Month-over-Month Changes

January 2024 witnessed a series of notable shifts in the Santa Clara housing market:

  • Homes Sold: The number of homes sold plummeted by 52%, from 25 sales in December 2023 to 12 in January 2024.
  • Median Sale Price: There was a 7% decrease in the median sale price, from $1,820,000 in December 2023 to $1,692,500 in January 2024.
  • Days on Market (DOM): The DOM saw a slight reduction, dropping to 9 days in January from 10 days in December, indicating a marginally quicker selling process.
  • Percentage of List Price Received: Homeowners received a higher percentage of their asking price, with figures rising from 106% in December 2023 to 110% in January 2024.

Analysis

The substantial decrease in sales alongside a reduction in median sale prices suggests a cooling phase in the market. However, the slight decrease in DOM and increase in the percentage of the list price received indicate that the properties on the market are still attracting competitive offers, reflecting a resilient demand.

Year-over-Year Comparison

When comparing data from January 2024 to January 2023, several key trends emerge:

  • Homes Sold: A sharp 40% decline in the number of homes sold, from 20 in January 2023 to 12 in January 2024.
  • Homes Listed: The number of homes listed decreased from 25 to 20.
  • Median Sale Price: There was an increase in the median sale price, from $1.49M in January 2023 to $1.69M in January 2024.
  • Days on Market (DOM): A significant drop in DOM, from 17 days to 9 days, suggesting a faster sales cycle.
  • Percentage of List Price Received: Sellers received a higher percentage of their asking price, improving from 99% in January 2023 to 110% in January 2024.
  • Months of Inventory: Reduced from 1.0 to 0.6, indicating tighter market conditions.

Analysis

The year-over-year comparison illustrates a market that, despite a decrease in the volume of sales, has seen an uptick in property values and a more rapid turnover rate. This dynamic suggests a strong seller’s market, where demand continues to outstrip supply, pushing prices upward.

Price Points and Quadrants

The analysis of sales by market quadrants provides further insights:

  • Top Quadrant: 3 homes sold at a median price of $1,980,000, showcasing the highest price points in the market.
  • Second Quadrant: 3 homes followed closely, selling at a median price of $1,818,000.
  • Third Quadrant: Sales in this segment saw 3 homes moving at a median price of $1,682,800.
  • Bottom Quadrant: The most accessible segment had 3 homes selling at a median price of $1,450,000.

Analysis

The balanced activity across all quadrants indicates a healthy distribution of market movement, catering to a wide range of buyers. The competitive pricing and the variance in days on market across the quadrants reflect a diverse and dynamic Santa Clara housing market.

Conclusion

January 2024 in Santa Clara presented a complex picture: a notable reduction in the volume of transactions but with significant demand leading to a competitive market environment. The decrease in median sale prices month-over-month contrasts with the year-over-year increase, underlining the market’s volatility. However, the quick sale times and above-list price offers signal a strong underlying demand. As we move forward, the data from different market quadrants will be crucial for buyers and sellers to navigate the Santa Clara real estate landscape effectively.

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