SAN JOSE, Calif., Dec. 11, 2013 /PRNewswire/ -- The average price of single-family homes in Santa Clara County was up 20.7 percent and the average condo price was up 12.7 percent year-over-year in November, according to MLSListings statistics.
In November, the average sale price average sale price for single-family homes was $1,066,241, up from $883,185 in November 2012. Meanwhile, the average sale price for condos was $528,530, up from $468,654 a year before.
"The housing market in Santa Clara County is beginning to recover," commented Carl San Miguel, President of the Santa Clara County Association of REALTORS®. "With property values going up, now is a good time for those who have been on the fence about selling to do so. Now is also a good time to buy, since interest rates are expected to go up next year."
Single family-homes were on the market for an average of 31 days in November, down from 39 days for the same month in 2012. Condos were on the market for an average of 32 days, up from 29 days in November 2012.
Sellers of single- family homes in November received 102.79 percent of their asking prices while sellers of condos received 102.3 percent.
New listings in November for single-family homes stood at 692, down from 764 in November 2012, while new listings for condos was 265, up from 252 in November 2012. Inventory for single-family homes was 1,425, down from 1,617 in November 2012. Meanwhile, inventory for condos was 559, up slightly from 554 in November 2012.
About the Santa Clara County Association of REALTORS®
SCCAOR, established in 1896, is California's oldest and Northern California's largest real estate association. We represent about 10,000 REALTORS® and affiliate members. SCCAOR exists to meet the business, professional and political needs of its members and to promote, protect homeownership and private property rights.