HousingMarket UpdatesPosts January 27, 2022

Santa Clara County Housing Market Report

Last year ended with some amazing, record setting home values and speed for how long it takes to sell.  Keep in mind that not all homes are created equal, so it’s important to know that there are in fact homes that haven’t sold quickly with multiple offers.  Those homes are typically over priced, high priced, or perhaps just very unique (i.e. large estates that have an old world style).

Jumping into the details, for single family homes sold in Santa Clara County, we saw the median sales price skyrocket to $1.7M in December. That’s up from $1.36M or a 25% increase in sales price over the year. Even more astounding is how quickly homes are selling. In Silicon Valley, a few years ago, you could expect it to take about a month to sell your home, which was enviable across most areas of the country. Now, as of December 2021, here in Silicon Valley homes are selling, on average, in only 6 days.

A similar situation was also happening with townhomes and condos, although a little less frenetic. Median sales prices were up by about 12% from last December, coming in at just under a million, at $929,000. They were also selling so much faster than in prior years. In December 2020, it took over a month to sell, and as of December 2021 we saw townhomes and condos sell in about 10 days.

The good news for condominium and townhome buyers is that the competition isn’t as fierce as it is for single family homes.  We see typically 1-3 offers on a condo or townhome, whereas a single family home can have anywhere between 6 and 50!  Yes, it’s happened!

Contact me if you are interested in understanding how all these market stats correlate to your specific home situation.  We’re always happy to help and love what we do!