Last updateWed, 20 Sep 2017 9am

Business & Real Estate

Realtors report uptick in home-sale prices

The Santa Clara County Association of Realtors reported last week that the county’s housing market appeared to heat up in March, with brisk sales and sellers receiving offers higher than the listed sale price of the homes.

The average sale price for single-family homes in March was $950,057, 19.86 percent higher than the average price of $792,643 in March 2012, according to MLSListings. The average sale price for condominiums totaled $503,863, 29.05 percent higher than the average sale price of $390,453 recorded the previous year.

Compared to the same month last year, homes remained on the market for a much shorter period of time before they sold. The average days on market declined to 31 for single-family homes, a 54.41 percent decrease from the 68-day average the year before. For listed condos, the average days on market shrank to 23 days – a 70.51 percent decrease from the average of 78 days in 2012.

In addition, sellers of single-family homes received 104.43 percent of the asking price and condo-sellers received 106.3 percent.

Despite the positive trends, the number of homes listed on the market remained at historical lows, with 1,192 single-family homes and 443 condos available in March, according to the association. By comparison, 1,368 single-family homes and 469 condos were on the market in the same month last year. Overall inventory remained drastically lower than March 2012 because of heightened buyer demand, association officials said.

The number of single-family homes available for sale year-over-year decreased by 50.77 percent, from 2,803 to 1,380, while the number of condos on the market decreased by 60.60 percent, from 1,038 to 409.

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