Prices Drop; Sales Up in Santa Clara County

By Staff (Oct 13, 2009 )

Though the average price for condominiums and single-family homes in Santa Clara County dropped slightly in September as compared to August, the total number of sales increased, along with the median price for all properties sold, indicating a slight improvement in the local real estate business.

The average price for a single family home in the county dropped 1 percent, from $693,956 to $686,924, but the number of sales increased 6.7 percent, from 999 to 1,066. An even greater increase was seen in the number of condominiums sold, which increased 9.4 percent, from 329 to 360. While the average price for condominiums dropped 3 percent, from $381,359 to $369,933, the median price climbed $7,000, from $330,000 to $337,000. In all cases, properties were on the market for an average of seven-eight weeks.

Despite the decrease, there was an overall increase of 8.5 percent in the average price of single-family homes in the July-September quarter of 2009, as compared with the April-June quarter.

During that same period, the average price of condominiums increased by 4.5 percent.