Month-over-Month Changes

In April 2024, the Santa Clara real estate market exhibited several changes compared to March 2024:

  • Homes Sold: 56 homes were sold, marking a 51% increase from 37 sales the previous month.
  • Median Sale Price: There was a 5% increase, with the median sale price rising from $1,950,000 in March 2024 to $2,050,833 in April 2024.
  • Days on Market (DOM): The DOM remained steady at 7 days, unchanged from March 2024.
  • Percentage of List Price Received: Sellers received an average of 118% of their asking price in April 2024, up from 114% in March 2024.
  • Months of Inventory: There was a slight reduction in the months of inventory from 0.8 in March 2024 to 0.6 in April 2024.

Analysis

The month-over-month data indicates a strengthening market, as evidenced by the significant increase in the number of homes sold and the median sale price. The steady DOM and the higher percentage of list price received suggest that the demand is robust, with homes selling quickly and often above the asking price.

Year-over-Year Comparison

When comparing April 2024 to April 2023, the following changes were noted:

  • Homes Sold: There was a 100% increase, from 28 homes sold in April 2023 to 56 in April 2024.
  • Homes Listed: The number of homes listed increased by 77%, from 35 in April 2023 to 62 in April 2024.
  • Median Sale Price: The median sale price increased from $1,740,000 in April 2023 to $2,050,000 in April 2024.
  • Average Dollar per Square Foot: The average dollar per square foot increased from $1,231 in April 2023 to $1,439 in April 2024.
  • Median Days on Market: The DOM decreased from 8 days in April 2023 to 7 days in April 2024.
  • Percentage of List Price Received: Sellers received 118% of their asking price in April 2024, compared to 109% in April 2023.
  • Months of Inventory: Inventory decreased from 0.8 months in April 2023 to 0.6 month in April 2024.

Analysis

Year-over-year, the Santa Clara market shows significant growth, with a notable increase in the number of homes sold and listed. The rise in the median sale price and the average dollar per square foot indicates a strong appreciation in home values. The decrease in DOM and the higher percentage of list price received suggest a highly competitive market with strong demand outpacing supply.

Price Points and Quadrants

The sales details for April 2024 were broken down by quadrants, showing activity across different price points:

  • Top Quadrant: 14 homes sold, Median Sale Price: $2,600,000, Median DOM: 7 days, Avg. $/Sq.Ft.: $1,300.
  • Second Quadrant: 14 homes sold, Median Sale Price: $2,268,000, Median DOM: 6 days, Avg. $/Sq.Ft.: $1,452.
  • Third Quadrant: 14 homes sold, Median Sale Price: $1,900,000, Median DOM: 7 days, Avg. $/Sq.Ft.: $1,510.
  • Bottom Quadrant: 14 homes sold, Median Sale Price: $1,628,000, Median DOM: 8 days, Avg. $/Sq.Ft.: $1,148.

Analysis

The data indicates balanced activity across all quadrants, with the top and second quadrants seeing significant activity. This suggests that higher-priced homes are moving quickly, highlighting a strong market for sellers in these price ranges. The consistent activity across all quadrants points to a balanced demand across different price points, ensuring healthy market dynamics.

Conclusion

The Santa Clara market in April 2024 showed a robust performance compared to both the previous month and the previous year. The increase in the number of homes sold and listed, along with the rising median prices and steady DOM, indicates a strong and competitive market. The detailed quadrant analysis provides valuable insights for both buyers and sellers, showing that higher-priced homes are particularly competitive.

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