SAN JOSE, Calif., March 7, 2014 /PRNewswire/ -- Home prices in Santa Clara County continue to recover from the recession. The average sale price of single-family homes was up almost 12 percent and the average condo price was up 14.36 percent year-over-year in February, according to MLSListings statistics.
In February, the average sale price of single-family homes was $1,036,143, up from $912,309 in February 2013. The average sale price for condos was $542,137, up from $464,251 a year before.
"The housing market in Santa Clara County continued to bounce back this winter," commented Myron Von Raesfeld, President of the Santa Clara County Association of REALTORS®. "This is great news for both sellers and buyers. It's a wonderful way to start the busy spring season."
Single-family homes were on the market for an average of 32 days in February, down from 41 days in February 2013. Condos were on the market for an average of 35 days, compared to 30 days a year earlier.
Sellers of single-family homes received 103.98 percent of their asking prices in February while sellers of condos received 103.84 percent.
There were 958 new listings for single-family homes in February, down from 1,005 a year earlier. Meanwhile, new listings for condos stood at 384, nearly unchanged from 382 in February 2013.
Inventory for single-family homes in February was 1,186, down from 1,360 a year earlier. By comparison, inventory for condos was 437, up from 419 in February 2013.
About the Santa Clara County Association of REALTORS®
SCCAOR, established in 1896, is California's oldest and Northern California's largest real estate association. We represent about 10,000 REALTORS® and affiliate members. SCCAOR exists to meet the business, professional and political needs of its members and to promote, protect homeownership and private property rights.
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