Santa Clara County Citywise Homes Sales
Number of homes sold was analyzed for 15 cities.
- 10 cities saw a drop in volume compared to corresponding period in Feb 2014.
- 6 cities also saw a drop or equal in volume in Feb 2015 compared to Jan 2015.
- On the flip side 5 cities saw an increase or equal in volume in Feb 2015 compared to Feb 2014.
- Total homes sold in Feb 2015 was 664, Feb 2014 was 849 and Jan 2015 was 712.
- Though we have seen many past months of increasing sales, Feb 2015 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%
- 13 out of 16 cities evaluated had sales closings at over asking price in Feb 2015.
- The situation was similar in Feb 2014 with 9 out of 16 cities havings sales over asking.
- The average SP/LP % ( Sales Price/List Price %) in Feb 2014 was 102.38% and average SP/LP% in Feb 2015 was 105.31%.
- 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 9 cities out of 15 cities reviewed took equal or less time to sell, as compared to listings sold in Feb 2014.
- Listings in 8 cities of Cupertino (31), Los Altos (42), Los Altos Hills (49), Mountain View (37), Palo Alto (40), Santa Clara (46), Saratoga (43) and Sunny Vale (47) took 50 or less days to sell .
- Listings in 3 cities of Gilroy (89), Morgan Hill (84) and San Martin (121) 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 Feb 2014 was 63 days. This moved down to 58 Days in Feb 2015.
Santa Clara County Citywise Average Prices
- Citywise Average sales price was analysed for 14 cities in Santa Clara county for last 1 year.
- All Cities saw a price increase in Feb 2015 compared to last Feb 2014.
- However,Listings in Campbelle, Los Altos Hills and Santa Clara saw small price “cool offs” compared to previous month of Jan 2015.
- Average price in Feb 2014 was $1,383,868. Average price in Feb 2015 was significantly higher at $1,683,410.