Month-over-Month Changes

In November 2023, the Santa Clara real estate market experienced notable shifts compared to October 2023:

  • Homes Sold: There was a significant decrease in the number of homes sold, with 22 homes sold in November 2023, marking a 37% drop from 35 sales in October 2023.
  • Median Sale Price: The median sale price saw a considerable increase, rising by 19% from $1,430,000 in October 2023 to $1,700,000 in November 2023.
  • Days on Market (DOM): The DOM decreased, dropping to 7 days in November from 9 days in October 2023.
  • Percentage of List Price Received: Sellers received an average of 104% of their asking price in November 2023, a slight increase from 102% in October 2023.

Analysis

The month-over-month data indicates a cooling in the number of transactions but an increase in property values. The reduced DOM and higher percentage of list price received suggest a competitive market for buyers, despite the lower sales volume.

Year-over-Year Comparison

Comparing November 2023 to November 2022, the Santa Clara market observed the following changes:

  • Homes Sold: There was a dramatic decrease of 58% in homes sold, from 52 in November 2022 to 22 in November 2023.
  • Median Sale Price: The median sale price slightly decreased by 1% from $1.72M in November 2022 to $1.70M in November 2023.
  • Days on Market: The DOM remained stable at 7 days, unchanged from November 2022.
  • Percentage of List Price Received: The percentage of list price received by sellers decreased from 114% in November 2022 to 104% in November 2023.
  • Months of Inventory: Increased significantly from 0.3 in November 2022 to 0.9 in November 2023.

Analysis

Year-over-year, the Santa Clara market has seen a significant reduction in sales volume and a slight decrease in median sale prices. The stable DOM and reduced percentage of list price received indicate a shift towards a more balanced market, with less competition among buyers compared to the previous year.

Price Points and Quadrants

The sales details for November 2023 in Santa Clara were broken down by quadrants:

  • Top Quadrant: 6 homes sold, Median Sale Price: $2,215,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,162.
  • Second Quadrant: 6 homes sold, Median Sale Price: $1,765,000, Median DOM: 10, Avg. $/Sq.Ft.: $1,247.
  • Third Quadrant: 5 homes sold, Median Sale Price: $1,650,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,086.
  • Bottom Quadrant: 5 homes sold, Median Sale Price: $1,415,000, Median DOM: 6, Avg. $/Sq.Ft.: $995.

Analysis

The quadrant data reveals that all market segments are active, with the top and second quadrants showing higher median sale prices and longer DOM. This suggests that while higher-priced homes are selling, they may take slightly longer to close, reflecting a diverse range of buyer interests across different price points.

Conclusion

The Santa Clara real estate market in November 2023 displayed a decrease in the number of homes sold month-over-month and a significant decrease year-over-year. Despite the lower sales volume, the market remains competitive, as evidenced by the stable DOM and high percentage of list price received. The quadrant data provides insights into the varying dynamics across different market segments, indicating opportunities for both buyers and sellers at various price points.

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