SANTA CLARA, CA-Maybe it’s due to the new 49ers stadium, or maybe just the Silicon Valley economy in general, but as those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have already seen, the housing market in Santa Clara County continued the trends of recovery in the first month of 2013, with average home sale prices at their highest for any January since 2008.
The data, compiled by MLSListings, shows that the average sale price for a single-family home in January stood at $825,355, jumping 27.32% from the $648,238 of January 2012. The average sale price for a condo or townhome was $461,700, a 43.33% increase from the $322,127 of January 2012.
According to Carl San Miguel, president of the Santa Clara County Association of REALTORS, “Inventory remains scarce while demand rises, as buyers are motivated by the low interest rates and the prospect of prices going up further. Santa Clara County is one of the hottest real estate markets nationwide with strong fundamentals. As the market continues to recover, sellers will become more confident in selling and that will relieve the current shortage of homes for sale.”
The average sale prices were comparable to those from January 2005, when single family homes sold for $812,876 on the average and condos or townhomes for $433,649. The peak for any January came in 2008, with the average single family home selling for $1,005,253 and the average condo or townhome for $523,566.
In January the inventory of single family homes was 1,179, only 43.19% of its level in January 2012, which was 2,730. The inventory of condos and townhomes was 385, 32.33% of the 1,191 in January 2012.