SAN JOSE, Calif., July 10, 2013 /PRNewswire/ -- In Santa Clara County, the average sale price of single family homes went up 13 percent and that of condos rose 24.5 percent in June year-over-year, according to data compiled by MLSListings.
The June average sale price for single family homes was $1,026,477, up from $908,694 in June 2012. The June average sale price for condos was $534,144, up from $428,854 a year before.
"Home owners are beginning to recover some of the equity they lost during the recession as prices continue to rebound," noted Carl San Miguel, president of the Santa Clara County Association of REALTORS®. "With that increased equity, home owners can feel more confident about selling. This summer is proving to be a great time to sell."
Strong demand and limited supply means homes are selling more quickly than they normally would. In June single family homes were on the market for an average of 25 days, down from 39 days for the same month in 2012; condos were on the market for an average of 20 days, down from 49 in June 2012.
Sellers of single family homes in June received 104.69 percent of their asking prices while sellers of condos received 106.09 percent.
New listings for single family homes and condos in June stood at 1,343 and 604, up from 1,292 and 390 for the same month of 2012. However, inventory for single family homes was 1,889, down from 2,608 in June 2012 and inventory for condos dropped to 690 from 863 in June 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