a condo last month.
If you are planning on selling your property, call me for a free comparative market analysis.
To read/print the complete monthly report, go here:
For the complete annual report, which includes charts and graphs for each city in the county, click on the following link: