Block Change Real Estate - Serving the areas of Palo Alto, San Jose, Milpitas

Santa Clara County Market Update

Santa Clara County
• Median home prices in Santa Clara County were at an all-time high of $1,500,000, up 11.1% from the same period last year, and easily outpacing the record highs we saw throughout last year. Average prices were
also at a new all-time high of $1,818,546, up 14.4% from last year.
• New listings rose to 3,267, the highest Q1 since 2012. Closed sales were up almost 39% and pending sales
of 1,109 are nearly double the number at the end of Q1 of 2020 and are easily 20% above any prior Q1 numbers. Dr. Eisenberg says, “Buckle up folks, with the number of pending sales you have in the queue at the end of March, I think you are going to see a staggeringly busy second quarter and possibly another new price record!”
• Active inventory is on the lower end in Santa Clara County, with just 933 active listings and 1.3 month’s supply of available inventory. Homes sell at a substantial premium of 107% and the average number of days on market is
23 days, down significantly from last year’s 30 and the second-lowest Q1 DOM in recent memory.
• In the Santa Clara common interest market, the median sale price of $855,000 is a Q1 high, but nowhere near the all-time high price of $930,000 set in summer 2018. New listings were up by nearly 50% over last year, which prevented inventory levels from collapsing, as closed sales were up nearly 40% over the first quarter of 2020 and pending sales are more than double last March. Inventory levels bumped up to 602 active listings, a 57% gain over the same point last year, and months of inventory rose to 1.7, up from 1.5.

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6120 Hellyer Ave #175 San Jose, CA 95138