Home prices in Santa Clara County continue to recover from the recession, according to MLSListings statistics.
The average sale price of single-family homes increased nearly 12 percent and the average condominium price 14.36 percent year-over-year in February.
In February, the average sale price of single-family homes totaled $1.04 million, up from $912,309 in February 2013. The average sale price for condos stood at $542,137, up from $464,251 the year before.
“The housing market in Santa Clara County continued to bounce back this winter,” said Myron Von Raesfeld, president of the Santa Clara County Association of Realtors. “This is great news for both sellers and buyers. It’s a wonderful way to start the busy spring season.”
Single-family homes remained on the market for an average of 32 days in February, down from 41 days in February 2013. Condos were on the market for an average of 35 days, compared with 30 days a year earlier. Sellers of single-family homes received 103.98 percent of their asking prices in February, while sellers of condos received 103.84 percent.
There were 958 new listings for single-family homes in February, down from 1,005 a year earlier. New listings for condos totaled 384, nearly unchanged from 382 in February 2013. Inventory for single-family homes in February totaled 1,186, down from 1,360 a year earlier. By comparison, inventory for condos was 437, up from 419 in February 2013.
The Santa Clara County Association of Realtors provided information for this article. For more information, visit sccaor.com.