Santa Clara County Real Estate Statistics 2017 May

May 2017 Sales Statistics

SINGLE-FAMILY HOMES
Year-Over-Year 

• Median home prices increased by 7.3% to $1,200,000 from $1,117,900. 
• The average home sales price rose by 1.9% to $1,446,930 from $1,419,890. 
• Home sales rose by 10.3% to 1,061 from 962. 
• Total inventory* fell 0.2% to 2,249 from 2,253. 
• Sales price vs. list price ratio rose by 1.3% to 105.8% from 104.4%. 
• The average days on market fell by 6.2% to 18 from 19.

Compared To Last Month 

• Median home prices improved by 3.4% to $1,200,000 from $1,160,000. 
• The average home sales price rose by 1.2% to $1,446,930 from $1,429,430. 
• Home sales up by 27.4% to 1,061 from 833. 
• Total inventory* increased 8.3% to 2,249 from 2,077. 
• Sales price vs. list price ratio dropped by 0.3% to 105.8% from 106.1%. 
• The average days on market increased by 5.9% to 18 from 17.

CONDOMINIUMS
Year-Over-Year 

• Median home prices increased by 2.2% to $710,000 from $695,000. 
• The average home sales price dropped by 1.8% to $764,090 from $778,407. 
• Home sales rose by 6.7% to 412 from 386. 
• Total inventory* rose 3.0% to 752 from 730. 
• Sales price vs. list price ratio fell by 0.4% to 104.9% from 105.3%. 
• The average days on market fell by 2.7% to 16 from 16

Compared To Last Month 

• Median home prices slipped by 0.0% to $710,000 from $710,000. 
• The average home sales price fell by 1.8% to $764,090 from $778,377. 
• Home sales up by 21.9% to 412 from 338. 
• Total inventory* dropped 3.3% to 752 from 778. 
• Sales price vs. list price ratio increased by 0.2% to 104.9% from 104.7%. 
• The average days on market dropped by 16.8% to 16 from 19.

* Total inventory is active listings plus pending listings. Active listings do not include pending.


Jun. 2, 2017 -- Even with a Monday holiday, there was lots of fresh data out this week for markets to consider, but most of it seemed to tend toward the softer side of things. As expected, mortgage rates were mostly level this week, but current indications are that we might see a bit of a decline next week, should markets hold where they are at the moment. Spending on new construction projects dropped off in April. The overall decline of 1.4 percent in outlays contained no bright spots this time around, as outlays for residential projects fell 0.7 percent, commercial construction dipped by 0.6 percent, and spending on public-works projects slumped by 3.7 percent. The residential figure is surprising, but already suspected from the easing in the housing starts report; commercial interests are probably growing a little wary given the troubles that retailers are having, but there should be plenty of public works projects that need attention. Spending on roads and schools and the like using taxpayer dollars have now declined in four of the last six months. A spate of mostly modest to moderate date (to borrow a phrase from the Beige Book) and a lack of emergent price pressures would be sufficient to trim interest rates a little bit even if we didn't continue to have a difficult political climate. Expectations for significant tax and regulatory relief haven't completely bled out of the market, but those hopes have faded considerably on recent months, tempering the outlook and expectation that the economy will soon be growing faster. Collectively, the environment is sufficient to keep rates both low and stable, and we'll need to see some warmer news to move rates up. That may come, but probably not next week; based upon where we finished this one, we are likely looking at another 3-4 basis point decline in the average conforming 30-year fixed rate mortgage as reported by Freddie come next Thursday morning. Softer