3 things you need to know Santa Clara County Median Sales Up again!
3 things you need to know Santa Clara County Median Sales Up again!
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Santa Clara County Median Sales Up Again!
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Good morning. Wow. It is May 15th. Today we're talking about San Jose's what numbers are we talking about here? The 40 days on market averages. I really wanted to talk about the median sales price and where we are today compared to a year ago compared to 2019 compared to five years ago. And the real, the reality is, guys the markets.
Strong right now, and I've seen it all over the place. And I'll tell you it's not because of, the rates. It's not because of the economy. Sorry, I just got off another call so I'm still kinda all bamboozled here. What it is, there's a lack of inventory, and I've been talking about this for months now.
We don't have the inventory for a healthy market. Period. It's consistently calming down and it's further down the pike than what we want. So let's get into this a little bit more. Gotta add this. Yeah. One of these things was, I was just on a call with a consultant and kept on talking, and that's why I'm, not totally 110% prepared, but here we go.
Here are the numbers. For today, this last week, the last seven days, 40 days on the market, we have 133 houses still on sale, 90 houses on the market, or sorry, 70 houses on the market over 90 days, and 28 and 242. Bank-owned properties, those numbers are dismal compared to 2008, 2009, and 2010. We're talking about 2,800 just in the Bay Area way back when if not 10,000.
I know we have this big picture here. I want to make sure that we talk about it, but if you look at the numbers here, these numbers need to be about five or 600. Right now this is, these are numbers I get from realtor.com and then this is the act, sorry. And this is the actual MLS feed AC from here, right?
This is the actual number from the live MLS feed. So again, the numbers aren't exactly accurate, and that's what you're going to get when you have these aggregate sites, the MLS. Consumer sites, this comes directly from us and it's real time. I can tell you right now, if we went to go look right now, it'd probably be a different number because it's so real-time because of how houses go into contract, houses come onto the market.
So those numbers are different. This is what's concerning me. We only have one and a half houses per square mile listed for sale. If you look at the other numbers here across the US we have 22 7 4 houses per square mile. 10 houses per square mile, eight, seven. That's telling we don't have enough inventory here in Santa Clara County, let alone San Jose.
We had 67 closes last week, which is weird because last week was 67 as well. Which is about average, right? We need to see those numbers go up, but when you have less inventory, those numbers are not going to be as high. And then the median sales price right now is 1.53, which is 50,000, $80,000 less than the average.
Sorry. It's $140,000 less than the average sales price, which means that's the medium. When you look at that, the medium, the middle number, that means more houses are being sold over the medium sales price. That's pretty amazing. It's good, especially now. Especially now since we're seeing houses sell for over list price on average.
So hallelujah, right? Everything's good. Everything's hunky dory because there's more competition, period. Our high this week, that close was 1.2 122% over the sales price, but we also had a house that sold for 66% less than the sales price. I think it was listed at 1.1 and sold around 6 76 80. In that price range, 68% of the houses are selling over list price, which is what tells true in the median, I didn't have time to do these last year, so we can't really compare fairly. I'll firm that up later on. 55 of the houses that are on sale right now of the 363 are actually, I need to move that down. 1 22.
15% of the houses that are actively for sale right now have decreased, which is a huge drop in what we're seeing because houses are being consumed. Yesterday I told you that there was a house that sold for $460,000 in San Jose. Crazy, less than half a million dollars. That's just unheard of. Now, the house wasn't in the best shape and it was a weird position and a dear weird lot, but it's sold.
We have a lot fewer houses, and cancellations. So I looked at this and I can tell you specifically I've been to a couple of these, including, not Snowden. Was it dry now?
Which one was it that I saw? Oh, let me show you. Maybe it was Snowden. No, definitely not that one. Four Oaks. Now.
That one is right there. This is actually a multi-unit, believe it or not. I think it had four units in it, and it started off as a single-family house. Right here. And they built this on top. And then they had a garage that they converted into a unit, into a, into an apartment. And then they built backward and they put another apartment on top of that.
So it's just like the Winchester Mystery House, except for it's only 2100 square feet. And it feels like it, 'cause it's very done. Done, very oddly on the market for 151 days. And it just sat there. For months, no interest in this thing at all. We went through it. It's maintained poorly, it needs a lot of work, and it just has a funky layout.
So houses like that are going to start falling off the side when the market picks up. Like we're seeing it and once we see it back into the fire, the firestorm that we saw a couple years ago, Maybe we'll see something a little bit better, but let's take a look at this real quick, see if I can expound this.
An appraiser up in Ryan Lundquist, an appraiser up in, you can tell I need another cup of coffee Huh. Up in Sacramento does these charts and I think they're fantastic. But they do it, he does it for Sacramento County Every time I see one of his charts I, try to copy it because I think it's telling.
I think it's really amazing to be able to take that information and put it into our own story here in Santa Clara County. These are median sales prices. Remember this, the middle of the road of all the houses that are sold on the median price, so the middle price of all houses sold at a certain time and in May.
Look at these numbers, guys. Look at this. Look at that. That's crazy. And I wanna say that the top of the market was March, April, and May of last year, which indeed was historically the highest prices being, sold in Santa Clara County in history. And I think it was 1.95 for April or May. I can't remember specifically.
I can go back to it and find out. Let's see, what did it say here? Yeah, April. That's what I said. April was the top of the market last year. That's, what it was. 1.95 million was the median sales price in Santa Clara County for single-family homes telling. But look, here may, we're not even done. We're, barely halfway through May and we're at 1.8, so we're catching back up.
It's almost like we sneezed for a year and that was it. I think the contraction's over could I be wrong? Yes, absolutely. I could absolutely be wrong. Hang on a second. I'd try this. I could absolutely be I'm, learning the new software program here. We could, I could absolutely be wrong. We could see a turn in the market tomorrow.
It could be unemployment. Shoot, sky high. We can go into World War iii. The stock market crashes, unemployment, I, we don't know. It could be the automotive market finally falters like we've been seeing and it finally collapses. And what that implosion means, everything else, right? Because when you look at real estate, we don't live in a bubble.
Although some people want to tell you that we live in a bubble. We don't. We absolutely don't. Right? This is why we talk about the stock market, the automotive market. We talk about where is it? All the tipping points. Which makes a lot of sense guys, because anything could topple this, economy right now, right?
We have housing, we have credit cards, we have healthcare, we have automotive, we have energy, and we have commercial real estate.
We have retail's supposed to come out today. I didn't even have a chance to take a look at that, right? But here's what's the saving grace. We're seeing our inventory just continue to go down and down. Now, this is from May 4th. That's our inventory number and our median sales price is starting to jump back up.
This is across the entire United States. Again, it's very telling. That was our high 413 March. We saw 375. This is going to pop up in the next couple of days, so next week we'll take a look at it, right? Great article if you're thinking about moving out or investing worse, places for homes to increase in value.
Now, I'll just let you take a look at this. And all I'm going to tell you is it's Midwest right now. These are specific cities and I'm sure that there is some place. It looks like it came from the US census. And you can go to any article. These are, I'm not saying that these are the worst places, period.
Bloomington and South of Chicago. I don't, Decatur is north. I think. Oklahoma. I don't know where I know where Toledo, Ohio is, only because of Max Klinger, Charleston, West Virginia. Cleveland, Ohio. Why? Because there's less economy there, there's less industry, there's less what have you, and that's probably why those places are.
On the top 15 worst places to buy a house. Or it might be a great place for you to buy a house if you wanna retire, because it's so costly, so low cost. You're just not going to get the ROI. You're, you get out of a house in California. All right? So I have a few listings coming up. I have a condo, a two-bedroom, one-bath condo.
I don't know why I have that there. Maybe it's two. I'll have to check again. 986 square feet. It's got an amazing view. I have a condo in Morgan Hill coming up. This is within walking distance to downtown guys. I might buy this. This thing is amazing. It's a great little place. Has an awesome pool, a little pond, nice neighbors, and everything.
It's just an amazing old place. And then I have a five-bedroom, three-bath, I want to say it's a, she built home in Blossom Valley. 200 2533 square feet, a house, and a pool need a little bit of work. It's in pretty much original condition, and it'll be a great investment for somebody. All right. Sold.
Sold in seven days. 35% over the list price. Guys crazy. This is an amazing house. This beautiful house. I love the two weeks that I spent with the family because I got to spend some time with high school friends and catch up and have some fun. So there you go. Okay, the last thing is a little sales pitch again.
Home bought. If you don't, haven't done it already, jump in, and throw your information there. I'll get you a tight, c m a. When I do see you pop in, I won't bug you. I'm not going to call you and say, do you wanna sell your house? I don't do that. I'm not that kind of agent, I don't think calling you 50 times a day until you tell me to f off is a great way to go to business.
All right. Let's see. All right. That's it for now. Today was a little bamboozled, with a lot of stuff coming at me. I have three or four different phones and five different phone calls I have to jump on after this. It's been a hectic couple of days. Things are coming back. The market's back for now. I don't know if it's going to last forever but for sure the market's back.
I'm Vito with Abitano. We'll see you out there.
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