SAN JOSE, Calif., April 16, 2013 /PRNewswire/ -- The Santa Clara County housing market showed all the signs of a heated market in March – sales were brisk, prices were rising fast, and sellers were selling homes for more than they asked for.
The average sale price for single family homes last month was $950,057, 19.86 percent higher than the $792,643 of March 2012, according to MLSListings. The average sale price for condos was $503,863, 29.05 percent higher than the $390,453 of March 2012.
Compared with the same month last year, homes stayed on the market for a much shorter period of time before they were sold. The average Days On Market shrank to 31 from 68 for single family homes, a 54.41 percent decrease, and to 23 from 78 for condos, a 70.51 percent decrease.
On the average, the seller of a single family home received 104.43 percent of the asking price while the seller of a condo received 106.3 percent.
In the meanwhile, the number of homes for sale was still at historic lows. 1,192 single family homes and 443 condos went on the market in March, slightly lower than the numbers of March 2012, which were 1,368 and 469. However, overall inventory remained drastically lower than March 2012 because of heightened buyer demand. The number of single family homes available for sale decreased by 50.77 percent, from 2,803 to 1,380, while the number of condos on the market decreased by 60.60 percent, from 1,038 to 409.
Carl San Miguel, president of the Santa Clara County Association of REALTORS®, urges buyers and sellers to tread the market carefully.
"For sellers, stick with the comparables and don't be overzealous in pricing your property," said San Miguel. "For buyers, get yourself pre-approved for a mortgage before you start looking and be persistent."
About the Santa Clara County Association of REALTORS®
SCCAOR, established in 1896, is California's oldest and Northern California's largest real estate association. We represent about 10,000 REALTORS® and affiliate members. SCCAOR exists to meet the business, professional and political needs of its members and to promote, protect homeownership and private property rights.
SOURCE Santa Clara County Association of REALTORS