SAN JOSE, Calif., Jan. 12, 2015 /PRNewswire/ -- Home owners in Santa Clara County received an extra holiday gift this past December – their homes were worth significantly more than they were a year earlier.
The average price of single-family homes was up about 18.5 percent and the average condo price was up 19.4 percent year-over-year in December, according to MLSListings statistics.
In December, the average sale price for single-family homes was $1,209,888, up from $986,162 in December 2013. Meanwhile, the average sale price for condos was $618,261, up from $498,299 a year before.
"Home owners who have been wanting to sell but have been waiting for their homes to build equity are now in a very good position to make their move," noted Craig Gorman, President of the Santa Clara County Association of REALTORS®. "There's no need to delay. Winter may not be the busy season, but it's still an excellent time for consumers to buy and sell. They don't even have to wait until this spring or summer."
Single family-homes were on the market for an average of 35 days in December, the same amount of time as in December 2013. Condos were on the market for an average of 32 days, down from 36 days in December 2013.
Sellers of single- family homes in December received 102.51 percent of their asking prices while sellers of condos received 103.76 percent.
New listings in December for single-family homes stood at 182, down from 406 in December 2013, while new listings for condos was 65, down from 171 in December 2013. Inventory for single-family homes was 1,020, up from 935 in December 2013. Meanwhile, inventory for condos was 311, down from 347 in December 2013.
"Housing inventory historically drops at the end of the year," Gorman commented. "This December was not any different than in years prior. Inventory in Santa Clara County dropped almost 200 units per week during the month of December. With the current rate of sales, unless inventory picks up, we will be out of housing inventory within three weeks." He added that, "The good news is now that the holidays are over, for sale signs will be popping up, hopefully like daisies. Now is the best time to go out and get some listings because they will be like money in the bank."
Quincy Virgilio, a former SCCAOR President and Chairman of the Board for MLSListings, noted that, "Homes are still getting more than asking price overall, and inventory remains extremely low. It will be interesting to see what the new year brings. Hopefully, those sitting on the fence will decide to bring their homes to the marketplace. There is great demand for homes."
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