May real estate numbers are in for Santa Clara County, and the market is showing signs of change. High inventories and more selective buyers has led to a small price decrease in the average selling price of homes from $1,099,055 to $1,096,571 according to the Santa Clara County Real Estate Report.
This represents a 0.2% drop. Condo prices showed a sharper decline, and moved downwards by 2.4% to $537,000.
The sales price vs listing price ratio is holding fairly steady at 1:1, as seen in the following graph:
What this all means is that we have the beginnings of a buyers market, but sellers are still getting pretty close to what they want. There are no more inflated offers of yesteryear in this market, but it is far from a soft market.