The graph below shows the median and average prices of homes sold in Santa Clara County and the number of sales. You can see that most years there's a dip around January in the number of sales and also the pricing - so some softening month-over-month is not completely abnormal here.
Quick summaries of the three counties
In Santa Clara County:
- Median home prices increased by 10.5% year-over-year to $960,000 from $869,000.
- Median home prices remained exactly the same at $960,000 as compared to the month before.
- Average home prices rose year-over-year by 8.4% and 07% mont-over-month.
In San Mateo County:
- Median home prices increased by 11.2% year-over-year to $1,180,000 from $1,061,000.
- Median home prices slipped by 1.7% to $1,180,000 from $1,200,000 month-over-month.
- Average sale prices rose year-over-year by 15.8% but fell from last month by 2%.
- Despite some softening in the sale price, homes continue selling on average for well more than list pirce, and with some areas such as Belmont, Brisbane, Menlo Park, and Foster city averaging 109% of list price.
- Most communities in Santa Clara County are selling with an average sale price to list price ratio of over 100% (with a few exceptions). Palo Alto is the strongest, pulling more than 109%, Los Altos at 108% and Sunnyvale at 107%. The surprise of the pack is Cupertino, with an average ratio of a surprisingly low 100.4%.
In Santa Cruz County:
- Median home prices increased by 2.9% year-over-year to $740,000 from $719,000.
- Median home prices slipped by 6.9% to $740,000 from $795,000 month-over-month.
- Average sale price fell both year-over-year by 3.2% and month over month by 7.3%
- With the exception of Watsonville, communities in Santa Cruz County are selling with an average of less than 100% of list price. Some homes are selling for more than list, of course, but not nearly so many as in counties to the north.
Why is Santa Clara County faring a little better than neighbors to the north or south? I think it's too early to presume that this will always be the case for long, so perhaps this is just a funny fluctuation that won't last. (Usually San Mateo County tends to have a stronger market than Santa Clara County.) If I had to guess, though, I would suggest that home prices to the north are just so high that more folks may be willing to drive a little further and get a bit more house for their money. There are tons of major employers in Santa Clara County, and most of those people are more likely to purchase here or in a less expensive community rather than target the Peninsula, which tends to be about 20% more expensive.
To read the full, current online report: http://popehandy.rereport.com/
Local Silicon Valley Real Estate Market Details:
Printable versions (more articles, area by area comparisons)