SAN JOSE, Calif., Feb. 15, 2013 /PRNewswire/ -- As the housing market in Santa Clara County continued the trends of recovery in the first month of 2013, with average home sale prices at their highest for any January since 2008, according to data compiled by MLSListings.
The average sale price for a single family home in January stood at $825,355, jumping 27.32 percent from the $648,238 of January 2012. The average sale price for a condo or townhome was $461,700, a whopping 43.33 percent increase from the $322,127 of January 2012.
The average sale prices were comparable to those from January 2005, when single family homes sold for $812,876 on the average and condos or townhomes for $433,649.
The peak for any January came in 2008, with the average single family home selling for $1,005,253 and the average condo or townhome for $523,566.
"Inventory remains scarce while demand rises, as buyers are motivated by the low interest rates and the prospect of prices going up further," said Carl San Miguel, president of the Santa Clara County Association of REALTORS®. "Santa Clara County is one of the hottest real estate markets nationwide with strong fundamentals. As the market continues to recover, sellers will become more confident in selling and that will relieve the current shortage of homes for sale."
In January the inventory of single family homes was 1,179, only 43.19 percent of its level in January 2012, which was 2,730. The inventory of condos and townhomes was 385, 32.33 percent of the 1,191 in January 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