This Month in Real Estate - April 2016 Santa Clara County
Here is what happened in Santa Clara's Real Estate market last month:
Interest Rates:
Mortgage rates are inching up but remain historically low. This trend continues to support home buying as it translates to significant savings for buyers. As overall economic recovery remains on track, rates are expected to rise to keep inflation in check.
Number of Sales:
Existing single family houses, condos and town homes resumed on a seasonally upward trends. This was up 25% from last month but 8% lower than 2015 April. As we are heading toward summer, the number of sales are expected to continue to rise.
This year, the number of home sales has been lower than the past years in April.
Number of Sales:
Median price increased to $935,000 last month which was 5% higher than last month and 10% higher than last year.
Prices are historically high as it increased 83% higher since 2011.
Price per square feet was $673 which was only 1% up from last month but 10% up from last year.
List to Price Ratio:
List to sale price ratio was 105.10% (meaning sale price was higher than listing price) which still signals a strong seller's market. This ratio didn't changed from last month and was 2% lower than last year.
Days in the market:
Days in the market has stayed on median of 9- 10 days for the last couple of months, similar to last year.
There is opportunity in every market:
Summer is the peak season for real estate, use this season to your advantage. Give us a call to learn more about the market and find out how we can help.
