Santa Clara County (SCC): Prices Hit Record Highs, Again
Just two months ago we were reporting on whispers of a market correction. We debunked that wishful thinking.
Now, the median price for single-family, re-sales homes has gone back over $1,000,000 for the first time since last June, setting a new all-time high in the process: $1,050,000.
That marks forty-nine months in a row the median price has been higher than the year before.
The average sales price for homes, which has been over $1,000,000 since February 2014, also reached a new high last month: $1,328,750.
Not to be undone, the prices for re-sale condominiums/townhomes also set record highs last month.
The median price for condos/townhomes went over $600,000 for the first time last May, and have stayed there ever since. The median price has been higher than the year before for the past fifty-nine months in a row.
March Sales Statistics(SCC)
Single-Family Homes
Year-Over-Year
- Median home prices increased by 11.7% year-over-year to $1,050,000 from $940,000.
- The average home sales price rose by 3.1% year-over-year to $1,328,750 from $1,289,210.
- Home sales fell by 14.2% year-over-year to 705 from 822.
- Total inventory* fell 13.1% year-over-year to 1,876 from 2,158.
- Sales price vs. list price ratio fell by 1.7% year-over-year to 105.3% from 107.2%.
Month-Over-Month
- Median home prices improved by 11.7% to $1,050,000 from $940,000.
- The average home sales price rose by 9.7% to $1,328,750 from $1,210,850.
- Home sales up by 53.9% to 705 from 458.
- Total inventory* increased 27.9% to 1,876 from 1,467.
- Sales price vs. list price ratio increased by 1.8% to 105.3% from 103.5%.
Condominiums
Year-Over-Year
- Median condo prices increased by 19.1% year-over-year to $677,000 from $568,480.
- The average condo sales price rose by 11.6% year-over-year to $728,524 from $652,722.
- Condo sales rose by 6.1% year-over-year to 347 from 327.
- Total inventory* rose 8.1% year-over-year to 651 from 602.
- Sales price vs. list price ratio fell by 1.2% year-over-year to 105.5% from 106.7%.
Month-Over-Month
- Median condo prices improved by 6.3% to $677,000 from $637,084.
- The average condo sales price rose by 2.0% to $728,524 from $714,490.
- Condo sales up by 68.4% to 347 from 206.
- Total inventory* increased 23.5% to 651 from 527.
- Sales price vs. list price ratio dropped by 0.8% to 105.5% from 106.3%.
Call or email me if you have any questions.
For further details and a city-by-city breakdown statistics, go to http://avi.rereport.com/market_reports.
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The Silicon Valley 150 Index Corner
The Silicon Valley’s Real estate market is a derivative of the local economy, it prospers and withers depending on how well the local knowledge-based sector performs. The San Jose Mercury News tracks the largest 150 publicly traded companies headquartered in Silicon Valley via an index called the SV150, which you can lookup at www.mercurynews.com. Stocks are valued based on many criteria, but the most important criterion is a company’s future earnings. Therefore, I view the SV150 as a leading indicator for the Silicon Valley’s real estate market. This month’s annual index chart can be viewed below:
Investors Corner
Home Prices Increases Continue in January
According to the S&P/Case-Shiller Home Price Indices
New York, March 29, 2016 —S&P Dow Jones Indices today released the latest results for the S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices. Data released today for January 2016 show that home prices continued their rise across the country over the last 12 months. More than 27 years of history for these data series is available, and can be accessed in full by going to www.homeprice.spdji.com. Additional content on the housing market can also be found on S&P Dow Jones and more https://goo.gl/QMaHzr
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San Mateo County (SMC): Prices Continue to Rise
Just two months ago we were reporting on whispers of a market correction. We debunked that wishful thinking.
Now, the median and average prices for single-family, re-sales homes have increased each month since the beginning of the year.
The median price for homes has been over $1,000,000 every month but one since March 2014.
Not to be undone, the median price for re-sale condominiums/townhomes has been higher than the year before every month but one since June 2012.
The median price for condos/townhomes went over $600,000 for the first time last May, and have stayed there ever since. The median price has been higher than the year before for the past fifty-nine months in a row.
March Statistics (SMC)
Single-Family Homes
Year-Over-Year
- Median home prices fell by 4.7% year-over-year to $1,158,500 from $1,215,000.
- The average home sales price
- Median home prices fell by 7.7% year-over-year to $1,200,000 from $1,300,000.
- The average home sales price rose by 1.5% year-over-year to $1,647,640 from $1,623,160.
- Home sales fell by 15.5% year-over-year to 289 from 342.
- Total inventory* fell 13.7% year-over-year to 656 from 760.
- Sales price vs. list price ratio fell by 2.7% year-over-year to 106.3% from 109.3%.
Month-Over-Month
- Median home prices improved by 3.6% to $1,200,000 from $1,158,500.
- The average home sales price rose by 12.8% to $1,647,640 from $1,460,890.
- Home sales up by 55.4% to 289 from 186.
- Total inventory* increased 15.1% to 656 from 570.
- Sales price vs. list price ratio dropped by 1.9% to 106.3% from 108.4%.
Townhomes/Condominiums
Year-Over-Year
- Median condo prices increased by 10.0% year-over-year to $729,000 from $662,500.
- The average condo sales price rose by 7.5% year-over-year to $769,286 from $715,612.
- Condo sales fell by 6.9% year-over-year to 108 from 116.
- Total inventory* fell 8.3% year-over-year to 198 from 216.
- Sales price vs. list price ratio fell by 0.6% year-over-year to 105.9% from 106.6%.
Month-Over-Month
- Median condo prices slipped by 3.4% to $729,000 from $755,000.
- The average condo sales price fell by 4.9% to $769,286 from $809,111.
- Condo sales up by 35.0% to 108 from 80.
- Total inventory* increased 30.3% to 198 from 152.
- Sales price vs. list price ratio dropped by 0.0% to 105.9% from 105.9%.
* Total inventory is active listings plus contingent or pending listings. Active listings do not include contingent listings.
Call or email me if you have any questions.
For further details and a city-by-city breakdown statistics, go to http://avi.rereport.com/market_reports.
