Santa Clara County Real Estate Market Update (November 2024)

The real estate market is currently showing signs of high demand and low inventory based on the metrics provided.

With a Months Supply of Inventory at 0.65, this indicates that there are significantly more buyers in the market than there are available homes for sale. This low inventory level is further supported by the 12-Month Change in Months of Inventory being down by 42.98%, showing a significant decrease in available homes over the past year.

The Median Days Homes are On the Market is only 10 days, indicating that homes are selling quickly once they are listed. This quick turnaround time is likely due to the high demand and low inventory levels in the market.

The List to Sold Price Percentage being at 105.3% suggests that homes are selling for above their listing price on average. This can be attributed to the competitive market conditions and the high demand from buyers.

Lastly, the Median Sold Price of $1,922,500 reflects the strong pricing in the market, likely driven by the low inventory levels and high buyer demand.

Overall, these metrics paint a picture of a competitive real estate market with high demand, low inventory, quick sales, and strong pricing. Buyers should be prepared to act fast and potentially pay above asking price, while sellers may benefit from listing their homes in a market where properties are selling quickly and for top dollar.