Property Sales in Santa Clara County (Single Family Homes)
December property sales were 889, up from 742 in December of 2014 and 23.6% higher than the 719 sales last month. December 2015 sales were at their highest level compared to December of 2014 and 2013. December YTD sales of 10,848 are running 5.4% ahead of last year’s year-to-date sales of 10,288.
The median sales price in December was $917,000, up 9.1% from $840,500 in December of 2014 and down -3.9% from $954,000 last month. The average sales price in December was $1,155,749, up 7.1% from $1,079,317 in December of 2014 and down -4.4% from $1,208,762 last month. December 2015 ASP was at highest level compared to December of 2014 and 2013.
The total inventory of properties available for sale as of December was 539, down -36.8% from 853 last month and down -16.4% from 645 in December of last year. December 2015 Inventory was at the lowest level compared to December of 2014 and 2013.
The average Days On Market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM tends to indicate a move towards more of a buyer’s market, a downward trend a move towards more of a seller’s market. The DOM for December was 32, up from 28 days last month and down from 34 days in December of last year. The December 2015 DOM was at its lowest level compared with December of 2014 and 2013.
Selling Price Per Square Foot
In December 2015, the price per square foot for a single family home in Santa Clara County was $571. This is a 12% increase from last year in December of $510 per square foot.
Selling Price vs Listing Price
The selling price per square foot is a great indicator for the direction of property values. Since median sales price and average sales price can be impacted by the ‘mix’ of high or low end properties in the market, the selling price per square foot is a more normalized indicator on the direction of property values. The December 2015 selling price per square foot of $628 was down -4.3% from $656 last month and up 10.4% from $569 in December of last year.
Inventory / New Listings / Sales
The selling price vs listing price reveals the average amount that sellers are agreeing to come down from their list price. The lower the ratio is below 100% the more of a buyer’s market exists, a ratio at or above 100% indicates more of a seller’s market. The December 2015 selling price vs list price of 102.4% was down from 102.6% last month and up from 102.2% in December of last year.