Santa Clara County Citywise Homes Sales
Number of homes sold was analyzed for 16 cities.
- 9 cities saw a drop or equal in volume compared to corresponding period in Jan 2014.
- 13 cities also saw a drop or equal in volume in Jan 2015 compared to Dec 2014.
- On the flip side 7 cities saw an increase or equal in volume in Jan 2015 compared to Jan 2014
- Total homes sold in Jan 2015 was 654, Dec 2014 was 1081 and Jan 2014 was 767.
- Though we have seen many past months of increasing sales Jan 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%
- 9 out of 16 cities evaluated had sales closings at over asking price in Jan 2015.
- The situation was similar in Jan 2014 with 11 out of 16 cities havings sales over asking.
- The average SP/LP % ( Sales Price/List Price %) in Jan 2014 was 102.86% and average SP/LP% in Jan 2015 was 102.00%.
- 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 11 cities out of 14 cities reviewed took equal or less time to sell, as compared to listings sold in Dec 2013.
- Listings in 3 cities of Cupertino(42), Los Altos(49) and Sunnyvale (49) took 50 or less days to sell .
- Listings in 2 cities of Morgan Hill (91) and San Martin (129) 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 Jan 2014 was 87 days. This moved down to 75 Days in Jan 2015.
Santa Clara County Citywise Average Prices
- Citywise Average sales price was analysed for 13 cities in Santa Clara county for last 1 year.
- All Cities saw a price increase in Jan 2015 compared to last Jan 2014.
- However,All cities except Campbell, Palo Alto, San Jose and Santa Clara saw small price “cool offs” compared to previous month of Dec 2014.
- Average price in Jan 2014 was $1,653,784. Average price in Jan 2015 was significantly higher at $1,910,607.