Santa Clara County End Of Month Real Estate Market Update March 2023 Report:
We take a look at how the Santa Clara County Real Estate Market performed at the end of the month in March, 2023.
As of the end of March 2023, in Santa Clara County there were 760 Single Family Homes still available for sale. Compared to 677 homes still available for sale last month. Of the 760, 893 came on to the market since February 01.
The average days on market of the homes for sale in March 2023 is 24 days. A decrease from last month’s average of 33 days on the market.
The median list price is $1,798,787, nearly identical to the median list price of $1,798,000 in February 2023.
Status Changes
131 Single Family Homes were in contingent status. A slight decrease from the previous month’s number of 143. Contingent status means an offer has been accepted and is contingent on fulfilling certain criteria within the purchase agreement. The listing is still on market. This status is generally used to indicate that the seller is looking for additional back-up offers, or that the property is subject to financing, court or other third party approval.
668 Single Family Homes were in pending status. This is an incremental increase compared to the 515 homes in pending status in February. Pending status is when an offer has been accepted and is expected to close. The seller is not accepting additional offers and the property is not on market.
656 homes have currently sold. A large contrast to the 353 homes that sold the month before. Typical of the seasonality of the real estate market in the area.
Price Changes
25 Homes have increased their list price, down slightly from the previous month’s number of 33. In comparison 152 homes decreased their list price. An increase compared to February with 122 homes that reduced their list price.
Unsold Home Status Changes
36 Transactions fell through, meaning an offer was accepted but ultimately the buyer & seller cancelled the sale. This is a slight increase from 21 transactions that fell through the month before in February.
65 homes in cancelled status, up from the 49 homes in February. Cancelled status simply means the listing contract has been terminated in writing by broker and seller. The listing is not on market.
40 homes in withdrawn status, down from the 46 homes in February. Withdrawn status is when a valid listing contract is in effect, but the listing is not being marketed. This status can be used to indicate that the seller requested withholding property showings and offers temporarily. This listing is in the MLS, but not actively on market.
Hopefully this information gives you a good insight into how the real estate market is performing should you decide to buy, sell or just want to stay on top of the market. Thank you for taking the time to read the Santa Clara County End Of Month Real Estate Market Update March 2023 Report.
For additional insights into the Santa Clara County Real Estate Market check out the link below. https://www.mlslistings.com/media-center/market-data-reports/