SAN JOSE, Calif., Nov. 7, 2014 /PRNewswire-USNewswire/ -- The average sale price of a single-family home in Santa Clara County in October was up 12.5 percent and the average condo price was up about 9.9 percent year-over-year, according to MLSListings statistics.
In October the average sale price of single-family homes was $1,163,065 up from $1,017,541 in October 2013. Meanwhile the average sale price for condos was $614,507 up from $553,863 a year before.
"Home prices in Santa Clara County have continued to go up, and home owners will notice their home is worth a lot more than it was a year ago," commented Myron Von Raesfeld, President of the Santa Clara County Association of REALTORS®. "We are fortunate that the housing market is so strong in Santa Clara County."
Single-family homes were on the market for an average of 34 days in October, up from 31 days in October 2013. Condos were on the market for 28 days, down from 29 days a year earlier.
Sellers of single-family homes received 103.66 percent of their asking prices in October while sellers of condos received 102.43 percent.
There were 978 new listings for single-family homes in October, down from 1,033 a year earlier. Meanwhile, new listings for condos stood at 422, down from 451 in October 2013.
Inventory for single-family homes in October was 1,618, down from 1,731 a year earlier. By comparison, inventory for condos was 557, down from 710 in October 2013.
"One of the things the numbers show is the desirability of living in the Bay Area," said Quincy Virgilio, Chairman of the Board at MLSListings and a former SCCAOR President. "People want to live here. We have an environment that is thriving. The economy is thriving. We're back to over a million jobs again. That just shows the desirability. This is the place to be. The numbers reflect that. Demand is still high for properties in our area. Inventory is still low, which creates this type of appreciation."
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