Is the Santa Clara real estate market bouncing back? Well it may be too early to say but there are some good statistical data that seem to indicate that it may be the case. First off lets take a look at inventory levels to see how they are performing.
Normally inventory levels should be holding rather steady in the spring market. Currently inventory levels have been holding pretty steady for 95050 and 95054, but still showing a rise in 95051. Lets take a look to see whats causing those inventory levels to come up.
I admit this is a pretty busy chart but follow me here. We see that the rate of new listings for 95054 and 95050 have stayed pretty steady so far this year and the rate of absorption of those listings has stayed steady as well. 95051 however the rate of new listings have increased and the rate of absorption has stayed the same. This has lead to increasing inventory for Santa Clara’s 95051. Also not that more listings exist in Santa Clara 95051 area than the other two areas, as 95051 has more single family homes.
Lets see What’s really going on here and how its affecting days on market which is the a big factor in pricing.
Based on the last graph you would expect that 95051 has a higer median days on market, but thats not the case. Santa Clara’s 95054 actually has the highest days on market, followed by 95051 and 95050. What really stands out in this graph is that both 95054 and 95050 median days on market are increasing. That is an indicator that the median home in those segments are taking longer to sell. Whereas the 95051 area the median home’s days on market have actually dropped or stayed steady. Lets take a closer look at 95051 and see whats occuring in those market segments.
Here we are looking at the median days on market for the four differernt market segments of 95051 and we see that the top segment is actually performing the best with about 70 days. The next two segments are peforming relatively equally at 105 days and the last segmant, the lowest priced homes are the worst performing out of the the group. at over 140 days.
So there you see it. Based on where your home is priced you can expect anywhere from two months to 4 and half months to sell. Although this may not be the the news you were hoping for, it certainly seems like the market is headed in a better direction.
For a comprehensive statistical report on Santa Clara Single Family Homes download the report below.
For a comprehensive statistical report on Santa Clara Condos & Townhomes download the report below.