The Santa Clara housing market in May experienced 30 single-family homes that closed escrow, which was less than the 46 which sold in April.
In May there were 36 homes that accepted contracts which was an increase from the prior month’s 28 homes. During that same period of time 47 homes were listed and one listing came off the market.
The average price of a home sold in May was $1.4M which is about $10K lower than last month’s figure of $1.41M. The Median price home sold was $1.34M, which is about $85K lower than April’s median price.
The average cost per square foot increased from $956 per Sq. Ft. to $984. Of the 30 homes sold in May, only 19 sold over asking.
On average homes sold 2.7% over asking compared to 6% over asking in the previous month.
We started the month of May with 40 active single family home listings and finished with 48 in all of Santa Clara.
May really showed the effects of how the COVID and sheltering in place slowed down the local real estate market. Last year 64 home sales occurred in May, which was more than double the amount last month.
Seasonally this time of year the best homes are on the market and families are timing their move with the end of the school year. Inventory is typically at its highest levels and increasing throughout the summer.
One interesting aspect of the current market is that the median price of homes sold is about $150K lower than the median price of homes listed and the average price per sq. ft. has increased..
Altos Research Market Data For Santa Clara
Keep in mind that when the average price per sq. ft. increases it doesn’t necessarily mean that prices are going up, its more likely an indicator that a larger number of smaller homes are being sold (smaller homes have larger price per sq. ft.).
Typically we see larger and more expensive homes being sold this time of year. However, the current market seems to be favoring starter homes and the middle to low end of the market.
Perhaps families are putting moving plans on hold for this year, and the market is being dominated by first time home buyers and entry level home buyers.
Although inventory has climbed in the last month it has been a very gradual increase and just in the last few months we have seen inventory levels stay relatively the same and perhaps even dropping a bit.
This is good news for home sellers as many buyers have re-entered the market as Shelter-In-Place polices are becoming more relaxed.
Santa Clara Market Reports
Pricing is definitely holding up and has rebounded off its lows. We are also seeing more instances of multiple offers and bidding substantially over list price.
Part of the reason is low mortgage rates, and that recent stock market performance has restored confidence.
Inventory has not overwhelmed buying activity at this point, it will be interesting to see how things shape up in July and August which tend to be the most challenging months for listings and sellers.
There is still lots of uncertainty surrounding us in the short to long term. How will the events of the last few months affect the market moving forward? What should we expect from the long term effects of job loses in the area in terms of distressed property sales? And how will buyers preferences change in light of new work from home policies? We will just have to wait and see how all this plays out.
In the meantime here are my takeaways.
Buyers, don’t be surprised if that 3 bedroom 2 bath you are interested in is expecting multiple offers. These entry level homes are getting lots of attention right now especially those rare listings in the sought after Santa Clara neighborhoods, or homes that have been updated.
If you are a move up buyer, now may be a good time to strike. There are a number of large 4 to 5 bedroom Santa Clara homes that are sitting on the market and they may be open to a contingent property sale.
Sellers, the market has really picked up from where it was just a month ago and although showing policies have changed and open houses are off limits, buyers are still motivated to go out and buy a home with these great mortgage rates we are seeing.
My advice is know where your property falls into the market and prepare it accordingly so as to not have it sit for too long. Although some homes are selling quickly there are quite a number of homes that are still sitting on the market for over 30 days.
Overall the prospects look good for more appreciation in the near future. With low interest rates and unprecedented money creation by the FED expect asset prices to go up especially real estate.
Santa Clara Home Sales May 2020
|Street Address||List Price||Price||DOM||Beds Total||Bths||Sq Ft Total||Age|
|301 Lowell Drive||$1,999,000||$2,100,000||5||3||2|0||2,028||62|
|1027 Brackett Way||$2,100,000||$2,090,000||0||4||3|1||2,413||17|
|3112 Allen Way||$1,799,950||$1,960,000||0||4||2|0||1,568||62|
|3705 Daniel Way||$1,949,000||$1,858,000||7||4||2|0||1,350||63|
|3063 Adams Way||$1,688,000||$1,750,000||0||3||2|0||1,560||66|
|584 Flannery Street||$1,488,000||$1,680,000||0||3||2|0||1,444||57|
|1365 Market Street||$1,388,000||$1,551,000||0||3||2|0||1,618||81|
|689 Robin Drive||$1,598,000||$1,550,000||2||4||2|0||2,157||70|
|3065 Atherton Drive||$1,500,000||$1,500,000||0||3||2|0||1,260||65|
|2895 Warburton Avenue||$1,498,000||$1,450,000||0||5||3|0||2,142||64|
|4390 Watson Circle||$1,399,800||$1,420,000||0||3||3|0||1,590||16|
|3561 Wolf Place||$1,399,000||$1,376,000||0||3||3|1||1,839||11|
|2168 Francis Avenue||$1,368,888||$1,370,000||0||3||2|0||1,574||65|
|1341 Las Palmas Drive||$1,298,000||$1,365,000||0||4||2|0||1,546||68|
|1321 Los Padres Boulevard||$1,338,000||$1,350,000||9||3||2|0||1,370||65|
|520 Woodstock Way||$1,349,000||$1,334,000||0||4||2|0||1,666||52|
|991 Sunset Drive||$1,225,000||$1,310,000||0||3||1|0||1,053||71|
|3050 Machado Avenue||$1,248,000||$1,300,000||0||3||2|0||1,078||65|
|3185 Colfax Court||$1,295,000||$1,295,000||7||3||2|0||1,170||62|
|3230 Benton Street||$1,188,888||$1,250,000||0||3||2|0||1,481||57|
|2163 Augusta Place||$1,099,000||$1,215,000||0||4||2|0||1,158||60|
|1168 Block Drive||$1,199,000||$1,195,000||10||3||2|0||1,087||69|
|779 Orkney Avenue||$1,225,000||$1,180,000||1||4||2|0||1,433||59|
|3479 Cabrillo Avenue||$1,103,479||$1,165,000||13||3||2|0||1,240||64|
|1058 Blackfield Ct||$1,150,000||$1,160,000||0||3||2|0||1,134||65|
|1182 Carmel Way||$1,125,000||$1,125,000||0||3||2|0||1,326||65|
|324 N Cypress Avenue||$949,888||$1,055,000||26||3||1|1||1,131||67|
|739 Armanini Avenue||$999,000||$1,045,000||0||3||1|0||1,052||70|
|1386 Washington Street||$998,000||$1,010,000||7||3||1|0||1,080||90|
|1397 Blackfield Drive||$949,000||$949,000||0||3||1|0||1,006||68|
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Santa Clara Housing Market Archive
May 2020 home sales CLICK HERE.
April 2020 home sales CLICK HERE.
March 2020 home sales CLICK HERE.
January 2020 home sales CLICK HERE.
December 2019 home sales CLICK HERE.
November 2019 home sales CLICK HERE.
October 2019 home sales CLICK HERE.
September 2019 home sales CLICK HERE.
August 2019 home sales CLICK HERE.
July 2019 home sales CLICK HERE.
June 2019 home sales CLICK HERE.
May 2019 home sales CLICK HERE.
April 2019 home sales CLICK HERE.
February 2019 home sales CLICK HERE.
January 2019 home sales CLICK HERE.
December 2018 home sales CLICK HERE.
November 2018 home sales CLICK HERE.
October 2018 home sales CLICK HERE.
September 2018 home sales CLICK HERE.
August 2018 home sales CLICK HERE.
July 2018 home sales CLICK HERE.
June 2018 home sales CLICK HERE.
May 2018 home sales CLICK HERE.