SAN JOSE, Calif., Sept. 9, 2013 /PRNewswire/ -- Continuing a summer-long trend, home prices in Santa Clara County rose in August. The average sale price of single family homes went up 15.5 percent and that of condos rose 11.1 percent in August year-over-year, according to data compiled by MLSListings.
The August average sale price for single family homes was $1,017,528, up from $859,553 in August 2012. The August average sale price for condos was $531,008, up from $472,029 a year before.
"The housing market was definitely on the uptick this summer," commented Carl San Miguel, president of the Santa Clara County Association of REALTORS®. "The hope is that it will continue for the rest of the year and into 2014."
Strong demand and limited supply means homes are selling more quickly than they normally would. In August, single family homes were on the market for an average of 23 days, down from 38 days for the same month in 2012; condos were on the market for an average of 20 days, down from 38 days in August 2012.
Sellers of single family homes in August received 103.08 percent of their asking prices while sellers of condos received 104.35 percent.
New listings for single family homes and condos in August stood at 1,212 and 546, up from 1,170 and 408 for the same month of 2012. However, inventory for single family homes was 1,978, down from 2,371 in August 2012 and inventory for condos was 775, nearly unchanged from 774 in August 2012.
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