SANTA CLARA COUNTY ASSOCIATION OF REALTORS – The Santa Clara County housing market continues to show signs of a rising market: more closed sales and shorter days-on-the-market when compared with a year ago.
In May, the average price for a single family home stood at $832, 078, a 7.54 percent increase from the $773,722 of May 2011, according to data compiled by MLSListings.com. The average price of a condo stood at $410,778, a 12 percent jump from the $366,773 of May 2011.
From May 2011 to May 2012, the number of days a single-family home stayed on the market in Santa Clara County, before being sold, shrank from 66 to 53, and it decreased from 82 to 55 for condos. At the same time, the number of closed sales went up nearly 26 percent from 967 to 1,215 for single family homes and they were up about 10 percent, from 379 to 418, for condos.
Silicon Valley’s inventory was still low, but slightly more new listings came on the market than in the previous months. Sellers listed 1,498 single family homes and 482 condos for sale in May, 227 and 71 more, respectively, than in April.
“The slight increase in the number of new listings is a hopeful sign,” said Barbara Lymberis, president of the Santa Clara County Association of Realtors.
When it comes to shrinking inventories, CoreLogic said the San Jose metropolitan area was the fifth hardest hit metro in the nation with inventories falling nearly 42 percent in the first quarter, compared to a year ago.
“With record-low interest rates and a bit more inventory, buyers who have gotten pretty beat up in the last few months may have a small breathing space over the summer to prevail,” said Lymberis.
Broderick Perkins contributed to this story.