California Real Estate Commission revealed statistics of April home sales, Santa Clara County median home price topped $850,000.
The monthly statistics also showed the sales volume dropped 17% compared to the same period last year. But the sales price did not go down, on the contrary, it’s still climbing.
This is due to the number of less than average price houses in the County sold fewer in the month. There were more inventories in East Santa Clara County, but sales of this area were not moving. The average house prices in East Santa Clara are below $700,000.
Cities like Mountain View, Los Altos and Palo Alto, the turn around rates are still dramatically fast. Due to not enough inventories were available in the market, but if the property is in good condition when listed, it would be sold very shortly. Somtimes, it’s sold even before coming to the market, and with multiple bids. There are high demands of housing in these cities because of the excellent school tests scores.
Thus, the median price in April in the County went up was due to houses sold in high price area were more than those of lower prices area.