Median Price for Santa Clara County Real Estate is Up Again
In Santa Clara County, the median price for single-family, re-sale homes reached its highest level since August 2008: up 34.6% year-over-year to $632,450 in April 2010. The sales price to list price ratio, a good indicator of demand, for single-family, re-sale homes in Santa Clara County was 101% in April. This marks the tenth month in a row this indicator has been over 100%.
Days of Inventory for Single Family Homes in Santa Clara County Continues to Decrease
The number of days of inventory of single family homes for sale in Santa Clara County in April 2010 decreased 49% as compared to April 2009. The days of inventory available in April 2010 was also down from the previous month, 82 days in April compared to 87 days in March.
The number of homes for sale in Santa Clara County also increased in April from March: up 8.2%, and it was up 0.2% compared to April 2009. This is the first time inventory has been higher than the year before since January 2009. It appears that home owners are beginning to feel more confident in the market. Of the 1,022 homes put on the market in April, only 85 were bank-owned.
Prices Continue to Go Up for Single Family Homes in Santa Clara County
The median sale price for a single family home in April 2010 was $594,150. This is up from $455,000 in April 2009. The average home sale price in April 2010 was $742,820, up from $580,860 in April 2009. Both of these indicators show a marked improvement over the previous year, up 30.6% and 27.9%, respectively.
Reminder - New California Tax Credit Took Effect May 1
There is a new CA tax credit that went into effect on May 1st for First Time Home Buyers
and for buyers of new, never occupied homes. This tax credit is limited to $200,000,000 and is first come, first served. You can read more about this tax credit in my post, Palo Alto Homebuyer news – Governor Signs New California Home Buyer Tax Credit
Past Santa Clara County Real Estate Market Updates
Santa Clara Real Estate Market Update - March 2010
Santa Clara Real Estate Market Update – January 2010
Santa Clara Real Estate Market Update December 2009
Santa Clara Real Estate Market Report November 2009
Santa Clara Real Estate Market Update October 2009
Santa Clara Real Estate Market Report September 2009
Santa Clara Real Estate Market Update August 2009
Follow this link to find additional current real estate market data for Palo Alto in Santa Clara County.