Monday, March 17, 2008

Santa Clara County Median Housing Prices Rise in February 2008

According to statistics, the median prices for single-family, re-sale homes and re-sale condos gained ground last month. The median price for homes rose 5.1% from January, a year-over-year loss of 1.5%. This is the first year-over-year loss since August 2003. The median price for condos rose 13%, month-over-month, and was up 6.7% compared to February 2007:

Trends at a Glance
(Single-family Homes)
Feb 08Jan 08Feb 07
Median Price:$778,000$740,000$790,000
Average Price:$988,772$1,005,253$965,600
Home Sales:424337665
Sale/List Price Ratio:98.2%97.6%99.8%
Days on Market:818771
Days of Inventory:359406132

Sales of single-family, re-sale homes bounced back from the record low set in January. There were 424 homes sold last month, a rise of 25.8% from the month before, down 36.2% from last February. Condo sales rose 2.2%, but were off 56.9% year-over-year.

Inventory continues to increase as we enter the spring selling season. The number of homes on the market rose 11.1% compared to January, and up 72.9% year-over-year. Condo inventory rose 8.7% month-over-month, and was up 61.7% compared to last February.

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