Santa Clara County Market Conditions for February 2018 for Single Family Homes
What a difference a month makes in terms of increase in inventory. The overall numbers were still very low, but much better than the previous month and it shows in prices.
This snapshot shows perfectly how demand affects price in housing. As soon as the inventory increased, the price decreased. Basic economics. We will see spikes in inventory in the coming months as the news of low inventory hits the media and sellers react.
Jan Dec
Active listings 376 271
Pending 581 515
Days of Inventory 25 12
Median price $1,163,000 $1,293,690
Santa Clara County Market Conditions for February 2018 for Condos/TownHouses
The historic low inventory situation with common interest developments has improved significantly and its impact on pricing as well. Inventory increased by 3x and pricing dropped but only by 7%. As the market became aware of the extremely low inventory, the supply of properties increased significantly. This trend should increase into the coming months as the weather warms and the normal selling season cycles in.
Jan Dec
Active listings 91 21
Pending 197 168
Days of Inventory 18 3
Median price $765,000 $823,000
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