Real-Time Market Profile Trend
Median List Price $ 592,650
Average List Price $ 622,163
Most Expensive Listing $ 1,299,000
Least Expensive Listing $ 237,900
Total Inventory 224
Average Days on Market 140
Asking Price per Square Foot $ 425
Absorbed This Week (homes sold this week) 11
Percent of Properties with Price Decrease 50 %
Percent Relisted (reset DOM) 20 %
Percent Flip (price increased) 3 %
Market Action Index 15
Median Number of Bedrooms 3
Median Number of Bathrooms 3
Median House Size (sq ft) 1,359
Median Lot Size 4,501 – 6500 sq ft
Median Age 53
The median single family home price in SANTA CLARA this week is $592,650. The 224 homes have been on the market for an average of 140 days.
SANTA CLARA HOME INVENTORY
Inventory and days-on-market are climbing, while the Market Action Index has been flat recently. The trends point to a weakening market.
SANTA CLARA DAYS ON MARKET (DOM)
The properties have been on the market for an average of 140 days. Half of the listings have come newly on the market in the past 112 or so days.
MARKET ACTION INDEX
The SANTA CLARA market is currently quite strongly in the Buyer’s Market zone (below 30). The 90-day Market Action Index stands at 15. With several months of inventory available at the current sales rate, buyers should find ample choice. The market has settled in at a relative stasis in inventory and sales conditions. It’s a Buyer’s market that has seen prices trend lower. Expect that consistent up trends in demand will be required before price trends change significantly.
The Market Action Index (MAI) illustrates the balance between supply and demand using a statistical function of the current rate of sale versus current inventory. An MAI value greater than 30 typically indicates a “Seller’s Market” (a.k.a. “HotMarket”) because demand is high enough to quickly gobble up available supply. A hot market will typically cause prices to rise. MAI values below 30 indicate a “Buyer’s Market” (a.k.a. “Cold Market”) where the inventory of already-listed homes is sufficient to last several months at the current rate of sales. A cold market will typically cause prices to fall.
For a comple report on Santa Clara Real Estate see my weekly real estate report.