The Santa Clara housing market in March experienced 66 single-family homes that closed escrow, which is 28 more than closed escrow in the previous month of February.  

The average price of a home sold in March was $2.01M which is about $118K higher than last month’s figure of $1.89MThe median price home sold was $1.96M, about $54K higher than the median price in February.

The average cost per square foot saw an increase from $1331 per Sq. Ft. to $1383 per Sq. Ft. All of the 66 homes sold in March, 64 sold over the list price. 

On average homes that sold did so at 22.41% over asking compared to 20.96% over asking in the previous month.

We started the month of March with 35 active single-family home listings and finished with 26 active single-family homes for sale in all of Santa Clara.

Inventory of Homes for Sale Remains Low

Its still a strong seller’s market in Santa Clara but showing signs of weakening.

Low inventory continues to be a problem for home shoppers.  I am noticing two important details that show the market slowing.

1) We are receiving less offers on homes.

2) Homes seem to be staying on the market a bit longer.

Currently, there are around 25-30 single family homes on the market in all of Santa Clara, and a similar number of condos and townhomes. 

Altos Research Market Data For Santa Clara

High Home Values

Home values are at record highs, and buyers are proceeding cautiously.   High home values have likely priced some buyers out of the market entirely or cause some buyers to pursue a wait and see attitude regarding their home purchase.

Homes in great locations and good neighborhoods as well as updated homes are still selling quite well.

I am noticing that some homes are staying on the market for more than 2 weeks prior to accepting an offer.  

There are also several properties that have been languishing on the market.  These tend to be less desirable homes in poor locations or areas, or homes that are not priced accurately.

Santa Clara Market Reports

The Altos Research Market Action Index for single-family homes in Santa Clara has increased to 83 from 73 where it was last month. For more detailed reports on Santa Clara and Santa Clara Zip codes, you can access the reports here.

Santa Clara Report

95051 Report

95050 Report

95054 Report

Seasonal Trends:

We are well into the Spring market and inventory has stayed relatively the same level as we saw at the end of January.  

The rate of buyer activity has been absorbing many of the new listings causing the market to stay strong for sellers. 

Generally the rate new listings will surpass demand and slow the market.  That has yet to happen this year.

Other Factors in the Market:

Mortgage rates continue to inch higher.    

The stock market has rebounded off of lows for the year, but seems to be in a holding pattern.  

As interest rates increase I suspect buying activity will slow and inventory will start to climb.   We may be staring to see the beginning of that pattern developing right now, but its too soon to tell.

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What Can We Expect Moving Forward?

Buyers, if you are trying to buy a home right now you are likely to be facing some competition but not as much as there was a month ago.

It seems that all the factors are lining up for a slow down in the coming months, but hard to say.  The buying activity has been so strong this year that inventory has yet to increase.  

Proceeding with caution may be a smart move.  Understand that highly sought after homes in good areas, are always going to get lots of attention. 

Continue to monitor inventory levels and days on market for homes.  If the market does slow down, I wouldn’t expect it to correct much.  There is a chance homebuyers in June may get better deals than Aprils home buyers.

Sellers, that market is still strong right now for home sellers, but slowing.  That means less offers and if you don’t strategize your home sale correctly you could get stuck in a slowing or dropping market.  

As always it’s important to understand how your home relates in this market, not all homes are getting the same level of attention.  

Therefore understand where your home fits in this market and price it to sell.  You don’t want your home sitting on the market if a correction hits.

Conclusion:

As always, whether you are buying or selling, understanding the current market and how your home relates will set you up for success.  The housing stock of Santa Clara is very diverse and can vary greatly from one neighborhood to the next.  

Developing the right strategy for your home will maximize your ability to sell for top value.

If you have any questions about a home on the market or your home’s value, please feel free to reach out, I am happy to hear from you.

Contact Me Today

Have a question?  Interested in setting an appointment to talk about your real estate plans?  Contact me today.

Vinicius Brasil, Santa Clara Real Estate Guy

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Santa Clara March 2022 Home Sales

Street AddressList PricePriceDOMBeds TotalBthsSq Ft TotalAge
1154 Inverness Avenue$2,888,000$3,200,000553|03,64371
136 Rodonovan Drive$2,950,000$3,100,000543|02,07068
548 Hubbard Avenue$2,295,000$3,051,000642|01,79463
152 Blake Avenue$1,988,000$2,868,000632|01,34767
317 Montclair Drive$2,499,000$2,850,000043|01,74065
1871 Saint Lawrence Drive$1,989,000$2,715,000933|01,54868
2810 Pruneridge Avenue$2,098,000$2,480,000642|01,78547
3645 De Soto Avenue$1,688,888$2,450,000932|01,68462
2533 Amethyst Drive$1,850,000$2,450,0001153|12,63868
3552 Dominican Dr$1,688,000$2,401,000332|01,51362
3094 Via Siena Place$1,998,000$2,400,000532|11,7627
2370 Cabrillo Avenue$1,699,999$2,385,000733|01,86170
741 Enright Avenue$1,888,000$2,350,000933|01,63572
731 San Miguel Avenue$1,950,000$2,300,000643|01,82568
3149 Barkley Avenue$1,490,000$2,280,000732|01,51065
2547 Marchese Way$1,698,000$2,255,000742|01,97162
2985 Warburton Avenue$1,899,000$2,240,000643|11,99166
336 Concannon Court$1,598,000$2,200,000732|11,33870
4386 Laird Cir$1,850,000$2,200,000732|12,03617
756 Armanini Avenue$1,598,000$2,165,000732|01,32672
621 Hilmar Street$1,699,800$2,145,000932|01,78887
628 Robin Drive$1,498,000$2,130,000932|01,36171
3552 Mauricia Avenue$1,298,000$2,105,000831|11,06463
4110 Tobin Circle$1,850,000$2,100,000732|12,03620
671 Fairlane Avenue$1,888,000$2,100,0001042|11,68462
2415 Crystal Drive$1,498,000$2,096,000632|01,26767
2572 Patricia Drive$1,590,000$2,050,0001032|11,75367
961 Maryann Drive$1,599,000$2,048,000842|01,51169
943 Las Palmas Drive$1,498,000$2,015,0002032|01,16667
2131 Bowers Avenue$1,498,000$2,007,000832|01,31563
972 Fairfield Ave$1,675,000$2,000,000631|11,49566
1092 Sunlite Drive$1,558,000$1,970,000632|01,54372
1750 Briarwood Drive$1,495,000$1,965,000832|01,21268
643 Scott Boulevard$1,799,000$1,951,2852144|02,16075
4146 Tobin Circle$1,550,000$1,920,000733|01,59020
3490 Notre Dame Drive$1,699,950$1,918,000742|01,52065
3443 Flora Vista Avenue$1,598,888$1,905,000532|01,36868
393 La Salle Avenue$1,898,000$1,905,0002232|01,28465
3454 Flora Vista Avenue$1,248,000$1,851,000631|01,06868
2022 Staats Way$1,449,000$1,850,000742|01,24861
4918 Avenida De Los Arboles$1,699,000$1,850,000443|01,85046
1905 Woodland Avenue$1,699,000$1,850,000432|01,30067
632 Woodhams Road$1,588,888$1,840,0001642|01,36769
2215 Ventura Place$1,408,000$1,830,000732|01,07867
1742 Jackson Street$1,800,000$1,820,000732|01,432122
2111 Rockhurst Court$1,691,000$1,800,000032|01,42564
1681 Nelson Drive$1,390,000$1,770,000853|01,81562
453 Juanita Drive$1,275,000$1,730,0001031|01,07570
1776 Laine Avenue$1,399,000$1,730,000832|01,14670
2454 Forbes Avenue$1,599,000$1,730,000632|01,34065
1755 Oswald Place$1,499,000$1,720,000731|01,03869
804 Pepper Tree Lane$1,800,000$1,720,000 32|02,09266
197 N Cypress Avenue$1,499,950$1,700,000932|01,14167
1685 Betty Court$1,588,000$1,700,000732|01,43364
1855 De La Pena Avenue$1,288,600$1,680,000721|01,0120
617 Kiely Boulevard$1,599,000$1,620,0001632|01,25467
1820 Briarwood Drive$1,195,000$1,600,000031|01,09768
793 Park Court$1,359,000$1,600,000542|01,35798
2516 Parkland Court$1,388,000$1,588,8881432|08970
1545 Lexington Street$1,399,000$1,550,000632|01,180107
2527 Pilot Knob Drive$1,328,888$1,500,0001331|089768
1816 Park Vista Circle$1,290,000$1,430,000532|01,53833
621 Park Court$1,199,000$1,405,000722|01,26598
2084 Sheraton Drive$1,350,000$1,350,000231|01,02061
1895 Washington Street$1,150,000$1,280,000621|094577
1031 Di Giulio Avenue$975,000$1,000,0001831|093787

Santa Clara Housing Market Archive

March 2022 home sales CLICK HERE.

February 2022 home sales CLICK HERE.

December 2021 home sales CLICK HERE.

November 2021 home sales CLICK HERE.

October 2021 home sales CLICK HERE.

September 2021 home sales CLICK HERE.

July 2021 home sales CLICK HERE.

May 2021 home sales CLICK HERE.

April 2021 home sales CLICK HERE.

March 2021 home sales CLICK HERE.

February 2021 home sales CLICK HERE.

January 2021 home sales CLICK HERE.

November 2020 home sales CLICK HERE.

October 2020 home sales CLICK HERE.

September 2020 home sales CLICK HERE.

August 2020 home sales CLICK HERE.

July 2020 home sales CLICK HERE.

June 2020 home sales CLICK HERE.

May 2020 home sales CLICK HERE.

April 2020 home sales CLICK HERE.

March 2020 home sales CLICK HERE.

January 2020 home sales CLICK HERE.

Santa Clara Real Estate Guy

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