Real Estate Market Stats
These are general statistics for Santa Clara County for both single family homes and condo/town homes. If you would like specific information about your neighborhood, please contact me. I am happy to provide a neighborhood analysis – no obligation.
June numbers confirmed what we as agents are seeing in the field. There is more activity in the market but continued pressure on prices for most areas. Total Sales Volume indicates buyers are coming out to shop. Average sales price and days on market are good indicators that if a home is not aggressively priced, it sits unsold.
We look at the % of contracts in escrow as a activity indicator and gives us a good indication of how each neighborhood is selling. Above 25% and we consider it a seller’s market. Below 25% , a buyer’s market.
*One thing to note: In areas where there is a high percentage of foreclosures/bank owned properties we see above 25% of the inventory in contract. Santa Teresa, North Valley, East Valley, South County, Milpitas, and Blossom Valley have felt the pain of the larger drops in average sales price due to this high mix of bank driven sales. These areas indicate a “seller’s market” but the sellers in this case are banks. The non-bank sellers in these areas are watching their sales price fall.