Month-over-Month Changes

In December 2023, the Santa Clara real estate market experienced several notable changes compared to November 2023:

  • Homes Sold: There were 25 homes sold, a significant decrease of 36% from 39 sales in November.
  • Median Sale Price: There was a 6% increase, with the median sale price rising from $1,715,000 in November to $1,820,000 in December.
  • Days on Market (DOM): The DOM increased slightly, rising to 10 days in December from 9 days in November.
  • Percentage of List Price Received: Sellers received an average of 106% of their asking price, a slight decrease from 107% in November.

Analysis

The month-over-month data indicates a cooling in the market, with a notable decrease in the number of homes sold. However, the increase in the median sale price and the high percentage of list price received suggest that the market remains favorable for sellers.

Year-over-Year Comparison

Comparing December 2023 to December 2022, we observe the following:

  • Homes Sold: No change, with 25 homes sold in both December 2023 and December 2022.
  • Median Sale Price: Increased significantly from $1.50M in December 2022 to $1.82M in December 2023.
  • Days on Market: Remained stable at 10 days.
  • Percentage of List Price Received: Improved from 102% in December 2022 to 106% in December 2023.

Analysis

Year-over-year, the Santa Clara market has shown a strong increase in median sale prices and a consistent demand, as evidenced by the stable number of homes sold and days on market. The increase in the percentage of list price received indicates a continuing seller’s market.

Price Points and Quadrants

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

  • Top Quadrant: Median Sale Price: $2,630,000; Median DOM: 9; Avg. $/Sq.Ft.: $1,128.
  • Second Quadrant: Median Sale Price: $1,900,000; Median DOM: 9; Avg. $/Sq.Ft.: $1,048.
  • Third Quadrant: Median Sale Price: $1,716,500; Median DOM: 13; Avg. $/Sq.Ft.: $1,059.
  • Bottom Quadrant: Median Sale Price: $1,338,500; Median DOM: 25; Avg. $/Sq.Ft.: $1,097.

Analysis

The quadrant data reveals that higher-priced homes (top and second quadrants) are moving with a relatively lower DOM, indicating a strong market for sellers in these price ranges. The bottom quadrant, while slower, still shows significant activity, suggesting a balanced market across various price points.

Conclusion

The Santa Clara market in December 2023 demonstrated a decrease in the number of homes sold month-over-month but showed a robust increase in median sale prices year-over-year. The market dynamics indicate a strong seller’s market, with homes selling quickly and for above asking price, especially in the higher price quadrants. This data provides valuable insights for both buyers and sellers, highlighting the competitive nature of the Santa Clara real estate market.

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