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 $1.87M. The 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
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.
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.
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Santa Clara January 2022 Home Sales
|Street Address||List Price||Price||DOM||Beds Total||Bths||Sq Ft Total||Age|
|251 Madrone Avenue||$2,388,000||$2,851,000||6||4||2|1||1,810||58|
|2762 Glorietta Circle||$2,498,000||$2,792,000||12||4||2|0||1,572||50|
|513 Flannery Street||$2,280,000||$2,740,000||8||4||2|1||2,206||58|
|3016 Forbes Ave||$2,450,000||$2,676,800||11||5||3|0||3,130||0|
|189 Brookside Avenue||$2,675,000||$2,600,000||52||4||4|1||2,898||3|
|3241 Catalina Avenue||$1,698,888||$2,460,000||8||4||2|1||1,700||58|
|488 Luther Drive||$1,999,950||$2,425,000||8||4||2|1||2,125||61|
|2952 Fresno Street||$1,888,000||$2,400,000||1||3||2|0||1,947||74|
|605 Giannini Drive||$1,880,000||$2,350,000||5||3||2|0||1,147||65|
|1074 Loyola Court||$1,699,000||$2,325,000||9||3||2|0||1,560||64|
|910 Wren Avenue||$1,988,000||$2,300,000||42||4||2|1||2,534||27|
|3534 Shafer Drive||$1,999,000||$2,250,000||8||5||3|0||2,303||67|
|725 Fairlane Avenue||$1,688,000||$2,220,000||7||3||2|0||1,330||61|
|3586 Londonderry Drive||$1,699,950||$2,200,880||2||3||3|0||1,847||66|
|2293 Augusta Place||$1,808,800||$2,190,108||12||4||3|0||1,930||63|
|2097 Del Monte Avenue||$1,977,000||$2,115,000||15||5||3|0||2,492||65|
|2920 El Sobrante Street||$1,599,000||$2,100,000||1||3||2|0||1,210||71|
|3165 Warburton Avenue||$1,850,000||$2,100,000||12||5||3|0||2,190||63|
|1445 Franklin Street||$1,649,000||$2,000,000||7||4||2|1||2,224||22|
|985 Camino Drive||$1,798,000||$2,000,000||7||4||4|0||2,713||69|
|1885 Harrison Street||$1,900,000||$1,900,000||0||3||2|0||1,640||74|
|25 Cabot Avenue||$1,590,000||$1,884,020||8||3||3|1||2,231||11|
|1197 Fairfield Avenue||$1,380,000||$1,855,000||6||2||2|0||1,413||61|
|1846 Bellomy Street||$1,845,000||$1,825,000||30||4||3|0||2,908||27|
|2205 San Antonio Place||$1,399,950||$1,810,000||6||3||2|0||1,078||66|
|1755 Ravizza Avenue||$1,599,000||$1,750,000||9||3||2|0||1,283||66|
|2245 Sherwin Avenue||$1,298,000||$1,740,000||7||3||1|0||1,052||71|
|570 Saratoga Avenue||$1,775,000||$1,700,000||57||4||2|0||2,475||74|
|2134 Laurel Drive||$1,299,950||$1,605,000||8||3||1|1||1,083||71|
|907 Baird Avenue||$1,248,000||$1,565,000||7||4||2|0||1,314||59|
|2342 Bohannon Drive||$1,500,000||$1,500,000||0||3||2|0||1,140||68|
|540 Monroe Street||$1,249,000||$1,400,000||5||2||2|0||1,042||91|
|1171 El Camino Real||$1,148,000||$1,260,000||137||2||1|0||864||111|
|1130 Monroe Street||$949,000||$928,000||20||2||2|1||1,126||34|
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.