Santa Clara County Real Estate Market Update: A Strong Seller's Market (October 2024)
The real estate market in Santa Clara County is currently experiencing conditions that heavily favor sellers, with several key indicators pointing to a highly competitive environment. If you’ve been considering buying or selling a home in the area, now’s the time to get familiar with these market trends. Here's a closer look at the latest data and what it means for you.
Low Inventory Fuels High Demand
One of the most significant indicators of the current market is the Months Supply of Inventory, which stands at just 1.08 months. This low figure means that there is a strong demand for homes relative to the number of available listings. A low supply of homes combined with high demand is a classic hallmark of a seller’s market, where sellers have the upper hand and buyers face more competition. If you’re a seller, you’re in a position to take advantage of this high demand to potentially sell your home quickly and for top dollar.
Shrinking Inventory: A Trend in the Making
The 12-Month Change in Months of Inventory further highlights this tightening market, showing a decrease of -18.18% over the past year. This sharp drop in available inventory reflects a trend toward even fewer homes coming to market, making it increasingly difficult for buyers to find properties. For those looking to sell, this trend suggests that now is an ideal time to list your home, as inventory continues to shrink and buyer competition remains high.
Quick Sales: Homes Are Moving Fast
The Median Days On Market in Santa Clara County is just 9 days, meaning that homes are selling quickly once listed. This rapid turnover is a strong signal that buyers are actively engaged in the market, eager to secure homes before they’re gone. If you're a seller, this fast pace means you could see your property sell within a matter of days, often with multiple offers. As a buyer, it’s important to act quickly and decisively when you find a home that fits your needs.
Selling Above Asking Price: A Common Trend
Homes in Santa Clara County are also selling for more than their list price on average, with a List to Sold Price Percentage of 106.1%. This means that many buyers are offering above asking price in an effort to secure homes in this competitive market. If you’re a seller, this is excellent news, as it indicates that bidding wars are common and you could potentially sell for more than your initial listing price. Buyers, on the other hand, should be prepared to enter into competitive bidding situations and possibly pay a premium to secure a property.
Premium Prices for Properties
The Median Sold Price for homes in Santa Clara County is currently $1,961,111, which is relatively high compared to historical averages. This indicates that the market is seeing strong sales prices, particularly in more desirable neighborhoods. The combination of low inventory and high demand is pushing prices upward, making it a prime time for sellers to get top value for their properties. Buyers should be ready to contend with higher-than-expected prices and act swiftly when they find the right property.
What This Means for Buyers and Sellers
For buyers, the current market conditions can be challenging. With low inventory, high demand, quick sales, and rising prices, it’s essential to be prepared. Make sure your financing is in order, and be ready to make competitive offers quickly. You may need to offer above the asking price to secure a home, so having an experienced agent to help guide you through the process is more important than ever.
For sellers, this is a prime opportunity to list your home. With low inventory, strong buyer demand, and homes selling for above asking price, you stand to benefit from the current conditions. However, it’s crucial to price your home strategically and market it effectively to attract multiple offers and achieve the best possible sale price.
The Santa Clara County real estate market is currently a hot seller’s market, characterized by low inventory, quick sales, competitive bidding, and high prices. Sellers can expect strong interest in their properties and potentially a quick sale, while buyers will need to move fast and be prepared to pay a premium to secure a home. Whether you're looking to buy or sell, working with a knowledgeable real estate professional can help you navigate this fast-paced and competitive market.
If you’re ready to make a move, now is the time to connect!