Highlights of October 2014 Real Estate Report for Santa Clara County

By
Real Estate Agent with Century 21 (SUNNYVALE, CA) - (408) 893-2410

Highlights of October 2014 Real Estate Report - Santa Clara County

 

Quantitative Easing and Mortgage Rates

The Federal Reserve has ended quantitative easing, again. What does that mean for mortgage rates?
For the moment, nothing. The Fed isn't expected to raise short term interest rates until the middle of next year.
Also, the Fed has a very limited ability to affect long-term interest rates.
Plus, the dollar reached a four-year high recently. Why? Because the economies of other countries around the world are still lackluster and that means money is pouring into the United States, thus keeping interest rates low.
 Don't expect that to change for a couple of years.
As noted last month, the lack of inventory will push prices up. It did.
Last month the median price for single-family, re-sale homes once again hit $875,000, our new post-recession high which was first reached in June.
The average price for homes hit a new all-time high in October.

October Market Statistics (Santa Clara County)

Year-Over-Year (October 2014 vs. October 2013)
  • Median home prices increased by 19.4% year-over-year to $875,000 from $733,000.
  • The average home sales price rose by 23.1% year-over-year to $1,156,090 from $939,186.
  • Home sales fell by 20.9% year-over-year to 929 from 1,174.
  • Total inventory* fell 42.5% year-over-year to 1,708 from 2,970.
  • Sales price vs. list price ratio rose by 0.4% year-over-year to 103.1% from 102.7%.
Compared To Last Month (October 2014 vs. September 2014)
  • Median home prices improved by 2.0% to $875,000 from $857,500.
  • The average home sales price rose by 4.2% to $1,156,090 from $1,108,960.
  • Home sales up by 4.5% to 929 from 889.
  • Total inventory* dropped 13.7% to 1,708 from 1,978.
  • Sales price vs. list price ratio dropped by 0.4% to 103.1% from 103.5%.

Condominium Statistics

Year-Over-Year
  • Median condo prices increased by 27.2% year-over-year to $550,000 from $432,500.
  • The average condo sales price rose by 25.7% year-over-year to $610,266 from $485,444.
  • Condo sales rose by 58.8% year-over-year to 397 from 250.
  • Total inventory* rose 4.9% year-over-year to 615 from 586.
  • Sales price vs. list price ratio fell by 0.1% year-over-year to 102.2% from 102.3%.
* Total inventory is active listings plus contingent or pending listings. Active listings do not include contingent listings.
santa clara county homes sales momentum

trand at glance

 
Posted by

Robert Lei

Real Estate Professional

Century 21 M&M and Associates

Sunnyvale, CA 94087

(408) 893-2410

Comments (1)

Jim Crawford
Maximum One Executive REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

Robert Lei 

This is an excellent real estate market report as usual!  Great job! This is the type of information that buyers and sellers alike need to make informed decisions. Best wishes for the week ahead!

Nov 28, 2014 11:15 PM