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The Santa Clara housing market in January experienced 34 single-family homes that closed escrow, which is 12 less than closed escrow in the previous month of December.  

The average price of a home sold in January was $2.05M which is about $185K higher than last month’s figure of $1.87MThe median price home sold was $2.1M, about $300K higher than the median price in December.

The average cost per square foot saw a slight increase from $1204 per Sq. Ft. to $1227 per Sq. Ft. Of the 34 homes sold in December, 28 sold over the list price. 

On average homes that sold did so at 17.54% over asking compared to 16.16% over asking in the previous month.

We started the month of January with 15 active single-family home listings and finished with 26 single-family homes for sale in all of Santa Clara.

Santa Clara Home Values Shooting Upwards

December and January saw large price increases and we are continuing to see strong offers and high bidding in the first weeks of February.

Low inventory continues to be a problem for home shoppers.  Homes in good locations regardless of condition are getting strong interest and selling well.

Currently, there are around 20-25 homes on the market in all of Santa Clara, and that number should grow as we move further into the Spring market.

Altos Research Market Data For Santa Clara

Buyers are Anxious

Homebuyers are facing some fierce competition among other home shoppers, and the result has been aggressive bidding and rising home values.

When the market experiences price increases like what we have been seeing, it causes buyers to either get more aggressive about their home buying plans or drop out of the market.

As home values shoot up buyers may realize that they are priced out and either put their home search on hold or consider other markets.

Condo and Townhome values are also showing increases as affordability of single-family homes has become more difficult for home buyers.

The months of December and January have seen record prices across all of  Santa Clara.  The trend has also continued through the first weeks of February.

Santa Clara Market Reports

The Altos Research Market Action Index for single-family homes in Santa Clara has decreased to 72 from 82 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:

This time of year we typically see low inventory and the trend is that inventory increases as we move into the Spring and the Summer markets.

Also this time of year we generally see price increases or appreciation due to the highly competitive nature of a market that has low inventory.

This makes it a great time of the year to sell a home and a very challenging time to buy.  Some years are more extreme than others, and our current market is about as hot for sellers as a market can get.

Other Factors in the Market:

Mortgage rates continue to inch higher.    

Combined with increasing home values and more inventory, I suspect that at some point this year the market will come to a stand still and eventually a correction.

The stock market has been selling off and is currently at lows for the year.  Facebook stock has taken a huge tumble in the last week.  Generally I don’t comment much about specific stocks, but I am sure the significant drop in Facebook shares will affect some home buyers.

The condo market has really start to rebound and condos and townhome markets are also very competitive.

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What Can We Expect Moving Forward?

Buyers, if you are trying to buy a home right now you can expect heavy competition and there is a good chance that even if you make a strong offer it may not be enough. 

It seems that all the factors are lining up for a correction sometime they year.  The question to ask is when, and by how much.  There are lots of buyers still out there in the market.  

I would continue to monitor inventory levels and how quickly homes are selling.  Also, be sure to subscribe to Altos Reports and follow the weekly MAI.

Sellers, you are probably noticing the high price of recent home sales in your neighborhoods and the news headlines about homes selling for record prices and $100s of thousands over asking. 

Yes, the market is extremely strong right now for home sellers, but a correction is looming.  If your plan is to sell this year, you may want to start prepping now.  

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

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 January 2022 Home Sales

Street AddressList PricePriceDOMBeds TotalBthsSq Ft TotalAge
251 Madrone Avenue$2,388,000$2,851,000642|11,81058
2762 Glorietta Circle$2,498,000$2,792,0001242|01,57250
513 Flannery Street$2,280,000$2,740,000842|12,20658
3016 Forbes Ave$2,450,000$2,676,8001153|03,1300
189 Brookside Avenue$2,675,000$2,600,0005244|12,8983
3241 Catalina Avenue$1,698,888$2,460,000842|11,70058
488 Luther Drive$1,999,950$2,425,000842|12,12561
2952 Fresno Street$1,888,000$2,400,000132|01,94774
605 Giannini Drive$1,880,000$2,350,000532|01,14765
1074 Loyola Court$1,699,000$2,325,000932|01,56064
910 Wren Avenue$1,988,000$2,300,0004242|12,53427
3534 Shafer Drive$1,999,000$2,250,000853|02,30367
725 Fairlane Avenue$1,688,000$2,220,000732|01,33061
3586 Londonderry Drive$1,699,950$2,200,880233|01,84766
2293 Augusta Place$1,808,800$2,190,1081243|01,93063
2097 Del Monte Avenue$1,977,000$2,115,0001553|02,49265
2920 El Sobrante Street$1,599,000$2,100,000132|01,21071
3165 Warburton Avenue$1,850,000$2,100,0001253|02,19063
1445 Franklin Street$1,649,000$2,000,000742|12,22422
985 Camino Drive$1,798,000$2,000,000744|02,71369
1885 Harrison Street$1,900,000$1,900,000032|01,64074
25 Cabot Avenue$1,590,000$1,884,020833|12,23111
1197 Fairfield Avenue$1,380,000$1,855,000622|01,41361
1846 Bellomy Street$1,845,000$1,825,0003043|02,90827
2205 San Antonio Place$1,399,950$1,810,000632|01,07866
1755 Ravizza Avenue$1,599,000$1,750,000932|01,28366
2245 Sherwin Avenue$1,298,000$1,740,000731|01,05271
570 Saratoga Avenue$1,775,000$1,700,0005742|02,47574
2134 Laurel Drive$1,299,950$1,605,000831|11,08371
907 Baird Avenue$1,248,000$1,565,000742|01,31459
2342 Bohannon Drive$1,500,000$1,500,000032|01,14068
540 Monroe Street$1,249,000$1,400,000522|01,04291
1171 El Camino Real$1,148,000$1,260,00013721|0864111
1130 Monroe Street$949,000$928,0002022|11,12634

Santa Clara Housing Market Archive

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.

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