Things are continuing to calm down in the Santa Clara County real estate market, but it's far from being a buyer's market. It's simply inching back in the direction of normalcy. In 2014 will prices decline further, remain flat, or rise? I'm not hearing any big predictions for change. My thinking is that it will not go up or down a lot, but likely remain flat while the market catches up to the overheated inflation in pricing we've seen in the last 18-24 months or so.
For Santa Clara County listings, sales and closings in November, what's the news? Home Sales Down in Nov 2013 Year-Over-Year (inventory is down, sales are down, prices are up):
- Median home prices increased by 15.3% year-over-year to $790,000 from $685,000.
- The average home sales price rose by 20.4% year-over-year to $1,066,870 from $885,921.
- Home sales fell by 18.6% year-over-year to 735 from 903.
- Active listings fell 20.2% year-over-year to 1,821 from 2,282.
- Sales price vs. list price ratio rose by 0.4% year-over-year to 102.7% from 102.3%.
- The average days on market fell by 14.2% year-over-year to 28 from 32.
Compared To Last Month
- Median home prices improved by 3.9% to $790,000 from $760,000.
- The average home sales price rose by 7.3% to $1,066,870 from $994,010.
- Home sales Down by 5.6% to 735 from 779.
- Active listings dropped 18.5% to 1,821 from 2,234.
- Sales price vs. list price ratio increased by 0.0% to 102.7% from 102.7%.
- The average days on market increased by 0.1% to 28 from 28.
For the complete report, for the county as well as cities and towns (plus areas of San Jose, Mountain View, Palo Alto and Los Altos), please see my online Santa Clara County Real Estate Report. You can also navigate around to view the data for condos as well as historical information and statistics.