Share on facebook
Share on twitter
Share on linkedin
Share on pinterest

The Santa Clara housing market in August experienced 60 single-family homes that closed escrow, which is 22 less than closed escrow in the previous month of July.  

The average price of a home sold in August was $1.66M which is about $55K lower than last month’s figure of $1.72MThe median price home sold was $1.60M, about $70K lower than July’s median price.

The average cost per square foot had a slight increase from $1073 per Sq. Ft. to $1125 per Sq. Ft. Of the 60 homes sold in August, 53 sold over the list price. 

On average homes that sold did so at 9.71% over asking compared to 8.38% over asking in the previous month.

We started the month of August with 42 active single-family home listings and finished with 36 single family homes for sale in all of Santa Clara.

The Summer Santa Clara Real Estate Market

Typically every Summer the local housing market slows down.  

That wasn’t the case year.  We experienced a high number of transactions in July and throughout the Summer homes were selling rather quickly and many over list price.

August sales saw a dip in median and average pricing, but an increase in price for sq. ft., which to me indicates that there were a higher number of smaller homes and properties sold in August than July.

In regards to home values, there wasn’t much substantial gains during the Summer so pricing on average stayed relatively stable. The exception was for homes in higher sought after areas and neighborhoods, or updated and remodeled homes.  Which continued to make new highs with lots of offers and interest from buyers.

Altos Research Market Data For Santa Clara

What's Happening to Inventory of Homes for Sale:

Inventory continues to be low, and has dropped in recent weeks from Summer highs. 

At the highest point this year we may have reached around 50 single-family homes for sale.  Historically we typically will get into the 60s and 70s and the market will really show signs of a significant slowdown.

That wasn’t the case this Summer.  Buying activity was hot and continued to be so, and at no point did inventory of homes for sale ever really overtake the demand.

Current inventory levels have now dropped to around 35-40 single-family homes.  Townhomes and condos have remained steady around 60 homes, and that market has been considerably different than the single-family home market.

Santa Clara Market Reports

The Altos Research Market Action Index for single-family homes in Santa Clara has decreased to 73 from 74 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:

As we move into the Fall market, the trend is that inventory will start to wane and the market will tighten as we head into the holiday months.

This of course, is good for sellers and if you are a buyer, there will be less properties, so less options and likely more competition.

An interesting phenomenon I am noticing this year that I have not noticed in previous years is that although the market is tight and prices have appreciated significantly there remains a number of homes on the market that are not selling.

These are typically homes in poor locations such as busy streets, poor condition, or posses some undesirable trait that puts off buyers. In hot markets like the one we are experiencing these homes typically do end up selling.

It seems as though that is not the trend in this current market. Home buyers are passing on these properties, and there are a number of homes on the market  that have been listed for more than a month.

Other Factors in the Market:

The buying of course is being fueled by low mortgage rates and strong stock prices.

Mortgage rates continue to hover at all time lows while the stock market is trending upward.

As the economy is heating up we would expect the FED to raise rates and there is talk of halting or slowing “quantitative easing” but nothing has been determined.

So assuming nothing changes, I would expect buyer demand to remain strong.

Since buyers now have more options on where they can live, the market is behaving differently from past hot markets.

People are willing to live farther to get what they want and compromising on convenience.  This has really affected certain segments of the market and housing.

Save thousands when you sell.

1.5% Listing Fee*

Includes Free Staging and Our Complete Selling Solution

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

AdobeStock_207559818-1024x641

What Can We Expect Moving Forward?

Buyers, home demand is high and inventory of homes for sale is slowing, these are sure signs that pricing will not be dropping and may in fact increase in the next few months.  

There are still a fair amount of buyers out there, but they are still picky.  

Also buyers have other options and they haven’t ruled those options out.   

As a buyer in this market, it’s important to understand what you are looking for and how that segment is performing and will perform moving forward.  

If anything this current market has shown what can happen if you make a poor real estate decision, as those homes have really trailed in this current market.

Sellers, home values have held up well and inventory is once again dropping.

As a seller you can basically pick your time to sell in this market.

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 the market.  Is it a home that will sell well AS-IS or do you really need to consider improving your home to get is sold. 

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 August 2021 Home Sales

Street AddressList PricePriceDOMBeds TotalBthsSq Ft TotalAge
2252 Nobili Avenue$1,988,000$2,437,250943|02,23564
330 Hillsdale Avenue$1,889,000$2,400,000832|01,28464
626 Giannini Drive$2,125,000$2,250,000932|01,87065
3815 Pruneridge Avenue$2,188,000$2,241,0001342|02,07562
563 Hubbard Avenue$2,049,000$2,175,0003042|01,52362
985 Capitola Way$1,989,000$2,160,000753|12,63357
744 Yale Lane$1,758,888$2,150,000763|02,51160
2854 Forbes Avenue$1,788,888$2,100,000742|11,74961
2640 Tuliptree Lane$1,800,000$2,100,000832|11,92749
815 Pepper Tree Lane$1,699,950$2,060,000142|01,94065
2694 Elliot Street$1,750,000$2,055,000632|01,80062
671 Hillsdale Avenue$1,898,000$2,050,000442|01,63865
3572 Elmhurst Avenue$1,899,000$2,030,000032|01,40164
2520 Malone Pl$1,850,000$1,965,0002543|01,70964
2139 Briarwood Drive$1,600,000$1,950,000632|01,41065
3414 Notre Dame Drive$1,629,000$1,945,000632|01,37464
641 Woodhams Road$1,699,000$1,930,000732|01,44760
3435 Notre Dame Drive$1,599,000$1,861,000732|01,37462
3520 Pruneridge Avenue$1,588,000$1,850,0001243|01,52563
2973 Howell Avenue$1,688,800$1,850,000732|01,83366
641 Hilmar$1,748,000$1,770,000943|02,12282
1067 Las Palmas Drive$1,649,000$1,702,000732|01,40966
2553 Gallup Drive$1,598,900$1,700,000732|01,54856
2991 Pruneridge Avenue$1,675,000$1,700,0005642|11,74961
611 Hilmar Street$1,700,000$1,680,0003465|01,81065
2141 Avenida De Las Flores$1,549,000$1,650,0001342|11,85045
4153 Tobin Circle$1,555,888$1,630,0001833|11,65718
1116 Buchanan Drive$1,395,000$1,616,000332|01,32961
2261 Bowers Avenue$1,298,000$1,610,000832|01,31561
629 Barto Street$1,388,000$1,600,000832|01,12768
838 Hilmar Street$1,700,000$1,600,0004842|12,26480
2039 Jamison Place$1,550,000$1,560,0001733|01,93528
4495 Fillmore Street$1,348,000$1,550,000842|01,76062
735 Los Padres Boulevard$1,450,000$1,550,000532|01,20567
2141 Sheraton Drive$1,298,800$1,540,000542|01,24860
3534 Shafer$1,599,000$1,535,000053|02,30367
385 Crestview Drive$1,479,000$1,525,0001742|01,46965
2205 Talia Avenue$1,349,888$1,500,000231|01,48469
1137 Chapel Drive$1,399,000$1,500,000331|01,33972
4453 Fuller Street$1,389,000$1,485,000842|01,58444
2155 Laurel Drive$1,299,000$1,480,000531|01,05370
3059 Monroe Street$1,288,000$1,475,0001032|01,25066
2009 Francis Avenue$1,350,000$1,470,000642|01,09561
642 Laurie Avenue$1,249,950$1,450,888732|01,28057
937 Las Palmas Drive$1,288,000$1,420,0003632|01,16666
2301 Bowers Avenue$1,299,000$1,400,000432|01,24361
1365 Main Street$1,499,000$1,375,000232|01,37596
835 Monroe Street$1,398,888$1,370,0003442|11,84013
2343 Vargas Place$1,100,000$1,355,000632|01,05367
1168 Block Drive$1,298,000$1,350,000632|01,08770
2273 Pruneridge Avenue$1,334,000$1,350,0001332|01,07569
467 Los Padres Boulevard$1,150,000$1,275,000431|01,07569
2254 Augusta Place$1,250,000$1,275,0004032|01,09563
759 Clara Vista Avenue$1,000,000$1,261,500732|01,01367
2131 3rd Street$1,329,000$1,250,0002242|11,70521
3359 Victoria Avenue$1,198,998$1,210,0001031|01,06867
1463 Jackson Street$995,000$1,200,000131|11,22297
763 Layton Street$1,200,000$1,200,000032|01,23067
1743 Jackson Street$998,000$1,100,0001332|01,00073
733 Park Court$999,950$1,050,000721|088697

Santa Clara Housing Market Archive

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.

Share on facebook
Share on twitter
Share on linkedin
Share on pinterest

Save
Thousands
When You
sell

Get the coolest tips and tricks today

This ebook will change everything you ever thought about relationships and attachment. Find the secret to connecting better and faster