Here is what happened in Santa Clara's Real Estate market last month:
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 only up 2% from last month but 3% lower than May 2015. As we are summer continues, 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 May.
Median price is at all time high of $950,000 which was 2% higher than last month and 9% higher than last year.
Prices are historically high as it increased 83% higher since 2011.
Price per square feet was $683 which was only 1.8% up from last month but 8% up from last year.
List to Price Ratio:
List to sale price ratio was 104.60% (meaning sale price was higher than listing price) which still signals a strong seller's market. This ratio is slightly lower than last month (0.4%) and was 3% lower than last year.
Days in the market:
Days in the market has stayed on median of 10 days for the last couple of months, which is only 1 day lower than 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.