Rising Home Prices And Low Borrowing Costs Make It a Good Time to Both Sell and Buy in Santa Clara County

SAN JOSE, Calif., July 7, 2014 /PRNewswire/ -- The average sale price of a single-family home in Santa Clara County in June was up 14.7  percent and the average condo price was up 9 percent year-over-year, according to MLSListings statistics.

In June the average sale price of single-family homes was $1,203,900 up from $1,026,477 in June 2013. Meanwhile the average sale price for condos was $587,211, up from $534,144 a year before.  

"With home prices continuing to rise, home owners in Santa Clara County have regained some of the equity they lost during the recession, making it a great time to sell," commented Myron Von Raesfeld, President of the Santa Clara County Association of REALTORS®. "Borrowing costs are low right now, which gives buyers a reason to be happy this summer, too."

Single-family homes were on the market for an average of 20 days in June, down from 25 days in June 2013. Condos also were on the market for an average of 20 days, unchanged from a year earlier.

Sellers of single-family homes received 104.64 percent of their asking prices in June while sellers of condos received 104.35 percent.

There were 1,287 new listings for single-family homes in June, down from 1,343 a year earlier. Meanwhile, new listings for condos stood at 481, down from 604 in June 2013.

Inventory for single-family homes in June was 1,832, down from 1,889 a year earlier. By comparison, inventory for condos was 586, down from 690 in June 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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