FEB 2024 Stats for Single Family Homes in Santa Clara County are here!
As is typical this time of year, and after Superbowl Sunday, the housing market started to heat up with overall Months’ Worth of Inventory having increased by 7% in February – ending the month with over 1 ½ months’ worth of inventory.
Active homes went up by 30% from January with 707 single family homes available in all of Santa Clara County. Pending Sales went up by 50% and Sold Sales up by 23%. Seeing the sharp rise in pending and sold stats is evidence that buyers are snapping up homes as they come to market – further evidenced by the average number of Days on Market shortened by 17%, translating into homes taking an average of 20 days before getting into contract.
The Average Sale Price crept up by 2% from this time last month, now resting a bit closer to $2.1ML; the Average Price per Square Foot went up by 2%, now resting at $1,125.00 per square foot.
Another sign that buyers are warming up and ready to win their homes in the face of competition is with the List to Sale Price ratio, which went up by 4% from last month, now seeing homes selling approximately 7% over the offer list price.
Rates were a bit volatile over the month, ending February with 7.22% for a 30 year Conforming Fixed Mortgage Rate. We’ve seen them come down closer to the 7% mark in the past week. Expectation for the foreseeable future for mortgage rates is status quo as the FED continues to voice the “HOLD” on reducing prime rate at a minimum until they meet to re-evaluate in June. Experts predict a 97% chance that the FED will leave the prime rate where it is when they meet in March. Although inflation is currently running on a 6-month basis around the 2% mark, it is still above 2% and the FED wants to be sure inflation doesn’t begin to peek higher. Currently, time is the best measured path to ensure inflation remains steadily low.
In the meantime, even with the rainy month of February, mortgage rates hovering around the 7% mark and low inventory for this time of year, Buyer demand for homes is prevalent in the Bay Area.
It’s a great time for sellers to get top dollar for their homes if they are ready to make their move.
If you are ready to discuss next steps for your move, whether a seller or buyer, reach out to me for strategic, diligent, and trustworthy advice. I’ll help you reach your purchase and selling goals successfully.
[email protected] | 408-207-3130.
Sellers – Jump start with Heather’s Strategic Selling Plan: www.LangesFreeHomeSellerCourse.com
Buyers – Jump start with Heather’s Strategic Buyer Plan: www.LangesFreeHomeBuyerCourse.com
Buyers – Start looking for your dream home the way Realtor’s do: www.LangeHomeSearch.com
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