SAN JOSE, Calif., June 10, 2013 /PRNewswire/ -- In Santa Clara County, the average sale price of a single family home went up 25.5 percent and that of condos rose 32 percent in May year-over-year, according to data compiled by MLSListings.
The average sale price for single family homes was $1,044,459 in May, up from $832,078 in May 2012. The average sale price for condos was $543,157 in May, up from $410,778 in May 2012.
"If you're looking to sell your home, now is a good time, with average home prices being on the rise," said Carl San Miguel, president of the Santa Clara County Association of REALTORS®. "Real estate agents are seeing multiple offer transactions."
Not only are homes selling for more, but they are getting snapped up faster. Compared to a year ago, single family homes are staying on the market for about half the time and condos are staying on the market for about one-third of the time.
In May single family homes were on the market for an average of 27 days, down from 53 days in May 2012. Condos were on the market an average of just 18 days, compared to 55 days in May 2012.
Sellers of single-family homes received 104.88 percent of their asking price in May while sellers of condos received 106.9 percent of their asking price. New listings for single-family homes and condos stood at 1,496 and 556, respectively, in May, compared to 1,498 and 483 for the same month in 2012.
Inventory for single family homes in May was 1,766, down 33 percent from 2,636 in May 2012 while inventory for condos was 574, a 40 percent dive from 962 a year earlier.
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