SANTA CLARA COUNTY HOMES SOLD REPORT JANUARY 2015

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Santa Clara County Citywise Report for January 2015

The actual numbers show homes sold in Jan 2015 was less than Jan 2014. However, looking closely at the Sales Price/List Price % and Days on market shows that the market is very much a sellers market. Like the other counties, Buyers were chasing less inventory and offering way over asking prices to get into contract. It took less days to sell a home as compared to Jan 2014.

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.

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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.

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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.

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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.

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