May 2022 Report
Single Family Homes in Santa Clara County, All Cities, All Neighborhoods Change >
Average Price$2,312,090
0.0%
Pending Properties1,375
-1.2%
Sale/List Price Ratio112.6%
-3.0%
Days of Inventory31
+36.8%
Trends at a Glance
| Trends At a Glance |
May 2022 |
Previous Month |
Year-over-Year |
| Median Price |
$1,925,000 (-1.3%) |
$1,950,000 |
$1,663,050 (+15.8%) |
| Average Price |
$2,312,090 (0.0%) |
$2,312,260 |
$2,027,270 (+14.0%) |
| No. of Sales |
886 (-7.7%) |
960 |
1,110 (-20.2%) |
| Pending |
1,375 (-1.2%) |
1,392 |
1,336 (+2.9%) |
| Active |
924 (+22.1%) |
757 |
731 (+26.4%) |
| Sale vs. List Price |
112.6% (-3.0%) |
116.1% |
110.0% (+2.3%) |
| Days on Market |
11 (+11.2%) |
10 |
14 (-18.8%) |
| Days of Inventory |
31 (+36.8%) |
23 |
20 (+58.4%) |
Market Commentary
The median sales price for single-family, re-sale homes rose 16% compared to last year. It was $1,925,000. That’s the thirtieth month in a row the median sales price has been higher than the year before.
The average sales price for single-family, re-sale homes was up 14.1% year-over-year.
The sales price to list price ratio fell from 116.1% to 112.6%. Multiple offers continue to be the norm.
Sales of single-family, re-sale homes were down for the ninth month in a row, year-over-year, in May. Sales fell 19.5%. There were 886 homes sold in Santa Clara County last month. The monthly average since 2000 is 987.
Pending sales were up 0.8% year-over-year.
After being down, year-over-year, thirty months in a row, inventory of single-family, re-sale homes was up for the third month in a row. It gained 40.4% compared to last year. As of June 5th, there were 924 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, rose from 23 days to 31 days. The average since 2003 is 89.
It took only eleven 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 20% compared to last May. It set a new high for the fourth month in a row. The average sales price gained 13.5% year-over-year.
Condo sales were down 6.6% year-over-year. There were 441 condos sold in May.
The sales price to list price ratio fell from 112% to 110.1%.
Condo inventory rose 12% compared to last May.
As of June 5th, there were 412 condos for sale in Santa Clara County. The average since January 2000 is 757.
Days of inventory rose from eighteen to twenty-eight.
It took an average of twelve days to sell a condo last month.
If you are planning on selling your property, call me for a free comparative market analysis.