Real Estate Report presented by BOYENGA TEAM

May 2024 Report

Single Family Homes in Santa Clara County, San Jose, Evergreen Change >


Median Price
$1,755,000
-14.9%
Average Price
$2,072,410
+0.5%
No. Sold
35
+75.0%
Pending Properties
30
+11.1%
Active
27
+35.0%
Sale/List Price Ratio
107.8%
-1.9%
Days on Market
10
-6.0%
Days of Inventory
23
-20.2%

Market Barometer

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Market Commentary

Home Prices Set New Highs in May

Home prices set new highs for the second month in a row. The median sales price for single-family, re-sale homes was up 19.1% compared to last year. The median sales price was $2,100,000.

The average sales price for single-family, re-sale homes also set a new high for the second month in a row. It was up 15.4% year-over-year. The average sales price was $2,438,990.

Sales of single-family, re-sale homes were up 13.5%, year-over-year, in May. There were 851 homes sold in Santa Clara County last month. The monthly average since 2000 is 987.

The sales price to list price ratio fell from 110.7% to 109.2%.

Pending sales were up 13.1% year-over-year. There are 700 homes in escrow.

Inventory of single-family, re-sale homes was up for the first time in fourteenth months. It rose 19.1% compared to last year. As of June 5th, there were 743 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, stayed at 26 days. The average since 2003 is 89.

It took fourteen 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.

Condo prices also set new highs last month. The median sales price for condos was up 12.7% compared to last May. The median sales price was $1,081,500. The average sales price gained 10.2% year-over-year. The average sales price was $1,144,730.

Condo sales were up 31.4%. There were 268 condos sold in May.

The sales price to list price ratio fell from 106.4% to 105.3%.

Condo inventory was up 88% compared to last May.

As of June 5th, there were 406 condos for sale in Santa Clara County. The average since January 2000 is 757.

Days of inventory rose from thirty to thirty-three.

It took an average of fifteen days to sell a condo last month.

If you are planning on selling your property, call me for a free comparative market analysis.

 

Prices & Sales

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Days of Inventory

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Sales to Date

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Sales Price Ratio

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