Month-over-Month Changes

In May 2024, the Santa Clara real estate market experienced some notable shifts compared to April 2024:

  • Homes Sold: 48 homes were sold, marking a 14% decrease from 56 sales in the previous month.
  • Median Sale Price: Increased by 6% from $2,050,833 in April 2024 to $2,175,000 in May 2024.
  • Days on Market (DOM): Increased slightly to 8 days from 7 days in April 2024.
  • Percentage of List Price Received: Sellers received 114% of their asking price, down from 118% in April 2024.

Analysis

The month-over-month data indicates a slight cooling in the market. The decrease in homes sold and the slight increase in DOM suggest that demand may be stabilizing. However, sellers are still receiving well above their asking price, indicating a strong market.

Year-over-Year Comparison

Comparing May 2024 to May 2023, the following changes were noted:

  • Homes Sold: Increased by 20%, from 40 to 48.
  • Homes Listed: Increased by 14%, from 49 to 56.
  • Median Sale Price: Increased from $1.69M to $2.18M.
  • Average Price per Sq. Ft.: Rose from $1,143 to $1,400.
  • Median Days on Market: Remained constant at 8 days.
  • Percentage of List Price Received: Increased from 108% to 114%.
  • Months of Inventory: Remained constant at 0.6 months.

Analysis

Year-over-year, the market has seen a significant increase in the number of homes sold and listed, along with a substantial rise in sale prices and average price per square foot. This suggests a seller’s market where inventory remains tight, but demand is high enough to drive up prices.

Price Points and Quadrants

The sales details for May 2024 were broken down by quadrants:

  • Top Quartile: 12 homes sold, Median Sale Price: $2,635,000, Median DOM: 11, Avg. $/Sq.Ft.: $1,268.
  • Second Quartile: 12 homes sold, Median Sale Price: $2,294,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,578.
  • Third Quartile: 12 homes sold, Median Sale Price: $2,007,500, Median DOM: 8, Avg. $/Sq.Ft.: $1,257.
  • Bottom Quartile: 12 homes sold, Median Sale Price: $1,635,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,290.

Analysis

The data shows that all quadrants are active, with a fairly even distribution of sales across all price points. The top and second quartiles are seeing significant activity, suggesting that higher-priced homes are moving quickly, indicating a strong market for sellers in these price ranges. The consistent median days on market across quadrants further support the notion of a balanced yet competitive market.

Conclusion

The Santa Clara market in May 2024 showed a decrease in homes sold compared to the previous month, but a notable increase in homes sold and listed year-over-year. The increase in median sale price and average price per square foot year-over-year indicates a robust market, particularly for sellers. The quadrant data provides valuable insights for both buyers and sellers, showing that higher-priced homes are particularly competitive and are moving quickly.

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