Santa Clara home inventory is under 120 homes for the first time since early January. Typically we see inventory climbing throughout the year, but this year inventory has been settling since February. Here is a close look at the three Santa Clara codes and how they have been performing.
Home inventory for Santa Clara in 95051 and 95050 has plateued since late March. A significant decrease in inventory for 95054 has occurred. This area was much affected by bank foreclosures and short sales, and to some extent still is, however, these have dropped and buyers have rushed in to get the deals.
Although 95054 has experienced the largest drop in inventory 95051 has the shortest average days on market. Which is a surprise being that it has the most homes in Santa Clara. Average days on market have been climbing for 95051 and climbing sharply for 95050. As for 95054 the rate is now dipping as more inventory is moving.
The Market Action Index (MAI) illustrates the balance between supply and demand using a statistical function of the current rate of sale versus current inventory.
Although the Market Action Index still indicates a strong buyers market the index has improved across the board for all zip codes, especially 95054.
Inventory has been tightening and days-on-market increasing recently. The Market Action Index has been basically flat, not providing strong indication for market conditions.