Home Prices in Santa Clara County Continue to Rise

SAN JOSE, Calif., June 9, 2014 /PRNewswire/ -- The average sale price of a single-family home in Santa Clara County in May was up 11.46 percent and the average condo price was up 8.1 percent year-over-year, according to MLSListings statistics.

In May the average sale price of single-family homes was $1,179,768, up from $1,044,459 in May 2013. Meanwhile the average sale price for condos was $591,304 up from $543,157 a year before.  

"Home owners who have been waiting to sell until they had enough equity built in their homes are now feeling comfortable that this is a good time," commented Myron Von Raesfeld, President of the Santa Clara County Association of REALTORS®. "We expect the summer buying and selling season to be strong."

Single-family homes were on the market for an average of 23 days in May, down from 27 days in May 2013. Condos were on the market for an average of 19 days, up from 18 days a year earlier.

Sellers of single-family homes received 105.93 percent of their asking prices in May while sellers of condos received 105.44 percent.

There were 1,457 new listings for single-family homes in May, down from 1,496 a year earlier. Meanwhile, new listings for condos stood at 557, up from 556 in May 2013.

Inventory for single-family homes in May was 1,799, up from 1,766 a year earlier. By comparison, inventory for condos was 605, up from 574 in May 2013.

About the Santa Clara County Association of REALTORS®

SCCAOR, established in 1896, is California's oldest and Northern California's largest real estate association. We represent about 10,000 REALTORS® and affiliate members. SCCAOR exists to meet the business, professional and political needs of its members and to promote, protect homeownership and private property rights.

Contact: Alison Martinsen
Phone: 408.445.5080
Fax: 408.445.7767
[email protected]
www.sccaor.com

SOURCE Santa Clara County Association of REALTORS

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