Home Prices and Sales Rise in November
The median sales price for single-family, re-sale homes was up 8.3% compared to last year. The average sales price for single-family, re-sale homes was up 4.6% year-over-year. After being lower than the year before for twenty-two months, sales of single-family, re-sale homes were up 3.3%, year-over-year, in November. There were 495 homes sold in Santa Clara County last month. The monthly average since 2000 is 987. The sales price to list price ratio fell from 105.1% to 103.9%. Pending sales were down 55.8% year-over-year. Inventory of single-family, re-sale homes was down for the eighth month in a row. It fell 37.4% compared to last year. As of December 5th, there were 490 homes for sale in Santa Clara County. The average since January 2000 is 2,703. Days of Inventory, or how long it would take to sell all homes listed for sale at the current rate of sales, fell from 31 days to 29 days.
The average since 2003 is 89. It took nineteen days to sell a home last month. That is the time from when a home is listed for sale to when it goes into contract. The median sales price for condos was up 5.1% compared to last November. The average sales price gained 5.8% year-over-year. Condo sales were down 6.6% year-over-year. There were 199 condos sold in November.
The sales price to list price ratio fell from 102.6% to 102.1%. Condo inventory was down 23.8% compared to last November. As of December 5th, there were 263 condos for sale in Santa Clara County. The average since January 2000 is 757. Days of inventory fell from forty-five to thirty-eight.
