Average Home Sale Prices Rise Sharply in Santa Clara County

May 13, 2013, 17:59 ET from Santa Clara County Association of REALTORS

SAN JOSE, Calif., May 13, 2013 /PRNewswire/ -- In Santa Clara County, the average sale price of single family homes went up 22.45 percent and that of condos rose 37.14 percent in April year-over-year, according to data compiled by MLSListings.

The April average sale price for single family homes was $1,032,483 as compared to the $843,189 in April 2012. The April average sale price for condos was $542,724, up from the $395,751 a year before.

Rising prices are just one of the signs of the heated Silicon Valley real estate market. Homes stay on the market for a short time before they are snapped up and sell for more than sellers ask for.

In April, single family homes were on the market for an average of 26 days, down from the 58 of April 2012; condos were on the market for an average of 19 days, down from the 55 of April 2012.

Sellers of single family homes received 105.33 percent of their asking prices while sellers of condos received 106.43 percent, signaling multiple bidders.

As a result of the strong demand, inventory remained lower despite the slightly increased number of new listings year-over-year. New listings for single family homes and condos stood at 1,377 and 507, up from the 1,271 and 412 for the same month of 2012. However, inventory for single family homes dived 40.73 percent from 2,573 to 1,525, and inventory for condos dropped 50.52 percent from 956 to 473.

Carl San Miguel, president of the Santa Clara County Association of REALTORS®, says the market needs more inventory.

"Historically, May is the peak month for inventory, so we hope the market bucks the historic trend and the inventory increases for at least through June," said San Miguel. "This will be a great help to buyers."

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.

Contact: Alison Martinsen
Phone: 408.445.5080
Fax: 408.445.7767

SOURCE Santa Clara County Association of REALTORS