With the Month of May Now Behind Us, Here is a Quick Look at How the Santa Clara County Housing Market Performed:
- Sales volume was down 52% year-over-year. However, keep in mind that sales lag contracts by up to several weeks so that number reflects contracts being made at the peak of shelter-in-place. New listings in May were down 30% year-over-year compared to a 48% year-over-year decline in April.
- Median price for single-family homes in Santa Clara County was $1,361,000 for May 2020. This represents a 2.2% year-over-year increase and a -0.66% month-over-month decline.
- Taking a look at average price per SF, San Jose (+4.6% YoY, +0.8% MoM) and Santa Clara (+2.1% YoY, +1.5% MoM) were the strongest performers. Other markets were mixed to neutral: Sunnyvale (+1.1% YoY, -3.1% MoM), Cupertino (+1.5% YoY, -4.2% MoM), Los Gatos (+2.4% YoY, -4.1% MoM). Several markets in the top tier faced declines: Palo Alto (-14.4% YoY, -5.8% MoM), Los Altos (-3.4% YoY, -4.1% MoM), Saratoga (-4.7% YoY, -6.7% MoM), and Mountain View (-12.5% YoY, -4.8% MoM).
- Sales-to-List Price ratio (sales price as a percentage of list price) did pull back from prior months. In May, the ratio was at 99.8% compared to around 103-105% in the prior few months.
Key drivers going forward will include local employment trends, stock market performance, and any potential uptick in Covid-19 cases that leads to heightened precautions.
