Home Prices in Santa Clara County Continued to Rise Year-Over-Year in September

SAN JOSE, Calif., Oct. 8, 2014 /PRNewswire/ -- The average sale price of a single-family home in Santa Clara County in September was up 10.9 percent and the average condo price was up 11.9 percent year-over-year, according to MLSListings statistics.

In September the average sale price of single-family homes was $1,111,266, up from $989,726 in September 2013. Meanwhile the average sale price for condos was $600,782 up from $529,018 a year before.  

"Home prices in our area are the highest they've ever been, making this fall a great time to sell," commented Myron Von Raesfeld, President of the Santa Clara County Association of REALTORS®. "It's also a good time to buy, since interest rates are expected to go up next year and consumers will likely pay more for the same home in 2015."

Single-family homes were on the market for an average of 30 days in September, up from 28 days in September 2013. Condos were on the market for 24 days, down from 26 days a year earlier.

Sellers of single-family homes received 103.53 percent of their asking prices in September while sellers of condos received 102.64 percent.

There were 1,169 new listings for single-family homes in September, up from 1,146 a year earlier. Meanwhile, new listings for condos stood at 444, down from 536 in September 2013.

Inventory for single-family homes in September was 1,783, down from 1,945 a year earlier. By comparison, inventory for condos was 622, down from 770 in September 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: Julie McCoy
Phone: 408.445.5095
Fax: 408.445.7767
[email protected]
www.sccaor.com

SOURCE Santa Clara County Association of REALTORS

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