Is South Santa Clara Valley, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, South Santa Clara Valley has remained a Seller's Market.
Key Takeaway
South Santa Clara Valley is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in South Santa Clara Valley, CA
How much do homes in South Santa Clara Valley, CA cost?
Median Sold Price
$1,200,000
$577/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in South Santa Clara Valley have sold for 4.3% more than they did a year ago.
Summary: The median home sold price in South Santa Clara Valley was $1,200,000 in May 2024, up 4.3% from last year, and the median price per square foot was $577.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $498K | $453K | -9.0% |
| 2 Bedrooms | $710K | $750K | +5.6% |
| 3 Bedrooms | $950.6K | $1.0M | +5.2% |
| 4 Bedrooms | $1.2M | $1.3M | +4.0% |
| 5+ Bedrooms | $1.5M | $1.6M | +9.7% |
Summary: South Santa Clara Valley housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 9%, 2 bedroom homes increased by 5.6%, 3 bedroom homes increased by 5.2%, 4 bedroom homes increased by 4%, and 5+ bedroom homes increased by 9.7%.
Median Sold Price Compared To Nearby Cities
| San Martin | $1.4M | $1.6M | +9.3% |
| Morgan Hill | $1.2M | $1.3M | +8.2% |
| Llagas-Uvas | $1.4M | $1.5M | +6.9% |
| Gilroy | $999.5K | $1.0M | +5.9% |
| South Santa Clara Valley | $1.1M | $1.2M | +4.3% |
Housing Supply in South Santa Clara Valley, CA
How many homes are available in South Santa Clara Valley, CA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 208 | 254 | +22.1% |
Summary: The South Santa Clara Valley real estate market had 254 homes for sale in May 2024, a 22.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 2 | 0.0% |
| 2 Bedrooms | 21 | 24 | +14.3% |
| 3 Bedrooms | 60 | 75 | +25.0% |
| 4 Bedrooms | 93 | 103 | +10.8% |
| 5+ Bedrooms | 32 | 50 | +56.3% |
Summary: The South Santa Clara Valley housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 14.3%, 3 bedroom homes increased by 25%, 4 bedroom homes increased by 10.8%, and 5+ bedroom homes increased by 56.3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 61 | 78 | +27.9% |
Asking Price vs. Sold Price
19 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
47 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in South Santa Clara Valley, you could pay more than the asking price. 64.4% of homes here sold above asking price last month.
Summary: A total of 78 homes were sold or pending in South Santa Clara Valley in May 2024, up by 27.9% month-over-month. Of the 73 sold homes, 26% were sold under asking, 10% were sold at asking, and 64% were sold over asking.
Days on Market for South Santa Clara Valley, CA
How long does it take to sell a home in South Santa Clara Valley, CA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 25 Days | 22 Days | -11.5% |
Summary: Homes in South Santa Clara Valley had an average of 22 days on market in May 2024, down by 11.5% compared to last year.
Breakdown of Home Sale Times
63 Homes Were Sold
Under 30 Days
12 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in South Santa Clara Valley are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 78 homes were sold in South Santa Clara Valley; 81% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.