Sunday, October 8, 2017

Santa Clara County Real Estate Market Trend Report for 2017 September

Prices for single-family, re-sale homes rose by double-digits in September 2017. That’s the fourth month in a row the median price has been higher than the corresponding month the year before by double-digits. The average price was up by double-digits for the third month in a row.

The median price for homes gained 17.9% over last September. At $1,179,000, the median price is within shouting distance of the all-time high of $1,195,000 set in May. This is also the 67th month in a row the median price has been higher than the year before.

The average price for homes rose 13.7% to $1,463,320, a new all-time high. The median price for condos gained 9.6%. Notably, the median price for condos has been higher than the year before every month since July of 2011! The average price for condos was up 7.9% over last September. Multiple offers continue to be the norm. The sales price to list price ratio, or what buyers are paying over what sellers are asking remains at triple digits: 105.9% for homes and 106.7% for condos.

The ratio has been over 100% for homes since March 2012 and for condos since April 2012. Homes and condos are flying off the shelf. It is taking only twenty days to sell a home, on average. Condos are taking seventeen days. All of this is due to an incredible lack of inventory. Since January 2000, Santa Clara County has averaged 94 days of inventory. Last month it was twenty. Condos have averaged 87 days since 2000. Last month it was twelve.


Santa Clara County (2017 September)
Ranking Cities by %Change in Median Price
for 2017 Sept vs. 2016 Sept
    Single-Family Homes    
Cities  Median   Average  Median Average
Los Gatos  $  2,200,000  $  2,270,420 48.60% 48.30%
Los Altos  $  3,017,500  $  3,425,150 32.00% 45.30%
Sunnyvale  $  1,710,000  $  1,654,290 31.50% 21.90%
Santa Clara  $  1,300,000  $  1,340,990 23.80% 23.80%
Palo Alto  $  3,200,000  $  3,654,360 19.60% 17.20%
SCC  $  1,179,000  $  1,463,320 17.90% 13.70%
San Jose  $     999,900  $  1,106,800 17.60% 17.10%
Gilroy  $     785,000  $     840,888 16.30% 16.80%
Campbell  $  1,330,700  $  1,373,920 15.70% 12.50%
Milpitas  $     983,444  $  1,025,940 13.60% 14.20%
Saratoga  $  2,477,000  $  2,473,780 12.50% 0.40%
Mountain View  $  1,900,000  $  2,080,860 10.10% 10.40%
Morgan Hill  $     954,000  $  1,007,130 6.00% 1.90%
Cupertino  $  2,103,000  $  2,092,880 1.70% 1.20%
Monte Sereno  $  2,625,000  $  2,576,250 -30.60% -31.90%
Los Altos Hills  $  3,175,000  $  4,100,000 -33.90% -22.60%
     Condominiums     
Cities  Median   Average  Median Average
Campbell  $     993,000  $     980,311 42.10% 35.60%
Santa Clara  $     810,000  $     850,571 28.60% 22.20%
Sunnyvale  $  1,262,270  $  1,150,570 18.80% 14.00%
Cupertino  $  1,178,000  $  1,246,350 17.80% 13.30%
Morgan Hill  $     600,000  $     576,998 17.60% 9.00%
Mountain View  $  1,100,000  $  1,094,730 15.00% 13.40%
Palo Alto  $  1,575,000  $  1,718,670 12.50% 39.20%
San Jose  $     631,000  $     647,507 10.70% 11.60%
SCC  $     712,500  $     797,526 9.60% 7.90%
Milpitas  $     745,000  $     741,340 5.70% 7.40%
Gilroy  $     411,000  $     411,000 4.30% 4.30%
Saratoga  $     930,000  $  1,210,680 -0.50% 25.40%
Los Altos  $  1,450,000  $  1,555,000 -5.80% -1.80%
Los Gatos  $     952,500  $     963,750 -13.50% -7.60%


Santa Clara County (2017 September)
Ranking Cities by Median Price
for 2017 Sept 
    Single-Family Homes    
Cities  Median   Average  Median Average
Palo Alto  $  3,200,000  $  3,654,360 19.60% 17.20%
Los Altos Hills  $  3,175,000  $  4,100,000 -33.90% -22.60%
Los Altos  $  3,017,500  $  3,425,150 32.00% 45.30%
Monte Sereno  $  2,625,000  $  2,576,250 -30.60% -31.90%
Saratoga  $  2,477,000  $  2,473,780 12.50% 0.40%
Los Gatos  $  2,200,000  $  2,270,420 48.60% 48.30%
Cupertino  $  2,103,000  $  2,092,880 1.70% 1.20%
Mountain View  $  1,900,000  $  2,080,860 10.10% 10.40%
Sunnyvale  $  1,710,000  $  1,654,290 31.50% 21.90%
Campbell  $  1,330,700  $  1,373,920 15.70% 12.50%
Santa Clara  $  1,300,000  $  1,340,990 23.80% 23.80%
SCC  $  1,179,000  $  1,463,320 17.90% 13.70%
San Jose  $     999,900  $  1,106,800 17.60% 17.10%
Milpitas  $     983,444  $  1,025,940 13.60% 14.20%
Morgan Hill  $     954,000  $  1,007,130 6.00% 1.90%
Gilroy  $     785,000  $     840,888 16.30% 16.80%
     Condominiums     
Cities  Median   Average  Median Average
Palo Alto  $  1,575,000  $  1,718,670 12.50% 39.20%
Los Altos  $  1,450,000  $  1,555,000 -5.80% -1.80%
Sunnyvale  $  1,262,270  $  1,150,570 18.80% 14.00%
Cupertino  $  1,178,000  $  1,246,350 17.80% 13.30%
Mountain View  $  1,100,000  $  1,094,730 15.00% 13.40%
Campbell  $     993,000  $     980,311 42.10% 35.60%
Los Gatos  $     952,500  $     963,750 -13.50% -7.60%
Saratoga  $     930,000  $  1,210,680 -0.50% 25.40%
Santa Clara  $     810,000  $     850,571 28.60% 22.20%
Milpitas  $     745,000  $     741,340 5.70% 7.40%
SCC  $     712,500  $     797,526 9.60% 7.90%
San Jose  $     631,000  $     647,507 10.70% 11.60%
Morgan Hill  $     600,000  $     576,998 17.60% 9.00%
Gilroy  $     411,000  $     411,000 4.30% 4.30%


    Single-Family Homes    
Cities  Median   Average  Median Average
Los Gatos  $  2,200,000  $  2,270,420 48.60% 48.30%
Los Altos  $  3,017,500  $  3,425,150 32.00% 45.30%
Sunnyvale  $  1,710,000  $  1,654,290 31.50% 21.90%
Santa Clara  $  1,300,000  $  1,340,990 23.80% 23.80%
Palo Alto  $  3,200,000  $  3,654,360 19.60% 17.20%
SCC  $  1,179,000  $  1,463,320 17.90% 13.70%
San Jose  $     999,900  $  1,106,800 17.60% 17.10%
Gilroy  $     785,000  $     840,888 16.30% 16.80%
Campbell  $  1,330,700  $  1,373,920 15.70% 12.50%
Milpitas  $     983,444  $  1,025,940 13.60% 14.20%
Saratoga  $  2,477,000  $  2,473,780 12.50% 0.40%
Mountain View  $  1,900,000  $  2,080,860 10.10% 10.40%
Morgan Hill  $     954,000  $  1,007,130 6.00% 1.90%
Cupertino  $  2,103,000  $  2,092,880 1.70% 1.20%
Monte Sereno  $  2,625,000  $  2,576,250 -30.60% -31.90%
Los Altos Hills  $  3,175,000  $  4,100,000 -33.90% -22.60%
     Condominiums     
Cities  Median   Average  Median Average
Campbell  $     993,000  $     980,311 42.10% 35.60%
Santa Clara  $     810,000  $     850,571 28.60% 22.20%
Sunnyvale  $  1,262,270  $  1,150,570 18.80% 14.00%
Cupertino  $  1,178,000  $  1,246,350 17.80% 13.30%
Morgan Hill  $     600,000  $     576,998 17.60% 9.00%
Mountain View  $  1,100,000  $  1,094,730 15.00% 13.40%
Palo Alto  $  1,575,000  $  1,718,670 12.50% 39.20%
San Jose  $     631,000  $     647,507 10.70% 11.60%
SCC  $     712,500  $     797,526 9.60% 7.90%
Milpitas  $     745,000  $     741,340 5.70% 7.40%
Gilroy  $     411,000  $     411,000 4.30% 4.30%
Saratoga  $     930,000  $  1,210,680 -0.50% 25.40%
Los Altos  $  1,450,000  $  1,555,000 -5.80% -1.80%
Los Gatos  $     952,500  $     963,750 -13.50% -7.60%


Santa Clara County (2017 September)
    Single Family Homes               % Change from Year Before    
Cities  Median   Average  Sales Pend Inven DOI SP/LP Med Ave Sales Pend' Inven'
SCC  $  1,179,000  $  1,463,320 928 896 647 20 105.90% 17.90% 13.70% -1.00% -11.60% -61.00%
Campbell  $  1,330,700  $  1,373,920 28 28 13 13 108.60% 15.70% 12.50% -26.30% -20.00% -67.50%
Cupertino  $  2,103,000  $  2,092,880 26 21 10 11 110.70% 1.70% 1.20% 30.00% 10.50% -64.30%
Gilroy  $     785,000  $     840,888 51 83 55 31 99.60% 16.30% 16.80% 13.30% 15.30% -58.00%
Los Altos  $  3,017,500  $  3,425,150 26 26 20 22 105.40% 32.00% 45.30% 8.30% 13.00% -47.40%
Los Altos Hills  $  3,175,000  $  4,100,000 7 7 31 128 97.40% -33.90% -22.60% -46.20% 75.00% -3.10%
Los Gatos  $  2,200,000  $  2,270,420 47 48 82 51 101.20% 48.60% 48.30% 30.60% 9.10% -38.80%
Milpitas  $     983,444  $  1,025,940 20 27 11 16 106.80% 13.60% 14.20% -31.00% -40.00% -67.60%
Monte Sereno  $  2,625,000  $  2,576,250 6 4 6 29 97.50% -30.60% -31.90% 200.00% -42.90% -40.00%
Morgan Hill  $     954,000  $  1,007,130 54 60 65 35 100.90% 6.00% 1.90% 28.60% -13.00% -50.00%
Mountain View  $  1,900,000  $  2,080,860 21 13 12 17 109.90% 10.10% 10.40% 10.50% -50.00% -61.30%
Palo Alto  $  3,200,000  $  3,654,360 33 25 32 28 109.70% 19.60% 17.20% -13.20% -32.40% -38.50%
San Jose  $     999,900  $  1,106,800 483 451 234 14 105.80% 17.60% 17.10% -2.40% -11.20% -71.00%
Santa Clara  $  1,300,000  $  1,340,990 60 33 19 9 110.90% 23.80% 23.80% 22.40% -36.50% -73.60%
Saratoga  $  2,477,000  $  2,473,780 23 29 41 52 102.80% 12.50% 0.40% -30.30% 11.50% -35.90%
Sunnyvale  $  1,710,000  $  1,654,290 43 41 16 11 114.00% 31.50% 21.90% -20.40% -12.80% -72.40%
    Condos               % Change from Year Before    
Cities  Median   Average  Sales Pend Inven DOI SP/LP Med Ave Sales Pend' Inven'
SCC  $     712,500  $     797,526 361 360 152 12 106.70% 9.60% 7.90% -10.60% -9.50% -70.50%
Campbell  $     993,000  $     980,311 9 4 9 29 108.30% 42.10% 35.60% -25.00% -75.00% -47.10%
Cupertino  $  1,178,000  $  1,246,350 11 4 1 3 110.50% 17.80% 13.30% -26.70% -50.00% -87.50%
Gilroy  $     411,000  $     411,000 2 4 1 15 100.40% 4.30% 4.30% 100.00% 0.00% -66.70%
Los Altos  $  1,450,000  $  1,555,000 5 4 6 35 106.00% -5.80% -1.80% -76.20% 33.30% 20.00%
Los Gatos  $     952,500  $     963,750 8 9 8 29 103.50% -13.50% -7.60% -11.10% 0.00% -38.50%
Milpitas  $     745,000  $     741,340 17 14 5 9 104.30% 5.70% 7.40% 13.30% -33.30% -78.30%
Morgan Hill  $     600,000  $     576,998 5 20 7 41 99.10% 17.60% 9.00% -37.50% 400.00% -53.30%
Mountain View  $  1,100,000  $  1,094,730 17 28 12 20 112.00% 15.00% 13.40% -5.60% -22.20% -53.80%
Palo Alto  $  1,575,000  $  1,718,670 6 8 9 44 108.10% 12.50% 39.20% -14.30% 33.30% -47.10%
San Jose  $     631,000  $     647,507 220 202 68 9 105.00% 10.70% 11.60% -6.40% -12.60% -77.80%
Santa Clara  $     810,000  $     850,571 28 28 13 13 110.80% 28.60% 22.20% -9.70% 3.70% -66.70%
Saratoga  $     930,000  $  1,210,680 7 4 1 4 107.20% -0.50% 25.40% -12.50% -20.00% -90.90%
Sunnyvale  $  1,262,270  $  1,150,570 26 31 12 13 115.00% 18.80% 14.00% 8.30% 10.70% -62.50%


Santa Clara County (2017 September)
Single Family Homes % Change from Year Before
Cities  Median   Average  Sales Pending Inventory DOI SP/LP Median Average Sales Pend' Inven'
SCC  $  1,179,000  $  1,463,320 928 896 647 20 105.90% 17.90% 13.70% -1.00% -11.60% -61.00%
Campbell  $  1,330,700  $  1,373,920 28 28 13 13 108.60% 15.70% 12.50% -26.30% -20.00% -67.50%
Cupertino  $  2,103,000  $  2,092,880 26 21 10 11 110.70% 1.70% 1.20% 30.00% 10.50% -64.30%
Gilroy  $     785,000  $     840,888 51 83 55 31 99.60% 16.30% 16.80% 13.30% 15.30% -58.00%
Los Altos  $  3,017,500  $  3,425,150 26 26 20 22 105.40% 32.00% 45.30% 8.30% 13.00% -47.40%
Los Altos Hills  $  3,175,000  $  4,100,000 7 7 31 128 97.40% -33.90% -22.60% -46.20% 75.00% -3.10%
Los Gatos  $  2,200,000  $  2,270,420 47 48 82 51 101.20% 48.60% 48.30% 30.60% 9.10% -38.80%
Milpitas  $     983,444  $  1,025,940 20 27 11 16 106.80% 13.60% 14.20% -31.00% -40.00% -67.60%
Monte Sereno  $  2,625,000  $  2,576,250 6 4 6 29 97.50% -30.60% -31.90% 200.00% -42.90% -40.00%
Morgan Hill  $     954,000  $  1,007,130 54 60 65 35 100.90% 6.00% 1.90% 28.60% -13.00% -50.00%
Mountain View  $  1,900,000  $  2,080,860 21 13 12 17 109.90% 10.10% 10.40% 10.50% -50.00% -61.30%
Palo Alto  $  3,200,000  $  3,654,360 33 25 32 28 109.70% 19.60% 17.20% -13.20% -32.40% -38.50%
San Jose  $     999,900  $  1,106,800 483 451 234 14 105.80% 17.60% 17.10% -2.40% -11.20% -71.00%
Santa Clara  $  1,300,000  $  1,340,990 60 33 19 9 110.90% 23.80% 23.80% 22.40% -36.50% -73.60%
Saratoga  $  2,477,000  $  2,473,780 23 29 41 52 102.80% 12.50% 0.40% -30.30% 11.50% -35.90%
Sunnyvale  $  1,710,000  $  1,654,290 43 41 16 11 114.00% 31.50% 21.90% -20.40% -12.80% -72.40%
Condos % Change from Year Before
Cities  Median   Average  Sales Pending Inventory DOI SP/LP Median Average Sales Pend' Inven'
SCC  $     712,500  $     797,526 361 360 152 12 106.70% 9.60% 7.90% -10.60% -9.50% -70.50%
Campbell  $     993,000  $     980,311 9 4 9 29 108.30% 42.10% 35.60% -25.00% -75.00% -47.10%
Cupertino  $  1,178,000  $  1,246,350 11 4 1 3 110.50% 17.80% 13.30% -26.70% -50.00% -87.50%
Gilroy  $     411,000  $     411,000 2 4 1 15 100.40% 4.30% 4.30% 100.00% 0.00% -66.70%
Los Altos  $  1,450,000  $  1,555,000 5 4 6 35 106.00% -5.80% -1.80% -76.20% 33.30% 20.00%
Los Gatos  $     952,500  $     963,750 8 9 8 29 103.50% -13.50% -7.60% -11.10% 0.00% -38.50%
Milpitas  $     745,000  $     741,340 17 14 5 9 104.30% 5.70% 7.40% 13.30% -33.30% -78.30%
Morgan Hill  $     600,000  $     576,998 5 20 7 41 99.10% 17.60% 9.00% -37.50% 400.00% -53.30%
Mountain View  $  1,100,000  $  1,094,730 17 28 12 20 112.00% 15.00% 13.40% -5.60% -22.20% -53.80%
Palo Alto  $  1,575,000  $  1,718,670 6 8 9 44 108.10% 12.50% 39.20% -14.30% 33.30% -47.10%
San Jose  $     631,000  $     647,507 220 202 68 9 105.00% 10.70% 11.60% -6.40% -12.60% -77.80%
Santa Clara  $     810,000  $     850,571 28 28 13 13 110.80% 28.60% 22.20% -9.70% 3.70% -66.70%
Saratoga  $     930,000  $  1,210,680 7 4 1 4 107.20% -0.50% 25.40% -12.50% -20.00% -90.90%
Sunnyvale  $  1,262,270  $  1,150,570 26 31 12 13 115.00% 18.80% 14.00% 8.30% 10.70% -62.50%


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