According to Jim Myrick, Myrick Estates Team, the Santa Clara County market continues to be strong with a median sales price for single-family homes of $1.1 73 million up 17% from this time last year and 2% from this time last month. Condos and townhouses also grew at 13.8% from that same time and with a median sales price of $726K. Additional key numbers you should know about buying and selling in this market is the average sales to asking price. Single-family homes on average go 7% above the asking price.
“Many frustrated buyers tell me that there’s nothing on the market”, Myrick shares. “The truth is, yes or no, even though the standing inventory is down, the number of sales are fairly flat, less than 1% down from this time last year with the median days on market of 9 to 11 days properties are turning so fast that every 10 days is a brand new market.”
Currently, single-family homes are selling for about $786 per square foot, up 13% and condos are about $642 dollars a square foot, up nine percent from this same time last year. “The square footage stat can be misleading, but the percentage of increase is pretty telling,” Jim concluded.
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