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2024 Feb - Housing Market Update

Tony Ngai February 19, 2024

Prices and Sales Rise to Start the Year

The median sales price for single-family, re-sale homes was up 12.1% compared to last year. The average sales price for single-family, re-sale homes was up 7.6% year-over-year. Sales of single-family, re-sale homes were up 19.8%, year-over-year, in January. There were 314 homes sold in Santa Clara County last month. The monthly average since 2000 is 987. The sales price to list price ratio rose from 103.1% to 103.4%.
Pending sales were down 55.8% year-over-year. Inventory of single-family, re-sale homes was down for the eighth month in a row. It fell 37.4% compared to last year. As of December 5th, there were 490 homes for sale in Santa Clara County. The average since January 2000 is 2,703. Days of Inventory, or how long it would take to sell all homes listed for sale at the current rate of sales, fell from 31 days to 29 days. The average since 2003 is 89.
It took nineteen days to sell a home last month. That is the time from when a home is listed for sale to when it goes into contract. The median sales price for condos was up 5.1% compared to last November. The average sales price gained 5.8% year-over-year.
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