Month-over-Month Changes

In September 2023, the Santa Clara real estate market experienced some shifts compared to August 2023:

  • Homes Sold: 27 homes were sold, marking a 29% decrease from 38 sales the previous month.
  • Median Sale Price: Decreased by 6% from $1,875,000 in August 2023 to $1,770,000 in September 2023.
  • Days on Market (DOM): Remained stable at 7 days, the same as in August 2023.
  • Percentage of List Price Received: Sellers received 108% of their asking price, down from 111% in August 2023.

Analysis

The month-over-month data indicates a market contraction. The significant drop in homes sold and a decrease in the median sale price suggest a cooling market. However, the DOM remained stable, and sellers are still receiving more than their asking price, indicating a resilient market.

Year-over-Year Comparison

Comparing September 2023 to September 2022, the following changes were observed:

  • Homes Sold: Decreased by 49%, from 53 to 27.
  • Homes Listed: Decreased by 7%, from 42 to 39.
  • Median Sale Price: Increased from $1.65M to $1.77M, a 7% increase.
  • Median Days on Market: Decreased from 15 to 7.
  • Percentage of List Price Received: Increased from 101% to 108%.
  • Months of Inventory: Increased from 0.7 to 0.8.

Analysis

Year-over-year, the market has seen a sharp decrease in the number of homes sold and listed. Despite this, the median sale price has increased, and homes are selling faster than last year. This suggests a market where inventory is low, but demand remains high, driving up prices.

Price Points and Quadrants

The sales details for September 2023 were broken down by quadrants:

  • Top Quadrant: 7 homes sold, Median Sale Price: $2,350,000, Median DOM: 5, Avg. $/Sq.Ft.: $1,069.
  • Second Quadrant: 7 homes sold, Median Sale Price: $1,875,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,041.
  • Third Quadrant: 7 homes sold, Median Sale Price: $1,600,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,102.
  • Bottom Quadrant: 6 homes sold, Median Sale Price: $1,318,000, Median DOM: 10, Avg. $/Sq.Ft.: $1,219.

Analysis

The data shows that all quadrants are active, but the top and bottom quadrants are seeing the most price per square foot. This suggests that both higher-priced and lower-priced homes are in demand, indicating a diverse market.

Conclusion

The Santa Clara market in September 2023 showed a decrease in homes sold and a decrease in the median sale price compared to the previous month. However, year-over-year data indicates an increase in median sale price and a faster sales cycle. The quadrant data provides valuable insights for both buyers and sellers, showing that homes across all price ranges are in demand.

Data provided by MLSListings and is deemed reliable but not guaranteed.