Month-over-Month Changes

In March 2024, the Santa Clara real estate market witnessed remarkable activity:

  • Homes Sold: Increased dramatically by 95% from 19 homes in February to 37 in March.
  • Median Sale Price: Slightly decreased by 1% from $1,960,000 in February to $1,950,000 in March.
  • Days on Market (DOM): Decreased to 7 days in March from 8 days in February.
  • Percentage of List Price Received: Sellers received 114% of their asking price, up from 112% in February.

Analysis

The significant increase in homes sold indicates a surging demand in Santa Clara. Although the median sale price slightly decreased, the high percentage of list price received and reduced DOM suggest a competitive market where homes are selling faster and for nearly above asking prices.

Year-over-Year Comparison

Comparing March 2024 to March 2023:

  • Homes Sold: Increased by 19% from 31 homes sold last year.
  • Median Sale Price: Rose substantially from $1.60M in March 2023 to $1.95M in March 2024.
  • Days on Market: Remained stable at 7 days, demonstrating continued brisk market conditions.
  • Percentage of List Price Received: Increased from 106% in March 2023 to 114% in March 2024.

Analysis

The market shows considerable improvement over the last year with more homes sold at higher prices and sellers receiving a greater percentage over their asking price. These factors underscore a robust seller’s market.

Price Points and Quadrants

  • Top Quadrant: Median Sale Price at $2,462,500 with homes selling in an average of 6 days and $1,356 per sq. ft.
  • Second Quadrant: Median Sale Price at $2,100,000 with homes selling in 7 days and $1,119 per sq. ft.
  • Third Quadrant: Median Sale Price at $1,815,000 with homes also selling in 7 days and $1,333 per sq. ft.
  • Bottom Quadrant: Median Sale Price at $1,563,000 with homes selling in 9 days and $1,230 per sq. ft.

Analysis

All quadrants demonstrate vigorous activity with relatively quick sales times. The highest-priced homes sell nearly as quickly as more modestly priced ones, indicating strong demand across all market segments.

Conclusion

The Santa Clara housing market in March 2024 has shown substantial growth and dynamism, reflecting a strong seller’s market. Buyers must act swiftly to secure properties in this competitive environment, and sellers can expect to sell quickly and for favorable prices. The market’s strength is evident across various pricing quadrants, confirming broad-based demand.

Data provided by MLS Listings and is deemed reliable but not guaranteed.