Santa Clara Market Update – February 2024

Welcome to another Santa Clara market update, where I delve into the latest developments in the local real estate scene, recap recent home sales, and provide insights into what to anticipate in the near future.

Recap of January’s Stats:

• 25 Single-Family Homes (SFH) closed escrow in December
• 12 SFH closed escrow in January
• Average sale price: $1.95M
• Median price: $1.82M
• Average price per square foot: $1,133

Home Inventory Levels are low (Typical For the Winter Season):

13 Active properties in the Santa Clara Market

• Average price: $1.8M
• Average price per square foot: $1,165

17 Pending Sales in the Santa Clara Market

• Average price: $1.76M
  • Average price per square foot: $1,062 

69 Average Properties Sold in the Last Three Months 

• Average sale price: $1.845M
• Average price per square foot: $1,163

What’s Happening in the Market?

• The local Santa Clara market is HOT with active buyers and extremely low inventory. Homes are receiving multiple offers, and prices are currently on the rise, with some homes receiving 20 or more offers.
• National mortgage rates have dropped from their highs and are currently around 6.6% for a 30-year fixed.
• The stock market has rallied, led by local tech stocks, primarily Nvidia, Google, Meta, AMD, and Apple.