SANTA CLARA, CA-In Santa Clara County, the average sale price of singlefamily homes went up 13% and that of condos rose 24.5% in June year-over-year, according to data compiled by MLSListings. The June average sale price for singlefamily homes was $1 million, up from $908,694 in June 2012. According to MLSListings, the June average sale price for condos was $534,144, up from $428,854 a year before.
“Home owners are beginning to recover some of the equity they lost during the recession as prices continue to rebound," explains Carl San Miguel, president of the Santa Clara County Association of Realtors. “With that increased equity, home owners can feel more confident about selling. This summer is proving to be a great time to sell.”
Strong demand and limited supply means homes are selling more quickly than they normally would. In June singlefamily homes were on the market for an average of 25 days, down from 39 days for the same month in 2012; condos were on the market for an average of 20 days, down from 49 in June 2012.
Sellers of single family homes in June received 104.69% of their asking prices while sellers of condos received 106.09%.
New listings for single family homes and condos in June stood at 1,343 and 604, up from 1,292 and 390 for the same month of 2012. However, inventory for single family homes was 1,889, down from 2,608 in June 2012 and inventory for condos dropped to 690 from 863 in June 2012.
Check back in the next day or so for an update on this topic, with national trends from San Jose, CA-based Realtor.com.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
