April 2020 Report
Single Family Homes in Santa Clara County, San Jose, Cambrian Change >
Average Price$1,463,380
+3.8%
Pending Properties41
-4.7%
Sale/List Price Ratio105.0%
-2.7%
Days of Inventory35
+128.1%
Trends at a Glance
| Trends At a Glance |
Apr 2020 |
Previous Month |
Year-over-Year |
| Median Price |
$1,360,000 (-1.1%) |
$1,375,000 |
$1,227,500 (+10.8%) |
| Average Price |
$1,463,380 (+3.8%) |
$1,410,260 |
$1,283,330 (+14.0%) |
| No. of Sales |
34 (-24.4%) |
45 |
66 (-48.5%) |
| Pending |
41 (-4.7%) |
43 |
63 (-34.9%) |
| Active |
41 (+78.3%) |
23 |
80 (-48.8%) |
| Sale vs. List Price |
105.0% (-2.7%) |
107.8% |
102.7% (+2.2%) |
| Days on Market |
8 (-54.3%) |
17 |
18 (-56.2%) |
| Days of Inventory |
35 (+128.1%) |
15 |
35 (-0.5%) |
Market Commentary
Sales of single-family, re-sale homes tanked 35.8% in April compared to last year. I think we all expected this amidst the Covid-19 pandemic. Home sales were down 9.6% compared to March. There were 553 homes sold in Santa Clara County last month. The average since 2000 is 987.
We expect home sales to continue dropping for the next two months.
Inventory of single-family, re-sale homes was down 38.7% compared to last year. That is the eighth month in a row inventory has been lower than the year before. As of May 5th, there were 843 homes for sale in Santa Clara County. The average since January 2000 is 2,703.
The median sales price for single-family, re-sale homes in April was up 6.9% compared to last year. The average sales price was off 0.8% year-over-year.
The sales price to list price ratio dropped to 103.2% from 105.5%.
Days of Inventory, or how long it would take to sell all homes listed for sale at the current rate of sales, rose eleven days to 44 days compared to March. The average since 2003 is 89.
It took only sixteen 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 down 3.5% from last April. The average sales price fell 1.2% year-over-year.
Condo sales were down 40.5% year-over-year. There were 203 condos sold in April.
The sales price to list price ratio fell to 102.1% from 102.6%.
Condo inventory dropped 39.6% from last April.
As of May 5th, there were 359 condos for sale in Santa Clara County. The average since January 2000 is 757.
Days of inventory rose to fifty-one from twenty-nine.
It took an average of fifteen days to sell a condo last month.
If you are planning on selling your property, call me for a free comparative market analysis.