Condo Prices Jump Significantly in Santa Clara County, Single-Family Home Prices Also Increase

Nov 13, 2013, 14:05 ET from Santa Clara County Association of REALTORS

SAN JOSE, Calif., Nov. 13, 2013 /PRNewswire/ -- Home prices in Santa Clara County, especially for condos, rose year-over-year in October. The average condo price went up a strong 32.86 percent in October compared to October 2012. Meanwhile, the average sale price of single-family homes also went up, about 13 percent.

In October, the average sale price for condos was $553,863, up from $416,852 a year before. Meanwhile, the October average sale price for single-family homes was $1,017,541, up from $900,714 in October 2012.

"It's great news that homes sold for more this October than last," said Carl San Miguel, President of the Santa Clara County Association of REALTORS. "This is yet another sign that the housing recovery is underway in Silicon Valley."

Strong demand and limited supply means homes are selling more quickly than they normally would. In October, condos were on the market for an average of 29 days, down from 42 days in October 2012. Single family-homes were on the market for an average of 31 days, down from 40 days for the same month in 2012.

Sellers of single-family homes in October received 102.39 percent of their asking prices while sellers of condos received 102.50 percent.

New listings in October for single-family homes stood at 1,033, down from 1,070 in October 2012, while new listings for condos was 451, up from 427 in October 2012. Inventory for single-family homes was 1,731, down from 1,955 in October 2012. Meanwhile, inventory for condos was 710, up from 705 in October 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.

Contact: Alison Martinsen
Phone: 408.445.5080
Fax: 408.445.7767

SOURCE Santa Clara County Association of REALTORS