Month-over-Month Changes

In August 2023, the Santa Clara real estate market experienced the following changes compared to July 2023:

  • Homes Sold: 36 homes were sold, showing no change from the previous month.
  • Median Sale Price: Increased by 14% from $1,679,500 in July 2023 to $1,920,000 in August 2023.
  • Days on Market (DOM): Decreased to 7 days from 8 days in July 2023.
  • Percentage of List Price Received: Sellers received 112% of their asking price, up from 111% in July 2023.

Analysis

The month-over-month data indicates a stable market in terms of homes sold. However, the significant increase in the median sale price and the slight decrease in DOM suggest that demand remains high.

Year-over-Year Comparison

Comparing August 2023 to August 2022, the following changes were noted:

  • Homes Sold: Decreased by 23%, from 47 to 36.
  • Homes Listed: Remained the same at 46.
  • Median Sale Price: Increased from $1.7M to $1.92M.
  • Median Days on Market: Decreased from 14 to 7.
  • Percentage of List Price Received: Increased from 101% to 112%.
  • Months of Inventory: Decreased from 0.8 to 0.7.

Analysis

Year-over-year, the market has seen a decrease in the number of homes sold but an increase in sale prices and a faster sales cycle. This suggests a seller’s market where inventory is tight, but demand is high enough to drive up prices.

Price Points and Quadrants

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

  • Top Quadrant: 9 homes sold, Median Sale Price: $2,407,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,281.
  • Second Quadrant: 9 homes sold, Median Sale Price: $2,000,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,056.
  • Third Quadrant: 9 homes sold, Median Sale Price: $1,765,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,247.
  • Bottom Quadrant: 9 homes sold, Median Sale Price: $1,403,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,108.

Analysis

The data shows that all quadrants are active, but the top and second quadrants are seeing the most activity. This suggests that higher-priced homes are moving quickly, indicating a strong market for sellers in these price ranges.

Conclusion

The Santa Clara market in August 2023 showed stability in terms of homes sold compared to the previous month but a significant increase in median sale price. The year-over-year data indicates a strong market, particularly for sellers. The quadrant data provides valuable insights for both buyers and sellers, showing that higher-priced homes are particularly competitive.

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