SAN JOSE, Calif., March 12 /PRNewswire/ -- Home sales are brisk and prices are rising in Santa Clara County. In February the average sales price for residential properties, including single family homes and condos, went up 22.08 percent from the same period last year and 7.72 percent from January, according to data from MLSlistings Inc. Of the 4,852 homes on the market in February, 3,683 or 75.91 percent were in contract.

"Buyer appetite has been strong for several months as the local economy slowly recovers," said Karl Lee, President of the Santa Clara County Association of REALTORS®. "Home prices have gone up significantly across most price points and in most communities if we do a year-over-year comparison, especially for single family homes."

The February inventory, 4,852, continued to be low and represented a 28.71 percent decrease from the same period last year. But the number jumped 14.60 percent from January, one of the signs that more sellers have recognized the opportunities and decided to put their properties on the market.

"We continue to encourage all sellers to take advantage of this unique high-demand and low-supply environment," Lee said. "Sellers of higher priced homes might want to discuss with their REALTORS® on owner financing to make their homes more salable."  

SCCAOR President Karl Lee can be reached for comments at karllee@resultspros.com or 408.205.1726.

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 7,000 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.

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SOURCE Santa Clara County Association of REALTORS

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