fbpx
Whitelaw and Sons Real Estate Morgan Hill
reaching your real estate goals
santa clara county real estate market december 2022

Santa Clara County Real Estate Market – December 2022

by | Jan 27, 2023 | Santa Clara County, Market Analysis | 0 comments

Robert Whitelaw, Realtor®

Robert Whitelaw, Realtor®

Published:Jan 27, 2023

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 see dropping sales prices.

The real estate market in Santa Clara County has undergone a significant transformation in recent months, as higher interest rates continue to put pressure on the market.

Inventory

One of the most notable changes has been the increase in inventory, with a 82% increase compared to the same period last year. This increase in available properties is a welcome development for buyers, who may have more options to choose from when searching for their dream home.

New Listings

However, while inventory has increased, the number of new listings has actually declined. In December 2022, Santa Clara County real estate saw a 33% drop in new listings compared to the same time the previous year.

Homes Sold

Despite the decline in new listings, the number of homes sold in the area has remained relatively stagnant recently. In December 2022, there was a 45% drop in sales compared to the same time last year. It is worth noting that we saw more homes sell than were put on the market for the month.

List Price

Despite the slowdown in sales activity, sellers in Santa Clara County have still been trying to get more for their homes, with the average list price seeing a 11% increase over the past year.

Sales Price

However, despite these higher asking prices, the actual sales prices have actually decreased by 13% over the past year a nearly 10% further drop from just last month. This discrepancy between list prices and sales prices could be due to a variety of factors, such as changes in buyer demand or the availability of financing options.

Percent Of List Price

The percentage of list price that homes are selling for has also declined in recent months. Sellers in Santa Clara County have been seeing their homes go for 98.8% of asking price, down from 108.8% at the same time last year. Clearly, many current sellers need to recognize this change and start pricing accordingly.

Days On The Market

In addition to changes in list prices and sales prices, the Santa Clara County real estate market has also seen a longer turnaround time for homes to sell. It took 72% longer for homes to sell than it did during the same month in 2021, with an average of 31 days on the market compared to 18 days the previous year. The days on market has gone from being a relatively insignificant data point, to one of the most important. As sellers who do not adjust soon, will find themselves staying on the market longer and having to drop their prices more as time passes.

Price Reductions

In the face of a rapidly changing market, we are seeing a dominant number of homes reducing their price. 34% of homes on the market had their price reduced. Expect this number to stay relatively high as we see homes continuing to be listed at prices too high for the current market.

It’s clear that the Santa Clara County real estate market is facing a number of challenges, but it remains to be seen how these changes will play out in the coming months. Buyers and sellers alike will want to keep an eye on the market to stay informed about the latest trends and developments. Our market report is a valuable resource for staying up to date on the latest happenings in the Santa Clara County real estate market.

Check out last months analysis

Santa Clara County Real Estate Market Report November 2022

Check out the Coffee & Real Estate Live chat where these numbers were reviewed

Coffee & Real Estate Live Chat January 2023

Check Out The Last Show!

13 tips to prepare for the home buying process

13 Steps to Master the Home Buying Process

Using these 13 tips can give you the power to make your home buying experience as profitable and easy as possible!

Get Your FREE Home Value Estimate!

Just enter your address and get access to your instant home value estimate, but also amazing tools to evaluate refinance options, your equity, ways to levarage your homes equity, how to pay your home off faster… and so much more!

Schedule A Consultation With Robert!

 

Let's Talk About Achieving Your Real Estate Goals!

Subscribe To Our Newsletter

Subscribe To Our Newsletter

Join to get access to the best information on our local real estate markets, important real estate news, insights, information and tips on how to realize your real estate goals!

You have Successfully Subscribed!

Pin It on Pinterest

Feel Like Sharing?

Share this with your friends and followers on social media!