Santa Clara County Real Estate Market - November 2022

The real estate market in Santa Clara County continues its fundamental shift under the stress of higher interest rates.

Inventory is up 56% from last year, with a normal seasonal drops made deeper by the changing market.

Seller continue to hold off on listing their homes as 24% fewer homeowners decided to list their home this year compared to last year.

The total number of homes sold also dropped compared to last year. In November 2022, we sold about half the number of homes as we did last year.

Sellers expectations on sales price did not drop tho. On average, sellers expected to get 12% more for their homes this year than last year. Sadly, this is likely not going to be a realistic expectation.

The average sales price dropped by 5.2%. Clearly, seller expectations need to re-calibrate.

Sellers are also finding that on average, they are getting .4% below asking price from their homes. Last year, sellers were getting 8% over asking on average.

It just keeps getting longer for homes to sell in Santa Clara County. In November we saw that on average it took 29 days for a home to sell. That is 61% higher than last year.

About 41% of homes had their priced reduced in November 2022 - indicating a growing trend of sellers moving prices into a more realistic band for todays market.

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