Latest Statistics Demonstrate Busy Santa Clara and San Mateo County Markets as Summer Ends
The latest area real estate statistics (for August) are here and they once again make for very pleasant reading for home sellers, in particular.
We're seeing the continuation of the strong sellers' market conditions that have dominated both the Santa Clara and San Mateo County markets for some time now.
Sold listings in Santa Clara were up 8.4% year on year, while San Mateo saw a 4.2% improvement on July.
Under contract listings were impressive in both areas, with Santa Clara up by 15.9% and San Mateo posting an even better 21.9%, on a year-on-year comparison.
Pending property sales looked good too, with Santa Clara experiencing 10.5% better performance than at the same time last year, and a 4.6% improvement in San Mateo over the same period.
It's also interesting to note a significant increase in the average sold price per square foot over the last year - an increase of 12.3% in Santa Clara and 10.6% in San Mateo.
Good sales figures like this inevitably lead to shorter times between listing and an offer being accepted, which helps to explain why the average number of days a home is on the market has decreased by over a third in twelve months in both counties (in Santa Clara by 34.5% and by 32.1% in San Mateo).
Just last week, of course, came the news of the incredible over asking price of a home in Sunnyvale, so it's no surprise to learn that the ratio of sold price to original list price now stands at 104% in Santa Clara and 106% in San Mateo. Further proof, as if it were needed, of the robust competition levels between buyers at present.
This trend has a very direct relationship with the number of homes available for sale and in August we saw a further significant reduction in both counties.
In Santa Clara the number of for sale listings was down 47.3% from one year earlier and down 17.6% from the previous month. It was a quite similar, though slightly less pronounced, situation in San Mateo with an annual fall of 34.2% and total listings down by 1.4% on July.
In conclusion, then, it's just a fantastic time for sellers who are, on average, enjoying returns above asking price with less competition and consequent increased market visibility to a very enthusiastic and well qualified pool of buyers across most sectors.
With every sign that these conditions will remain as fall begins, why not contact us today to explore the options.