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The Santa Clara housing market in October experienced 61 single-family homes that closed escrow, which is almost the same as the previous month of September.  

The average price of a home sold in October was $1.66M which is about $13K higher than last month’s figure of $1.65MThe median price home sold was $1.58M, about $70K lower than the median price in September.

The average cost per square foot saw a slight decrease from $1104 per Sq. Ft. to $1093 per Sq. Ft. Of the 61 homes sold in September, 48 sold over the list price. 

On average homes that sold did so at 10.17% over asking compared to 9.49% over asking in the previous month.

We started the month of October with 35 active single-family home listings and finished with 27 single family homes for sale in all of Santa Clara.

Santa Clara Real Estate Market in the Holiday Season

Home values are holding up, which is typically is the case when the holiday season begins.

As we approach Thanksgiving, Christmas, and New Year’s the inventory of homes for sale drops to the lowest levels of the year.

Currently, there are less than 20 homes on the market in all of Santa Clara, a figure that is already down from the beginning of the month.

Altos Research Market Data For Santa Clara

As Inventory Drops Demand Stays Strong

Demand for homes continues to be high, especially in sought-after neighborhoods and locations.  We are noticing  aggressive bidding and prices rising above expectations.

Sellers are generally weary of selling their homes during the holidays.  

On a national level the market does slow down quite a bit.  

Our local market doesn’t follow this trend, making the holiday season a good opportunity to sell due to low competition.

For more information about selling in the winter or holiday season, check out our post Best Time To Sell a Home in Santa Clara.

In spite of there being little inventory on the market, there are a number of homes that have been listed for several weeks and even months.  An indication that buyers are still searching for the right home and will not settle for just any home. 

Santa Clara Market Reports

The Altos Research Market Action Index for single-family homes in Santa Clara has increased to 90 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:

The holidays generally mean a tightening of the market.  

Fewer homes mean prices will stay firm and may even start to go up. 

In previous years where there was a market correction in the Summer, by the time the holidays arrived pricing would stabilize, and more than likely we would see the market start to rebound at the beginning of the year.

Other Factors in the Market:

Mortgage rates continue to inch higher.  There are days with substantial increases in rates followed by drops, but overall the trend is moving upward.   

Rates are still extremely low and buyers are still able to lock in rates below 3%.

As prices have moved up sharply, many buyers are deciding to use 7 or 10 year fixed loans, which will remain at a fixed rate for the first few years then become variable.

Predictions for next year as the market normalizes is that housing will remain strong, but appreciation will be much lower.  The condo market will start to rebound next year as well as the rental market.

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* Total commission 4% including buyer side agent commission of 2.5%, offer varies by value of home.

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What Can We Expect Moving Forward?

Buyers, the outlook for the next few months will be challenging. Home demand relative to supply is very high especially for those hard-to-find homes in good neighborhoods and locations.

One thing that seems certain- home values will not be dropping any time soon, and it is likely that prices will continue to go up in the coming months.

As a buyer in this market, be clear on your goals and what you are looking for.  Although you may not be able to find a “good deal” in this market, you can protect yourself from a bad one.

Sellers, contrary to what you may have read or heard, this time of year is a good time to sell your home.  Inventory is extremely low, so your home has a better possibility of standing out even without repairs and updates.

If you are waiting for the Spring, you may want to consider selling earlier. The main factors will be the condition of your home and how it will perform in a more crowded market. 

It’s important to understand how your home relates to this market in order to determine the right strategy to get your home sold for top value.

Conclusion:

As always, whether you are buying or selling, be sure to understand how your home or the property you are considering ranks in the current market. Understanding the Santa Clara housing market is important when determining the right price and a solid home investment.

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

Message Me Directly:

Santa Clara October 2021 Home Sales

Street AddressList PricePriceDOMBeds TotalBthsSq Ft TotalAge
984 Garrity Way$2,399,000$2,900,000654|03,11318
4425 Billings Circle$2,288,000$2,500,000043|12,64517
3825 Thrush Way$1,980,000$2,400,000444|01,89760
468 Los Padres Boulevard$1,988,000$2,350,000554|02,94669
135 Brian Lane$1,748,000$2,201,888742|01,23264
3360 Princeton Court$1,788,888$2,200,000542|01,76060
2442 Raggio Avenue$1,690,000$2,050,000743|01,78468
3349 Soares Court$1,950,000$2,000,000832|01,73356
4324 Watson Circle$1,795,000$1,965,000832|12,03617
2381 Nobili Avenue$1,950,000$1,950,0002143|02,41662
3031 Homestead Road$1,980,000$1,922,7601243|02,1983
1251 Las Palmas Drive$1,599,000$1,908,000732|01,39367
2421 Ramke Place$1,688,000$1,851,000742|01,70964
2722 Lyle Court$1,638,000$1,838,000732|01,51865
508 Bancroft Street$1,675,000$1,835,000042|01,68760
3298 Victoria Avenue$1,498,000$1,820,000632|01,34867
262 Hayes Avenue$1,799,999$1,800,0003332|01,24067
2436 Ramke Place$1,698,000$1,790,000543|01,70064
2831 Fargher Drive$1,588,888$1,788,000432|12,09532
3072 Mauricia Avenue$1,648,888$1,750,0001232|01,49567
1883 Shamrock Avenue$1,650,000$1,750,0001233|01,88065
3379 Machado Avenue$1,799,950$1,750,0001242|02,49764
949 White Drive$1,398,000$1,735,000832|01,51766
4348 Watson Circle$1,499,800$1,717,500633|11,65717
2139 Coolidge Drive$1,499,000$1,700,0001042|01,28858
794 Ridge Road$1,499,950$1,700,000742|01,80966
2509 Ramke Place$1,549,889$1,680,000332|01,17066
2526 Amethyst Drive$1,650,000$1,680,0001333|11,44866
640 Hamilton Lane$1,388,000$1,641,000732|01,09268
1163 Alice Drive$1,625,000$1,625,0004032|12,23870
1696 Betty Court$1,495,000$1,580,000943|02,39864
1744 Pomeroy Avenue$1,300,000$1,562,000732|01,08067
2175 San Antonio Place$1,199,950$1,560,000932|01,07866
2430 Glendenning Avenue$1,399,888$1,540,000632|01,13066
2346 Silveria Court$1,498,888$1,540,0003342|01,58444
2582 Patricia Drive$1,590,000$1,535,000253|02,28566
3250 Machado Avenue$1,250,000$1,530,000832|01,07866
2342 Kay Drive$1,398,000$1,530,000831|11,69864
239 Kit Carson Court$1,575,000$1,525,0005043|01,57366
2185 Newhall Street$1,500,000$1,515,0001042|01,74373
3139 Fowler Avenue$1,500,000$1,500,0004332|12,06363
2238 Lenox Place$1,299,000$1,482,000532|11,66723
2459 Borax Drive$1,190,000$1,478,000532|089766
2085 Hogan Dr$1,388,888$1,450,0002643|01,70761
2180 Menzel Place$1,325,000$1,428,000132|01,18167
754 Orkney Avenue$1,299,000$1,420,0001242|01,47560
2302 Roosevelt Circle$1,499,000$1,400,00011943|01,66453
1450 Fremont Street$1,425,000$1,375,0002032|01,13580
2381 Alberta Court$998,000$1,360,000632|098460
3423 Fowler Avenue$1,300,000$1,360,000032|01,08067
1739 Graham Lane$999,888$1,350,000631|01,02171
1372 Mcpherson St$1,290,000$1,330,000832|01,16667
1808 Park Vista Circle$1,279,000$1,321,0002232|11,67032
3195 Machado Avenue$1,150,000$1,315,000832|01,07866
336 Concannon Court$1,295,000$1,306,5002231|01,07569
1996 Stanley Avenue$1,299,000$1,299,000432|01,3240
1198 Reed Street$1,099,000$1,290,000832|01,21845
3440 Benton Street$1,298,800$1,256,0005532|01,16667
3707 Edgefield Drive$1,225,000$1,225,000042|01,57654
1947 Jackson Street$999,888$1,175,000831|01,22467
1801 Chestnut St$998,000$1,040,000631|01,06067

Santa Clara Housing Market Archive

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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