March 2024 Report
Single Family Homes in Santa Clara County, Palo Alto, All Neighborhoods Change >
Average Price$3,851,670
+1.5%
Pending Properties35
+40.0%
Sale/List Price Ratio106.8%
-0.7%
Days of Inventory36
-62.2%
Trends at a Glance
| Trends At a Glance |
Mar 2024 |
Previous Month |
Year-over-Year |
| Median Price |
$3,750,000 (+18.5%) |
$3,165,000 |
$3,400,000 (+10.3%) |
| Average Price |
$3,851,670 (+1.5%) |
$3,794,090 |
$3,617,520 (+6.5%) |
| No. of Sales |
27 (+145.5%) |
11 |
29 (-6.9%) |
| Pending |
35 (+40.0%) |
25 |
28 (+25.0%) |
| Active |
32 (-13.5%) |
37 |
47 (-31.9%) |
| Sale vs. List Price |
106.8% (-0.7%) |
107.6% |
101.5% (+5.3%) |
| Days on Market |
11 (+27.2%) |
9 |
29 (-60.9%) |
| Days of Inventory |
36 (-62.2%) |
94 |
49 (-26.9%) |
Market Commentary
The median sales price for single-family, re-sale homes was up 13% compared to last year.
The average sales price for single-family, re-sale homes was up 13.4% year-over-year.
Sales of single-family, re-sale homes were down 1%, year-over-year, in March. There were 587 homes sold in Santa Clara County last month. The monthly average since 2000 is 987.
The sales price to list price ratio rose from 107.4% to 109.2%.
Pending sales were down 42.2% year-over-year.
Inventory of single-family, re-sale homes was down for the twelfth month in a row. It fell 28.3% compared to last year. As of April 5th, there were 440 homes for sale in Santa Clara County. The average since January 2000 is 2,703.
Days of Inventory, or how long it would take to sell all homes listed for sale at the current rate of sales, fell from 29 days to 22 days. The average since 2003 is 89.
It took sixteen days to sell a home last month. That is the time from when a home is listed for sale to when it goes into contract.
The median sales price for condos was up 3.2% compared to last March. The average sales price gained 5.8% year-over-year.
Condo sales were flat. There were 245 condos sold in February.
The sales price to list price ratio rose from 103.9% to 106.1%.
Condo inventory was flat compared to last March.
As of April 5th, there were 244 condos for sale in Santa Clara County. The average since January 2000 is 757.
Days of inventory rose from twenty-nine to thirty.
It took an average of nineteen days to sell a condo last month.
If you are planning on selling your property, call me for a free comparative market analysis.