December 2023 Santa Clara County Market Report

Dated: February 7 2024

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Analyzing the real estate market data for Santa Clara County in December 2023, we can observe several trends and insights:

Single Family Residences:

  • High Demand: Cupertino, Los Gatos, and Palo Alto show a strong demand with average days on market (DOM) ranging from 28 to 47 days.
  • Premium Pricing: Los Altos and Los Altos Hills have the highest average and median prices, indicating a premium market segment.
  • Volume of Sales: San Jose leads in the number of closed sales, highlighting its size and activity within the county.
  • Price Received: Saratoga stands out with an average of 109% of the listing price received, suggesting a highly competitive market.
  • Market Activity: The total volume of sales for single-family residences is substantial, with a summary total of over $884 million.

Condos & Townhomes:

  • Market Pace: The average DOM for condos and townhomes is slightly higher at 30 days, indicating a slightly slower pace compared to single-family homes.
  • Affordability: The average and median prices for condos and townhomes are significantly lower than single-family residences, offering more affordable options.
  • Price Stability: The percentage of listing price received is consistently around 100%, showing stable pricing in the market.

Overall Insights:

  • Market Health: The real estate market in Santa Clara County appears healthy, with a good balance of new listings and inventory, and a steady rate of closed sales.
  • Pricing Trends: There is a wide range of pricing, reflecting the diversity of the county’s neighborhoods and housing types.
  • Investment Opportunities: The data suggests that there are opportunities for both buyers and sellers, with certain areas showing strong growth potential.

This analysis provides a snapshot of the Santa Clara County real estate market as of December 2023, which can be valuable for potential investors, buyers, and sellers to make informed decisions. It’s important to note that real estate markets can be dynamic, and consulting with a local real estate professional is recommended for the latest market conditions. Call me today for more current insights.

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Michael Devlin

I'm Michael Devlin, and I've had the privilege of leading a talented team at eXp Realty as the Mega Team Leader. Over the years, my focus has been on nurturing the growth of real estate agents through....

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