SANTA CLARA COUNTY THIRD QUARTER MARKET REPORT | 2016 VS. 2017
The Santa Clara County real estate market continues to surprise the industry. Multiple offers abound at all but the highest price points, with sellers receiving upwards of 104 percent of their asking price. Median sales price continues to climb and averages $1,180,000 for single-family homes and $720,000 for condos/townhomes. The available-to-purchase inventory level dropped 54 percent compared to last year’s numbers, leaving buyers scrambling for any available properties that are in their price range.
The planned unit development portion of inventory is also noticeably below last year’s available supply. This could be a result of extremely high buyer demand in all entry-level housing. As of this moment, almost 75 percent of the available supply of these units are already under contract.
Even with the scarcity of available supply, total closed sales for the year are up 3 percent year-over-year. All of this translates into a red-hot seller’s market that continues to pose a challenge for buyers.