Real Estate Report presented by Greg Simpson

May 2020 Report

Single Family Homes in Santa Clara County, All Cities, All Neighborhoods Change >


Median Price
$1,372,500
-1.3%
Average Price
$1,667,680
+3.1%
No. Sold
478
-13.6%
Pending Properties
917
+55.4%
Active
971
+15.2%
Sale/List Price Ratio
100.6%
-2.5%
Days on Market
23
+47.0%
Days of Inventory
61
+37.9%

Market Barometer

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Market Commentary

Telecommuting and Real Estate

What effect will telecommuting have on the Bay Area real estate market?

Some expect many telecommuters will move out of the Bar Area to lower-cost areas. If so, this will lower demand which will, in turn, put downward pressure on prices.

To read further about this, go here: https://tinyurl.com/ybafszc2.

Sales & Inventory Continue to Plummet

Sales of single-family, re-sale homes tanked 51.6% in May compared to last year. This is after a 35.8% drop in April. Home sales were down 13.6% compared to April. There were 478 homes sold in Santa Clara County last month. The average since 2000 is 987.

We expect home sales to continue dropping for the next two months.

Inventory of single-family, re-sale homes was down 39.6% compared to last year. That is the ninth month in a row inventory has been lower than the year before. As of June 5th, there were 971 homes for sale in Santa Clara County. The average since January 2000 is 2,703.

The median sales price for single-family, re-sale homes in April was up 3.2% compared to last year. The average sales price was up 2.2% year-over-year.

The sales price to list price ratio dropped to 100.6% from 103.2%.

Days of Inventory, or how long it would take to sell all homes listed for sale at the current rate of sales, rose seventeen days to 61 days compared to April. The average since 2003 is 89.

It took only twenty-three 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 down 5.5% from last May. The average sales price also fell 5.5% year-over-year.

Condo sales were down 62.6% year-over-year. There were 150 condos sold in May.

The sales price to list price ratio fell to 99.5% from 102.1%.

Condo inventory dropped 39.6% from last May. 

As of June 5th, there were 450 condos for sale in Santa Clara County. The average since January 2000 is 757.

Days of inventory jumped to ninety from fifty-one.

It took an average of twenty-four days to sell a condo last month.

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

Prices & Sales

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Days of Inventory

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Sales to Date

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Sales Price Ratio

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