Santa Clara County

February 2017

 

Property Sales

February Property sales were 482, down -2.4% from 494 in February of 2016 and -2.4% lower than the 494 sales last month. February 2017 sales were at their lowest level compared to February of 2016 and 2015. February YTD sales of 976 are running -5.2% behind last year’s year-to-date sales of 1,030

Prices

The Median Sales Price in February was $1,105,501, up 17.4% from $941,500 in February of 2016 and up 18.9% from $930,000 last month. The Average Sales Price in February was $1,360,035, up 10.7% from $1,228,501 in February of 2016 and up 7.8% from $1,262,076 last month. February 2017 ASP was at highest level compared to February of 2016 and 2015.

Inventory & MSI

The Total Inventory of Properties available for sale as of February was 691, up 10.0% from 628 last month and down -25.9% from 932 in February of last year. February 2017 Inventory was at the lowest level compared to February of 2016 and 2015.

A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The February 2017 MSI of 1.4 months was at its lowest level compared with February of 2016 and 2015.

Market Time

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 February was 27, down -25.0% from 36 days last month and down -10.0% from 30 days in February of last year. The February 2017 DOM was at its lowest level compared with February of 2016 and 2015.

Selling Price per Square Foot

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 February 2017 Selling Price per Square Foot of $716 was up 12.8% from $635 last month and up 11.9% from $640 in February of last year.

Selling Price vs Listing Price

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 February 2017 Selling Price vs List Price of 103.0% was up from 100.1% last month and up from 102.7% in February of last year.