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The Santa Clara housing market in September experienced 61 single-family homes that closed escrow, which is 1 more than the previous month of August.  

The average price of a home sold in September was $1.65M which is about $16K lower than last month’s figure of $1.66MThe median price home sold was $1.65M, about $50K higher than the median price in August.

The average cost per square foot saw a slight decrease from $1125 per Sq. Ft. to $1104 per Sq. Ft. Of the 61 homes sold in September, 49 sold over the list price. 

On average homes that sold did so at 9.49% over asking compared to 9.71% over asking in the previous month.

We started the month of September with 36 active single-family home listings and finished with 35 single family homes for sale in all of Santa Clara.

The Fall Santa Clara Real Estate Market

Home values are holding up which is typically is the case in the Fall when the inventory of homes starts to drop.

Currently in Santa Clara there are about 25 homes on the market down from 36 homes just two weeks ago.

Demand for homes in sought-after neighborhoods and locations is still high.  Those homes are typically selling quickly, with multiple offers, and over list price.

Also more than half of the available inventory of homes has only been on the market for 10 days or less. 

 

Altos Research Market Data For Santa Clara

What's Happening to Inventory of Homes for Sale:

Inventory of homes for sale continues to drop, and if you have been following my market updates you will know that low inventory will likely lead to rising home values.

While this Summer’s inventory levels never reached a point where homes started to sit on the market, it looks as though we may reach a point of extremely low inventory in the months ahead.

Current inventory levels have now dropped to around 25 single-family homes.  Townhomes and condos are around 45 homes on the market.  

Santa Clara Market Reports

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

The Fall market marks a transition to the winter or holiday season.  Typically inventory will start to drop, at first gradually but as we get closer to Thanksgiving and December we start to see very low numbers of home’s for sale. 

Low inventory levels are of course, good for sellers. If you are a buyer, there will be less properties which equates to less options and likely more competition.

With only 25 single-family homes on the market in October, and very few of those homes in great locations, this Fall and Winter season are likely to present challenges for buyers and opportunity for sellers.

Other Factors in the Market:

Mortgage rates have started to rise in the last few weeks.   Rates are still extremely low by historical context, but the trend forward will likely be higher rates.

As the economy is heating up, and inflation levels have been higher than expected.  This has caused the FED to announce a tapering of their “quantitative easing” program.

The stock market has had several weeks of selling and was down as much as 5% from their highs. In the last week, the market has started to recover but volume has been low.

Rents have dropped as well, and there are a good number of rental vacancies on the market.

Uncertainty about work at home policies have resulted in many buyers or renters forgoing high rents or condo/townhomes to live outside of the area.

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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, home demand is currently high, especially for those hard-to-find homes in good neighborhoods and locations. The outlook for the next few months will be challenging for buyers. 

Something to consider is that as interest rates rise there may be a correction in the market, but we may not see that until well into the middle of or late next year.

One thing that seems certain is that 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 low, so your home has a better possibility of standing out. 

Just a reminder, that housing in Santa Clara can vary greatly, and keep in mind that there are segments of the market that are not performing well. 

It’s important to understand how your home relates to this market.  

This is crucial to determining the right strategy to getting your home sold for top value.

You don’t want to be that home that buyers are passing on while the other homes are selling.

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 September 2021 Home Sales

Street AddressList PricePriceDOMBeds TotalBthsSq Ft TotalAge
3661 Randolph Avenue$1,950,000$2,500,000532|01,54564
700 Cornell Drive$1,999,000$2,350,000742|12,88460
83 Cronin Dr$1,799,950$2,335,000042|01,56863
723 Raney Court$1,798,000$2,155,0001363|01,90366
785 Purdue Court$1,699,900$2,109,999743|02,19860
992 Fairfield Avenue$1,899,000$2,107,0001143|01,87068
2566 Homestead Road$2,200,000$2,075,0001243|03,1790
3175 Temple Court$1,850,000$2,030,000742|01,76058
3332 Duke Court$1,650,000$1,930,000732|01,44259
1525 Franklin Street$1,875,000$1,925,0001853|02,586113
3071 Mauricia Avenue$1,648,888$1,908,000232|01,24067
1183 Loyola Drive$1,688,000$1,870,000632|01,56064
2250 Esperanca Avenue$1,699,888$1,861,000853|02,32623
2351 Lass Drive$1,748,888$1,858,000953|02,32624
3419 Victoria Avenue$1,500,000$1,838,000732|01,58467
718 Pritchard Court$1,584,000$1,825,000832|01,31866
2930 Jerald Avenue$1,799,888$1,825,0002654|02,66665
4186 Marston Lane$1,669,000$1,817,500742|11,75419
3423 Georgetown Place$1,388,000$1,780,000732|01,36863
2275 DENISE Drive$1,698,888$1,780,0001232|11,74557
1925 De La Pena Avenue$1,675,000$1,770,000032|01,42674
2216 Rosita Avenue$1,498,000$1,760,000942|01,54569
3357 Cashdan Ct$1,488,000$1,750,000332|01,61061
637 Bucher Avenue$1,600,000$1,730,000932|01,16667
2461 Austin Place$1,699,889$1,730,0001742|01,62864
1065 Buchanan Court$1,599,950$1,715,000942|01,85061
3440 Bella Vista Avenue$1,398,000$1,702,0001732|01,12467
334 Pineview Drive$1,599,000$1,682,0001243|01,81067
3069 Ryan Avenue$1,700,000$1,665,0001542|01,4980
3023 Millar Avenue$1,545,000$1,655,000332|01,30063
2265 Bohannon Drive$1,488,000$1,650,000832|01,43569
2361 Glendenning Avenue$1,399,999$1,630,000732|01,36466
1502 Eisenhower Drive$1,540,000$1,630,0001843|01,89861
920 Garrity Way$1,499,950$1,628,0001733|01,59017
560 Mission Street$1,298,000$1,600,000742|01,44977
3555 Shafer Drive$1,600,000$1,587,5001343|02,01567
4596 Lakeshore Drive$1,388,888$1,554,0001142|11,85044
1652 Jackson Street$1,399,000$1,550,0001131|11,96973
1746 Jackson Street$1,299,000$1,525,000631|11,250106
349 Pineview Drive$1,325,000$1,525,000632|01,11667
472 Juanita Drive$1,250,000$1,520,000731|01,07569
844 Washington Street$1,500,000$1,500,000052|02,09693
2364 Fatjo Place$1,298,000$1,475,0001031|01,02171
4672 Wilcox Avenue$1,298,888$1,460,000732|11,59923
2231 Rita Court$1,200,000$1,450,000831|01,07569
2281 Cabrillo Avenue$1,299,999$1,425,000832|01,18167
2284 Benton Street$1,295,000$1,400,0001131|01,02570
658 Robin Drive$1,399,000$1,399,0001332|01,52270
2146 Esperanca Ave$1,395,888$1,370,0008042|11,70521
631 Flannery Street$1,299,000$1,360,000842|01,12768
2602 Cabrillo Avenue$1,329,000$1,330,000832|01,09562
4672 Burke Drive$1,198,000$1,300,000642|01,16761
3170 El Sobrante Street$1,250,000$1,250,000231|01,05272
1479 Blackfield Drive$1,299,000$1,240,0004331|01,24669
3351 Snively Avenue$1,245,000$1,230,0004332|01,16667
1742 Laine Avenue$1,149,888$1,200,000031|01,08669
2129 Bohannon Drive$1,375,000$1,200,000831|01,0750
1821 Los Padres Boulevard$1,198,000$1,198,0001531|01,02171
1750 Chestnut Street$1,150,000$1,125,0001232|01,53541
2602 Painted Rock Drive$999,950$1,100,0001631|089767
2065 Hogan Drive$1,087,888$1,100,0001432|01,09561

Santa Clara Housing Market Archive

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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