Silicon Valley house prices up 10 percent, condos jump nearly 15 percent, sales zoom, inventories remain strained


SANTA CLARA COUNTY ASSOCIATION OF REALTORS – Prices continue to rise in the Santa Clara County (Silicon Valley) housing market, a strong sign that the market is further recovering from the downturn of the previous years.
The average price of single family homes for June increased by 10.27 percent from the same month of last year, jumping from $824,070 to $908,694. The average price of condos rose by 14.70 percent during the same period, from $373,905 to $428,854, according to the Santa Clara County Association of Realtors (SCCAOR).
In the meantime, the average number of days on market in Silicon Valley decreased drastically from a year earlier.

In June, it took an average of 39 days to sell a single family home, down from the 59 days in June 2011 and a 33.90 percent drop; it took average of 49 days to sell a condo, down from the 83 days in June 2011 and a 40.96 percent decrease.

“It is a very active market,” said Barbara Lymberis, president of the Santa Clara County Association of Realtors.

“To take advantage of the market conditions, sellers need to price their properties right while buyers should get pre-approved before they start looking, and be diligent and patient when shopping around,” Lymberis said.

• See the latest SCCAOR statistics.

Source: Santa Clara County Association of Realtors

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