Average home sale prices are “showing no signs of a mid-summer slowdown” in Santa Clara County and continued to rise in July, according to a press release from the Santa Clara County Association of Realtors.
The average sale price of single family homes rose by 15.7 percent and that of condos rose by 20 percent in July year-over-year, according to Multiple Listing Services data.
The July average sale price for single family homes was $1,057,628, up from $913,950 in July 2012, according to the association. The July average sale price for condos was $524,090, up from $436,507 a year before.
In Gilroy and Morgan Hill, the average sale price for single family residential homes in July was $804,666 and $86,2491, while the median price was $558,500 and $765,000. There were 123 homes in Gilroy and 119 homes in Morgan Hill for sale last month, according to data provided by the association.
“The fact that we’ve had several consecutive months of home price increases is an indication that the housing market has begun to rebound in Silicon Valley,” Carl San Miguel, president of the Santa Clara County Association of Realtors said.
Strong demand and limited supply means homes are selling more quickly than they normally would, according to the association. In July, single family homes were on the market for an average of 26 days, down from 43 days for the same month in 2012; condos were on the market for an average of 19 days, down from 53 days in July 2012.
The association states that sellers of single family homes in July received 103.61 percent of their asking prices while sellers of condos received 105.74 percent.
New listings for single family homes and condos in July stood at 1,514 and 612, up from 1,209 and 424 for the same month of 2012. However, inventory for single family homes was 2,111, down from 2,460 in July 2012 and inventory for condos dropped to 771 from 790 in July 2012, according to the association.
