The median days on the market or what it takes to sell one-half of those on the market, sell in just 11 days in Santa Clara County and 12 days in San Mateo County -- indicating a hot seller's market. For March, 792 homes closed escrow last month in Santa Clara County, up from 621 in February and 333 did so in San Mateo County versus 247 last month. Comparing March of 2013 with previous Marches, this month was the third slowest in terms of closings.
Both counties continue to have the characteristics of a seller's market generally. During March, more than half of the closings had a sales price greater than a list price (68% in Santa Clara County and 62% in San Mateo County with both percentages increasing from February). For owners thinking of selling, it is important to understand the market dynamics in their particular market area. For many, this remains an excellent time to sell.
Median Prices are Jumping -- The trends of median prices of single family, condo and townhouse homes continue upwards. For single family residences, March saw Santa Clara County's median price, half above and half below or the middle transaction, at $731,000 and the median sales price for San Mateo County increased to $950,000. The upwards trend has been evident since the Spring of 2009. By the way, market bottoms were also established during this time in both stock indices and commodities.
Recent Overbidding Levels Remain High -- The percentage where sale price is greater than list price gives us an indication of the incidence of multiple offers. Already mentioned is the frequency of overbidding (sale price greater than list price 68% of the time in Santa Clara County and 62% in San Mateo County) but a more telling aspect is the magnitude or sales price to list price ratio (SP/LP). In Santa Clara County, the average SP/LP ratio is 105.2 or in the average transaction the seller gets 5.2% above the list price. Hottest area is Los Altos and Palo Alto with 109.7. The Cupertino and Sunnyvale market area was just behind with a ratio of 108.9. In San Mateo County the numbers look similar. Overall, the county average is 104.8 and the highest is Bay Cities market area of Belmont, Burlingame, Millbrae, San Carlos, San Mateo with 107.4.
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Thanks for reading! I'm Tom McEvoy, Realtor with RE/MAX Santa Clara Valley -- On Google+ at +Tom McEvoy. Let me know if you have any comments, questions, observations or any future topics you'd like me to address.