Summer Selling Season Ends on a High Note in Santa Clara County

SAN JOSE, Calif., Sept. 8, 2014 /PRNewswire/ -- The average sale price of a single-family home in Santa Clara County in August was up 12.1 percent and the average condo price was up 11 percent year-over-year, according to MLSListings statistics.

In August the average sale price of single-family homes was $1,157,964, up from $1,017,528 in August 2013. Meanwhile the average sale price for condos was $596,799, up from $531,008 a year before.  

"The summer selling season ended on a high note in Santa Clara County, where we continued to experience year-over-year gains in home prices," commented Myron Von Raesfeld, President of the Santa Clara County Association of REALTORS®.

Single-family homes were on the market for an average of 28 days in August, up from 23 days in August 2013. Condos were on the market for 24 days, up from 20 days a year earlier.

Sellers of single-family homes received 102.96 percent of their asking prices in August and sellers of condos received 103.64 percent, signaling that now is a good time to sell.

There were 1,100 new listings for single-family homes in August, down from 1,212 a year earlier. Meanwhile, new listings for condos stood at 443, down from 546 in August 2013.

Inventory for single-family homes in August was 1,809, down from 1,978 a year earlier. By comparison, inventory for condos was 637, down from 775 in August 2013.

"Now is the time to take advantage of the market," explained SCCAOR President-Elect Craig Gorman. "If you are a seller, take advantage of the fact that inventory is still low and there's less competition. If you are a buyer, consider purchasing now. Otherwise, you'll end up paying more for the same home next year."

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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