Santa Clara County Housing Market Heats up before Spring Starts

Mar 14, 2013, 13:45 ET from Santa Clara County Association of REALTORS

SAN JOSE, Calif., March 14, 2013 /PRNewswire/ -- As industry experts predict steady home price increases in 2013 for the nation, the Santa Clara County housing market is already showing signs of accelerated growth even before the spring selling season starts.

The average sale price for a single family home in February stood at $912,309, jumping 23.72 percent from the $737,381 of February 2012, according to data compiled by MLSListings. The average sale price for a condo or townhome was $464,251, a 29.55 percent increase from the $358,352 of February 2012.

Equally important, the average sale price for single family homes was 103.35 percent of the asking price, and the average sale price for condos and townhomes was 105.48 percent of the asking price.

February 2012 was the last month when sellers received less than what they initially asked for, at 98.79 percent for single family homes and at 98.98 percent for condos and townhomes, though sale prices were going up on a year-over-year basis. The sale-price-versus-asking-price ratios have been increasing steadily month by month in the past year and reached their highest points in February, signaling the intensifying competition among buyers.

"The demand is rising, but inventory remains tight," said Carl San Miguel, president of the Santa Clara County Association of REALTORS®. "We are seeing signs of inventory picking up as each month progresses. However, Santa Clara County will always be one of the hottest real estate markets in the nation, because we have a strong job market and an increasing population."

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