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 November 2022
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
$1,117,500
$553/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2022
Key Takeaway
Homes in South Santa Clara Valley have sold for 6.9% less than they did a year ago.
Summary: The median home sold price in South Santa Clara Valley was $1,117,500 in November 2023, down 6.9% from last year, and the median price per square foot was $553.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $470.9K | $491.5K | +4.4% |
| 2 Bedrooms | $738.7K | $700K | -5.2% |
| 3 Bedrooms | $1.0M | $950K | -5.0% |
| 4 Bedrooms | $1.3M | $1.2M | -7.0% |
| 5+ Bedrooms | $1.7M | $1.4M | -16.2% |
Summary: South Santa Clara Valley housing prices by bedroom type for November 2023 compared to the previous year: The home price of 1 bedroom homes increased by 4.4%, 2 bedroom homes decreased by 5.2%, 3 bedroom homes decreased by 5%, 4 bedroom homes decreased by 7%, and 5+ bedroom homes decreased by 16.2%.
Median Sold Price Compared To Nearby Cities
| San Martin | $1.4M | $1.9M | +31.0% |
| Gilroy | $1.0M | $1.0M | -2.9% |
| Llagas-Uvas | $1.5M | $1.4M | -4.3% |
| Morgan Hill | $1.3M | $1.2M | -5.5% |
| South Santa Clara Valley | $1.2M | $1.1M | -6.9% |
Housing Supply in South Santa Clara Valley, CA
How many homes are available in South Santa Clara Valley, CA?
Number of Homes For Sale
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 200 | 190 | -5.0% |
Summary: The South Santa Clara Valley real estate market had 190 homes for sale in November 2023, a 5.0% decrease compared to October 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 5 | 4 | -20.0% |
| 2 Bedrooms | 18 | 21 | +16.7% |
| 3 Bedrooms | 58 | 49 | -15.5% |
| 4 Bedrooms | 84 | 84 | 0.0% |
| 5+ Bedrooms | 35 | 32 | -8.6% |
Summary: The South Santa Clara Valley housing inventory by bedroom type for November 2023 compared to the previous month: The inventory of 1 bedroom homes decreased by 20%, 2 bedroom homes increased by 16.7%, 3 bedroom homes decreased by 15.5%, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 8.6%.
Number of Homes Sold
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 73 | 58 | -20.5% |
Asking Price vs. Sold Price
30 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
18 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in South Santa Clara Valley, you may be able to get a good deal. 54.5% of homes here sold below asking price last month.
Summary: A total of 58 homes were sold or pending in South Santa Clara Valley in November 2023, down by 20.5% month-over-month. Of the 55 sold homes, 55% were sold under asking, 13% were sold at asking, and 33% 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
| Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|
| 35 Days | 27 Days | -22.8% |
Summary: Homes in South Santa Clara Valley had an average of 27 days on market in Nov 2023, down by 22.8% compared to last year.
Breakdown of Home Sale Times
39 Homes Were Sold
Under 30 Days
17 Homes Were Sold
In 30 - 90 Days
2 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 November 2023, 58 homes were sold in South Santa Clara Valley; 67% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 3% 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.