Santa Clara County Median Price for Condos Continues Rising 2018 April

For Santa Clara County, the median price for condos was up 28.9%, year-over-year, to $915,444. This is the second month in a row the median price for condos has set new highs. Notably, the median price for condos has been higher than the year before every month since July of 2011! The median price for single-family, re-sale homes stayed at the high it set in March. The median price for homes rose 22.1% over last April to $1,450,000. The median price for homes has been higher than the year before by double-digits ten months in a row. The average price was up by double-digits for the ninth consecutive month.

This is also the 74th month in a row the median price has been higher than the year before. The average price for homes was up 20.0%, year-over-year, to $1,722,370. The average price for condos was up 24.5% over last April. 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: 112.4% for homes and 114.8% 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 fifteen days to sell a home, on average. Condos are taking nine days. All 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-three. Condos have averaged 87 days since 2000. Last month it was seventeen. As of May 7th, there were 753 homes and 229 condos for sale in Santa Clara County.