Spring Surge – Santa Clara County April Housing Market Report

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Sales of single-family, re-sale homes rose for the second month in a row in April, compared to the year before. This is after 17 months of year-over-year declines.

Active listings continue to be anemic, down by double-digits for the eleventh month in a row. Pending sales have dropped into single-digit losses.

The median price for homes hit a new all-time high last month, as did our three-month moving average.

The sales price to list price ratio hit its highest level since April 2000.

Days on Market was at 20 last month.

All these statistics point to incredible demand.

The economy in Silicon Valley continues to power the market, along with demand from China.

April Market Statistics

Year-Over-Year

• Median home prices increased by 8.3% year-over-year to $975,000 from $900,000.
• The average home sales price rose by 10.1% year-over-year to $1,280,480 from $1,163,500.
• Home sales rose by 4.8% year-over-year to 1,049 from 1,001.
• Total inventory* fell 16.6% year-over-year to 2,037 from 2,443.
• Sales price vs. list price ratio rose by 1.5% year-over-year to 107.7% from 106.2%.

Month-Over-Month

• Median home prices improved by 3.7% to $975,000 from $940,000.
• The average home sales price fell by 0.8% to $1,280,480 from $1,290,580.
• Home sales up by 30.6% to 1,049 from 803.
• Total inventory* increased 6.3% to 2,037 from 1,917.

Sales price vs. list price ratio increased by 0.4% to 107.7% from 107.3%.

Condominiums

Year-Over-Year

• Median condo prices increased by 7.9% year-over-year to $565,000 from $523,750.
• The average condo sales price rose by 8.4% year-over-year to $641,360 from $591,713.
• Condo sales fell by 14.5% year-over-year to 361 from 422.
• Total inventory* fell 25.5% year-over-year to 619 from 831.
• Sales price vs. list price ratio rose by 2.7% year-over-year to 107.9% from 105.1%.

Month-Over-Month

• Median condo prices slipped by 0.9% to $565,000 from $570,000.
• The average condo sales price fell by 2.3% to $641,360 from $656,134.
• Condo sales up by 14.6% to 361 from 315.
• Total inventory* increased 14.2% to 619 from 542.
• Sales price vs. list price ratio increased by 0.9% to 107.9% from 106.9%.

* Total inventory is active listings plus contingent or pending listings. Active listings do not include contingent listings.