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Continued Rise in Home Prices in Santa Clara County in March Provides Excellent Start to the Spring Buying and Selling Season

SAN JOSE, Calif., April 9, 2014 /PRNewswire/ -- Home prices in Santa Clara County continued to trend upward in March, providing a great kickoff to the busy spring buying and selling season.

The average sale price of a single-family home in Santa Clara County was up 14.8 percent and the average condo price was up nearly 13 percent year-over-year, according to MLSListings statistics.

In March, the average sale price of single-family homes was $1,115,248, up from $950,057 in March 2013. The average sale price for condos was $578,914, up from $503,863 a year before.  

"Not only have home prices continued to go up, but interest rates remain low and consumer confidence is on the rise," commented Myron Von Raesfeld, President of the Santa Clara County Association of REALTORS®. "These three things combined should make this year a great one for real estate in Santa Clara County."

Single-family homes were on the market for an average of 29 days in March, down from 31 days in March 2013.  Condos were on the market for an average of 23 days, unchanged from a year earlier.

Sellers of single-family homes received 105.93 percent of their asking prices in March while sellers of condos received 103.83 percent.

There were 1,238 new listings for single-family homes in March, up from 1,192 a year earlier. Meanwhile, new listings for condos stood at 450, up from 443 in March 2013.

Inventory for single-family homes in March was 1,356, down from 1,380 a year earlier. By comparison, inventory for condos was 467, up from 409 in March 2013.

About the Santa Clara County Association of REALTORS®

SCCAOR, established in 1896, is California's oldest and Northern California's largest real estate association. We represent about 10,000 REALTORS® and affiliate members. SCCAOR exists to meet the business, professional and political needs of its members and to promote, protect homeownership and private property rights.

Contact: Alison Martinsen
Phone: 408.445.5080
Fax: 408.445.7767
alison@sccaor.com
www.sccaor.com

SOURCE Santa Clara County Association of REALTORS

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