Month-over-Month Changes

The Santa Clara real estate market experienced some changes in July 2023 compared to June 2023. Here’s a summary:

  • Homes Sold: 36 homes were sold, a 14% decrease from 42 sales the previous month.
  • Median Sale Price: There was a 1% decrease, from $1,700,000 in June to $1,679,500 in July.
  • Days on Market (DOM): The DOM dropped to 8 from 9 in June.
  • Percentage of List Price Received: Sellers received 111% of their asking price, an increase from 109% in June.

These changes suggest a market that remains competitive, with properties selling quickly and at slightly lower prices.

Year-over-Year Comparison

Comparing July 2023 to July 2022, the following year-over-year changes were noted:

  • Homes Sold: No change, remaining at 36.
  • Homes Listed: Decreased by 42%, from 59 to 34.
  • Median Sale Price: Increased by 4%, from $1.62M to $1.68M.
  • Average Dollar per Square Foot: Increased by 13%, from $1109 to $1258.
  • Median Days on Market: Decreased by 38%, from 13 to 8.
  • Months of Inventory: Decreased by 54%, from 1.3 to 0.6.

These statistics indicate a market with fewer listings but with higher prices and quicker sales compared to the previous year.

Price Points and Quadrants

The July 2023 sales details were broken down by quadrants:

  • Top Quadrant: 9 homes sold, Median Sale Price: $2,298,000, Median DOM: 9, Avg. $/Sq.Ft.: $1,300.
  • Second Quadrant: 9 homes sold, Median Sale Price: $1,820,000, Median DOM: 6, Avg. $/Sq.Ft.: $1,197.
  • Third Quadrant: 9 homes sold, Median Sale Price: $1,550,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,142.
  • Bottom Quadrant: 9 homes sold, Median Sale Price: $1,410,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,273.

These details provide insights into the segments of the market that are most active, with an even distribution across the quadrants.

Conclusion

The Santa Clara market in July 2023 showed a decrease in sales but an increase in prices compared to the previous year. The breakdown by quadrants offers valuable insights for buyers and sellers, highlighting the competitive nature of the market.

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