Santa Clara County Citywise Report for December 2014
The actual numbers show homes sold in Dec 2014 was less than Dec 2013. However, looking closely at the Sales Price/List Price % and Days on market shows that the market is very much a sellers market. Like San Mateo County and Alameda County Buyers were chasing less inventory and offering way over asking prices to get into contract. It took more days to sell a home as compared to Dec 2013.
Santa Clara County Citywise Homes Sales
Number of homes sold was analyzed for 14 cities.
- 10 cities saw a drop or equal in volume compared to corresponding period in Dec 2013.
- 7 cities also saw a drop or equal in volume in Dec 2014 compared to Nov 2014.
- On the flip side 6 cities saw an increase or equal in volume in Dec 2014 compared to Dec 2013
- Total homes sold in Dec 2014 was 1044, Nov 2014 was 1063 and Dec 2013 was 1172.
- Though we have seen many past months of increasing sales Dec 2014 was slightly lower.The drop can be attributed to lack of inventory due to other indicators like SP/LP% and Days on market showing strong buyer demand.
Santa Clara County SP/LP%
- 10 out of 15 cities evaluated had sales closings at over asking price in Dec 2014.
- The situation was similar in Dec 2013 with 12 out of 15 cities havings sales over asking.
- The average SP/LP % ( Sales Price/List Price %) in Dec 2013 was 102.69% and average SP/LP% in Dec 2014 was 101.95%.
- Overall: Buyers have consistently offered over asking price to get their offers accepted.Increasing SP/LP% generally indicate inventory lagging demand.
Santa Clara Cities Days on Market ( DOM)
- Listings in 12 cities out of 14 cities reviewed took equal or less time to sell, as compared to listings sold in Dec 2013.
- Listings in the 5 cities of Cupertino (44), Los Altos (49), Mountain View (49), Palo Alto (35) and Sunnyvale (43) took 50 or less days to sell .
- Listings in 4 cities of Gilroy (80), Los Altos Hills (81), Los Gatos (103) and Morgan Hill (98) took 80 or more days to sell.
- All other cities maintained an average between 51-79 days.
- The average days in Santa Clara County last Dec 2013 was 67 days. This moved up to 68 Days in Dec 2014.
Santa Clara County Citywise Average Prices
- Citywise Average sales price was analysed for 10 cities in Santa Clara county for last 1 year.
- Every City except Palo Alto saw a price increase in Dec 2014 compared to last Dec 2013.
- However, Campbel, Gilroy and San Jose saw small price “cool offs” compared to previous month of Nov 2014.
- Average price in Dec 2013 was $1,254,791. Average price in Dec 2014 was significantly higher at $1,566,434.