Santa Clara County Average Selling Prices Dip Slightly in May from April Numbers

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:

salesprice.gif

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.