Silicon Valley home prices reach 5-year high

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SANTA CLARA COUNTY ASSOCIATION OF REALTORS – The Santa Clara County housing market’s year-long recovery yielded an average sales price that’s as high as it’s been since November 2008.

The average Silicon Valley sale price for a single-family home in November was $883,185, up nearly 16 percent from $762,007 in November last year. The average sale price for a condo or townhome was $468,654, a whopping 39.39 percent increase from the $336,206 of November 2011, according to the Santa Clara County Association of Realtors (SCCAOR).

Those average sales prices were only lower than average prices for November 2007 and November 2006, according to data from MLSListings, Inc. the multiple listing service for the area.

The peak for any November came in 2007, when the average single-family home selling price was $1,047,683. At the time average condo or townhome sales price was $579,505.

The average sale prices were comparable to those from November 2005, when single-family homes sold for an average $879,138 and an average $501,346 for condos.

“Inventory remains scarce, which drives up prices or keeps prices steady depending on the specific submarket,” said Barbara Lymberis, SCCAOR president.

“This trend may continue during at least the first half of next year, but the market should begin to normalize as more sellers feel more confident in the market and start to list their homes,” Lymberis added.

In November, the inventory of single family homes was 1,617, only 49.85 percent of its level in November 2011, 3,244. The inventory of condos and townhomes was 554, 40.82 percent of the 1,357 condos for sale in November 2011.

Year-over-year ending in November, closed sales of single-family homes rose 18 percent and condo sales were up 8 percent, according to MLSListings’s November report.

Source: Santa Clara County Association of Realtors

DeadlineNews.Com contributed to this story.

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