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Santa Clara County Real Estate Market Report October 2022

Santa Clara County Real Estate Market Report – October 2022

by | Dec 26, 2022 | Santa Clara County, Market Analysis | 0 comments

Robert Whitelaw, Realtor®

Robert Whitelaw, Realtor®

Published:Dec 26, 2022

Born and raised in Silicon Valley, Robert has helped clients successfully buy, sell and invest in real estate throughout Santa Clara County. Robert uses his local market knowledge to help clients across Silicon Valley!

The Santa Clara County real estate market continues to change in October.

Inventory Grows.

Santa Clara County real estate saw a 31% increase in inventory when compared to the same time last year. So overall, the county performed better in this area than the usual southern valley communities of San Jose, Morgan Hill and Gilroy.

New Listings Down.

New listings are also down compared to the same time last year. Compared to the same time last year, Santa Clara County real estate saw a 30% drop in new listings.

Homes Sold.

The number of homes sold has been relatively flat recently. For October, the number of sales is down 41% when compared to October of 2021.

List Price.

Sellers continue to expect to get more for their homes than they did last year. The average home list price was up 11% over the year.

Sales Price.

While seller expectations increased over the year, actual sales prices decreased by 0.7% over the year.

Percent Of List Price.

Sellers have been seeing their homes sell for 99.9% of asking price – down from 107.5% at the same time last year.

Days On Market.

It is taking 75% longer for home to sell in October 2022 than at the same time last year. That comes to 28 days in October 2022 and just 16 days during the same month last year.

Check Out The Last Show!

NAR SETTLEMENT

NAR Settlement – For Buyers and Sellers

The NAR settlement, once it is approved, is set to go into effect in the middle of July 2024. This will completely change how Buyers agent are compensated and we can count on chaos while the systems adjust to the new reality.

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