Santa Clara County Year-End Market Report

Real estate in Santa Clara County remained a very hot commodity throughout 2017. The early frenetic spring and summer multiple-offer market continued throughout the fall. Buyer demand for properties in the premium areas of the valley caused acceleration to new median price heights before cooling slightly and ending the year at $1,005,000, representing a year-over-year increase of 12% in median price for the county. Sales volume and homes sold just slightly increased 1% over 2016, leaving many buyers wanting more housing inventory. The average days on market pace didn’t slow much over the year, ending 2017 at a scorching 21 days. At year end, the available inventory of all types of housing dropped to new record lows, leaving us to start the year with well less than one month’s supply of unsold properties throughout the entire county.