Month-over-Month Changes

The Santa Clara real estate market in February 2024 demonstrated noticeable changes when compared to January 2024:

  • Homes Sold: There was a significant increase in homes sold, with 19 transactions in February, up by 36% from 14 sales the previous month.
  • Median Sale Price: The median sale price also saw a remarkable rise, with a 15% increase from $1,700,000 in January to $1,960,000 in February.
  • Days on Market (DOM): The average time homes spent on the market slightly decreased, dropping to 8 days in February from 9 days in January.
  • Percentage of List Price Received: Sellers received a higher percentage of their asking price, with figures reaching 112% in February compared to 109% in January.

Analysis

The month-over-month data presents a buoyant market condition in Santa Clara, characterized by a strong demand that outpaces supply. The increase in homes sold and the median sale price indicates a competitive market environment. Additionally, the quick turnaround of properties and the high percentage of list price received suggest that buyers are willing to pay premium prices for desired properties.

Year-over-Year Comparison

Comparing February 2024 to February 2023, Santa Clara’s market dynamics show significant shifts:

  • Homes Sold: Increased by 6%, from 18 in February 2023 to 19 in February 2024.
  • Median Sale Price: There was a notable uplift in the median sale price, up by 15% from $1.70M in 2023 to $1.96M in 2024.
  • Days on Market: Remained stable at 8 days, indicating a consistent sales pace.
  • Percentage of List Price Received: Sellers received a greater percentage of their list price, up from 104% in 2023 to 112% in 2024.
  • Months of Inventory: Slightly decreased from 1.3 in February 2023 to 1.1 in February 2024, indicating a tighter market.

Analysis

The year-over-year comparison further emphasizes the strength of Santa Clara’s real estate market, showcasing sustained demand and price appreciation. Despite the consistent sales pace, the decrease in months of inventory coupled with the increased percentage of list price received reflects a market leaning heavily in favor of sellers, where competition among buyers is intense.

Price Points and Quadrants

The sales details for February 2024 were delineated by quadrants, highlighting where movement in the market is most pronounced:

  • Top Quadrant: 5 homes sold, with a median sale price of $2,450,000 and a median DOM of 8, averaging $1,264 per Sq.Ft.
  • Second Quadrant: 5 homes sold, median sale price at $2,080,000, a longer median DOM of 46, averaging $1,043 per Sq.Ft.
  • Third Quadrant: 5 homes sold, median sale price of $1,890,000, a swift median DOM of 6, averaging $1,134 per Sq.Ft.
  • Bottom Quadrant: 4 homes sold, median sale price at $1,610,000, with a median DOM of 8, averaging $1,194 per Sq.Ft.

Analysis

Across different price points, Santa Clara’s real estate market is active, with the top quadrant seeing the highest median sale price and a robust turnover rate. This quadrant’s data suggests that there is significant demand for high-end properties. Interestingly, the second quadrant shows a slower turnover, which could indicate a more discerning buyer pool or a pricing adjustment phase. The third and bottom quadrants demonstrate healthy activity, suggesting a broad-based demand across various price points.

Conclusion

In February 2024, Santa Clara’s real estate market displayed strong performance metrics, characterized by increased sales activity, price appreciation, and competitive selling conditions. The consistent pace of sales year-over-year, alongside the growth in median sale prices, underscores a resilient market. The quadrant analysis provides insights into the varied dynamics at play across different market segments, with notable demand for premium properties.

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