June 2020 Santa Clara County Real Estate Market Report

Market Commentary

Sales Surge in June

Sales of single-family, re-sale homes jumped 75.7% in June compared to May. This was unexpected. Home sales were down 0.1% compared to last June. There were 840 homes sold in Santa Clara County last month. Last June there were 841 homes sold. The average since 2000 is 987.

Year-to-date, home sales are down 23.2%.

Inventory of single-family, re-sale homes was down 44.6% compared to last year. That is the tenth month in a row inventory has been lower than the year before. As of July 5th, there were 914 homes for sale in Santa Clara County. The average since January 2000 is 2,703.

The median sales price for single-family, re-sale homes in June was up 3.0% compared to last year. The average sales price was up 3.6% year-over-year.

The sales price to list price ratio was flat at 100.6%.

Days of Inventory, or how long it would take to sell all homes listed for sale at the current rate of sales, plunged twenty-nine days to 32 days compared to May. The average since 2003 is 89.

It took only twenty-three days to sell a home last month. That is the time from when a home is listed for sale to when it goes into contract.

The median sales price for condos was down 11.1% from last June. The average sales price fell 11% year-over-year.

Condo sales were down 23.1% year-over-year. There were 260 condos sold in June.

Year-to-date, condo sales are down 20.5%.

The sales price to list price ratio rose to 100.4% from 99.5%.

Condo inventory dropped 41.1% from last June.

As of July 5th, there were 467 condos for sale in Santa Clara County. The average since January 2000 is 757.

Days of inventory fell to fifty-two from ninety.

It took an average of twenty-five days to sell a condo last month.

If you are planning on selling your property, call us for free comparative market analysis.

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