Home Owners in Santa Clara County Receive the Gift of Equity in December

SAN JOSE, Calif., Jan.10, 2014 /PRNewswire/ -- Home owners in Santa Clara County received an extra holiday gift this past December – their homes were worth more than they were a year earlier.

The average price of single-family homes was up 8 percent and the average condo price was up 10 percent year-over-year in December, according to MLSListings statistics.

In December, the average sale price for single-family homes was $986,162, up from $905,154 in December 2012. Meanwhile, the average sale price for condos was $498,299, up from $447,648 a year before.

"Home values continued to rise year-over-year at the end of 2013, making it a good time for those who have been considering selling their home to do so," commented Myron Von Raesfeld, President of the Santa Clara County Association of REALTORS®. "Many people who have built equity in their homes are deciding to sell and putting the equity toward the down payment on their new home."

Single-family homes were on the market for an average of 35 days in December, down from 43 days for the same month in 2012. Condos were on the market for an average of 36 days, compared to 35 days in December 2012.

Sellers of single-family homes in December received 102.12 percent of their asking prices while sellers of condos received 101.57 percent.

New listings in December for single-family homes stood at 406, down from 464 in December 2012, while new listings for condos was 171, up from 167 in December 2012. Inventory for single-family homes was 935, down from 1,128 in December 2012. Meanwhile, inventory for condos was 347, down from 392 in December 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
[email protected]
www.sccaor.com

SOURCE Santa Clara County Association of REALTORS