Home Values Continued to Appreciate in Santa Clara County in November
SAN JOSE, Calif., Dec. 12, 2014 /PRNewswire/ -- The average sale price of a single-family home in Santa Clara County in November was up about 10 percent and the average condo price was up 12.4 percent year-over-year, according to MLSListings statistics.
In November, the average sale price of single-family homes was $1,108,105, up from $1,066,241 in November 2013. Meanwhile the average sale price for condos was $603,638, up from $528,530 a year before.
"Home owners in Santa Clara County are getting the best gift of all this holiday season – the gift of equity," commented Myron Von Raesfeld, President of the Santa Clara County Association of REALTORS®. "Although not the busiest time of year, winter is still a good time to sell your home. If you sell your home this winter you'll be getting quite a bit more for it than you would have had you sold it last winter."
Single-family homes were on the market for an average of 33 days in November, up from 31 days in November 2013. Condos were on the market for 25 days, down from 32 days a year earlier.
Sellers of single-family homes received 103.23 percent of their asking prices in November while sellers of condos received 103.51 percent.
There were 593 new listings for single-family homes in November, down from 692 a year earlier. Meanwhile, new listings for condos stood at 224, down from in 265 in November 2013.
Inventory for single-family homes in November was 1,257, down from 1,425 a year earlier. By comparison, inventory for condos was 386, down from 559 in November 2013.
"The statistics show the typical seasonal slowing with decreased closings and decreased available inventory," explained Quincy Virgilio, Chairman of the Board for MLSListings and a former SCCAOR President. "While the sales price shows a year-over-year increase, that reflects the shrinking supply and steady demand. Interest rates remain low, and opportunities are still good, even with lower inventory."
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
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/home-values-continued-to-appreciate-in-santa-clara-county-in-november-300009302.html
SOURCE Santa Clara County Association of REALTORS
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