Santa Clara County Homes Sold Report December 2014

SC SPLP

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.

SC Sold

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.

SC SPLP

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.

SC DOM

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.

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