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Market Barometer

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Market Commentary

Market Continues to Weaken

The median sales price for single-family, re-sale homes rose, month-over-month. It was up 2.6% from May. It was down 1.3% compared to last year.

The average sales price for single-family, re-sale homes was up 2.5%, month-over-month. It was up 1.1% year-over-year.

Sales of single-family, re-sale homes were down for the eighteenth month in a row, year-over-year, in June. Sales fell 14.9%. There were 717 homes sold in Santa Clara County last month. The monthly average since 2000 is 987. The sales price to list price ratio stayed at 105.4%. Pending sales were down 32.1% year-over-year.

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Inventory of single-family, re-sale homes was down for the third month in a row. It fell 57% compared to last year. As of July 5th, there were 539 homes for sale in Santa Clara County. The average since January 2000 is 2,703.

Days of Inventory, or how long it would take to sell all homes listed for sale at the current rate of sales, fell from 26 days to 22 days. The average since 2003 is 89.

It took sixteen days to sell a home last month. That is the time from when a home is listed for sale to when it goes into contract. The median sales price for condos was up 8.3% compared to last June. The average sales price rose 3.7% year-over-year. Condo sales were down 21.4% year-over-year. There were 282 condos sold in June.

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The sales price to list price ratio rose from 103.4% to 103.7%.
Condo inventory was down 58.6% compared to last June.

As of July 5th, there were 226 condos for sale in Santa Clara County. The average since January 2000 is 757. Days of inventory stayed at twenty-three. It took an average of seventeen days to sell a condo last month.

If you are planning on selling your property, call me for a free comparative market analysis.

Sales Price Ratio

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