Here is a recap of the Santa Clara housing market in March.  There were 50 single-family homes that closed escrow in March, which was more than the 18 which sold in February.  The average days on market of those homes sold went to 11 days from 13 days the previous month, and median days decreased to 7 from 8. 

The average price of a home sold in March 2020 was $1.34M which is about $120K lower than last month’s figure of $1.46M.  The Median price home sold was $1.38M, which is about $60K lower than February’s median price. 

The average cost per square foot increased from $979 per Sq. Ft. to $1,018. Of the 50 homes sold in March, 46 sold over asking. On average homes sold 11.2% over asking compared to 9.6% over asking in the previous month.

We started the month of March with just 10 active listings and finished with 25 in all of Santa Clara.

In March we experienced a rapid shift in the market.  Fears of the spread of the Corona virus and forced governments to put in place shelter in place policies.   The policies have shut down non-essential businesses which were first enacted by neighboring counties and then by the state. So how is this affecting the market in Santa Clara?

The reality is that some homes are still selling.  We are noticing more cautious behavior from buyers in terms of offers, and less homes being listed due to shelter in place restrictions.  

Just last week, real estate has been named an essential service in California and new policies regarding listings and showings have been put in place.  As of today, there are 35 homes on the market in Santa Clara, which is low considering we are in April.  

Many of these homes have been on the market for a few weeks.  Although the MLS has stopped the days on market counter during the shelter in place period, its very clear that the market has slowed considerable.

Santa Clara Market Reports

The Altos Research Market Action Index for single-family homes in Santa Clara has risen to 75 from 70 where it was last month.  For more detailed reports on Santa Clara and Santa Clara Zip codes, you can access the reports here.

Santa Clara Report

95051 Report

95050 Report

95054 Report

Since March 1st 84 single family home were listed and of those 47 have sold and 8 were cancelled or pulled off the market. 

The homes that are selling now are very desirable homes that are priced will.  Homes that need work, in less desirable areas are having trouble selling.  

I expect that inventory will continue to increase through out the Summer and put downward pressure on home values.

As a seller right now understand that the prospects moving forward for home values are not positive.  I don’t expect dramatic drops, such as those that we experienced in the housing crisis (See Our Post on The Corona virus and Housing Market) but sellers who need to move are going to start dropping their prices to get their home’s sold.

Buyers, this is a good opportunity to buy a home in rare slow market.  Not all sellers are going to feel the pressure to sell right now, some may opt to hold off until next year.  By actively looking right now you are in a better position to find the right home than you would be in a competitive market. 

Santa Clara Home Sales March 2020

 

Street AddressList PricePriceDOMBeds TotalBthsSq Ft TotalAge
2634 Maplewood Lane$2,295,000$2,350,000042|12,36450
554 Flannery Street$1,798,000$2,050,000153|02,40457
3215 Orthello Way$1,490,000$2,000,000852|02,54470
132 Claremont Avenue$1,559,000$1,950,000832|01,29264
2360 Raggio Avenue$1,899,000$1,940,0001343|01,95668
3191 James Court$1,698,000$1,930,0001443|02,23462
1044 Bluebird Avenue$1,648,000$1,910,000932|01,38859
2842 Ramona Court$1,598,888$1,902,000833|01,99865
653 Hudson Drive$1,650,000$1,880,000842|01,35064
660 Meadow Avenue$1,698,000$1,850,000842|01,43061
3555 Mauricia Avenue$1,488,888$1,800,000931|11,28561
2946 Taper Avenue$1,599,000$1,700,000634|01,81963
837 Cherry Orchard Place$1,549,000$1,680,000743|01,93512
2049 Finley Place$1,349,000$1,650,000742|11,90220
1918 Woodland Avenue$1,450,000$1,615,0001042|01,99664
3159 Butte Street$1,399,950$1,600,0002231|01,39872
2163 Dianne Drive$1,449,000$1,575,0001132|01,52959
2759 Rebeiro Avenue$1,399,000$1,570,000632|01,30565
2379 Menzel Place$1,350,000$1,550,888552|02,05768
2180 Monterey Avenue$1,328,000$1,550,000332|01,34165
1885 Bowers Avenue$1,399,800$1,550,000942|01,33064
2142 Payne Place$1,450,000$1,550,000932|12,00013
2662 Forbes Avenue$1,350,000$1,530,000732|01,16666
2612 Wallace Street$1,398,000$1,500,000031|01,35164
1791 Columbus Place$1,399,888$1,485,0001132|01,19264
1026 Sunset Drive$1,350,000$1,478,888042|01,49570
2149 Calabazas Boulevard$1,275,000$1,450,000732|01,07865
2321 Rosita Avenue$1,280,000$1,420,000732|01,14065
2210 Consuelo Avenue$1,300,000$1,390,000931|01,50768
124 Cypress Avenue$1,099,950$1,390,000731|11,40969
1346 Monroe Street$1,400,000$1,380,000842|11,98925
205 Bret Harte Court$1,198,000$1,376,000842|01,36365
3379 Saint Marys Place$1,350,000$1,336,500832|01,32863
3523 Macintosh Street$1,088,000$1,331,000432|01,20759
2805 Barcells Avenue$1,100,000$1,331,000632|01,25465
738 Flannery Street$1,099,950$1,320,000632|01,10865
1394 Jackson Street$1,098,000$1,257,000732|01,470100
2155 Esperanca Avenue$1,098,888$1,220,000932|11,35121
2311 Pruneridge Avenue$1,100,000$1,200,000132|01,29765
2840 Monroe Street$950,888$1,120,000042|01,15860
2567 Pilot Knob Drive$928,000$1,120,0001031|01,16266
2025 Jackson$988,000$1,100,0001032|01,03366
1338 Lafayette Street$1,119,000$1,090,00014132|01,20699
2495 Crystal Drive$999,950$1,050,0001031|01,17465
2107 Monroe Street$998,000$1,030,0002131|098566
1224 Sherwood Avenue$1,000,000$1,000,000021|074427
1922 Main Street$799,888$980,000731|01,04472
1335 Monroe Street$834,900$957,0001021|091072
4435 Fillmore Street$929,000$940,000821|092458
1631 Cabrillo Avenue$849,000$890,000331|098566

Contact Me Today

Have a question?  Interested in setting an appointment to talk about your real estate plans?  Contact me today.

Santa Clara Housing Market Archive

February 2020 home sales CLICK HERE.

January 2020 home sales CLICK HERE.

December 2019 home sales CLICK HERE.

November 2019 home sales CLICK HERE.

October 2019 home sales CLICK HERE.

September 2019 home sales CLICK HERE.

August 2019 home sales CLICK HERE.

July 2019 home sales CLICK HERE.

June 2019 home sales CLICK HERE.

May 2019 home sales CLICK HERE.

April 2019 home sales CLICK HERE.

March 2019 home sales CLICK HERE.

February 2019 home sales CLICK HERE.

January 2019 home sales CLICK HERE.

December 2018 home sales CLICK HERE.

November 2018 home sales CLICK HERE.

October 2018 home sales CLICK HERE.

September 2018 home sales CLICK HERE.

August 2018 home sales CLICK HERE.

July 2018 home sales CLICK HERE.

June 2018 home sales CLICK HERE.

May 2018  home sales CLICK HERE.

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