If you consider selling your property, it might be beneficial to know more about the Santa Clara County property values. In the past year, the home sales index in this county has shown a downward trend. However, the recent pandemic has affected the home values in this area. Read the article below to learn more about the factors that affect your home’s worth. You will also be able to see the effect of the global pandemic on the county’s real estate market.
Sales of single-family, resale homes were down for the eighth month in a row
Last month, sales of single-family resale homes in Santa Cruz County were down for the eleventh consecutive monthly decline. There were 156 sales in April versus an average of 158 in the previous month. There were also fewer pending sales. As a result, there were 757 homes for sale in May, down nearly 4% year-over-year.
Despite the slowing sales, inventory of single-family resale homes remained high in March, with a 1.6-month supply. With this tight inventory, homebuyers are still paying higher prices for identical houses. Meanwhile, strict zoning regulations are keeping the inventory low. These factors make housing in the Santa Clara/San Jose area more expensive each year.
Meanwhile, median home prices rose slightly in other counties. In Concord, median house prices rose by 2.8 percent. In Oakland, median prices rose by 4.5 percent from March 2011. In Walnut Creek, median home prices climbed half a percent. Those looking for luxury condos should keep their eyes open for Hot Homes.
The homeownership rate trended downward from 2005 through 2015
During the past decade, the homeownership rate in Santa Clara County has trended downward. The number of homeowners in Santa Clara County decreased from 54 percent in 2005 to 51 percent in 2015. This decline was primarily due to higher housing costs and a slower economy. However, the numbers are still impressive. Homeownership is still an essential indicator of the health of the San Jose economy.
The homeownership rate in Santa Clara County fluctuated wildly from quarter to quarter. From 2005 to 2015, the number of homeowners declined in the county, but the number of renters continued to rise. Home prices began to fall in 2015, but the number of renters remained high, causing the homeowner turnover rate to remain relatively stable. Homeowner turnover rates have been regular since early 2012, but they continue to fluctuate.
Impact of a global pandemic on Santa Clara County property values
The pandemic has hurt home sales in the area, but the residential market has remained resilient. Home sales in Santa Clara County during 2020 were virtually identical to those in 2019, and the median price of a single-family home increased by 3.5%. The impact on the residential market is not surprising, given the region’s unique demographics and economic status. Approximately 65% of all home sales in the area were in Santa Clara County.
The COVID-19 pandemic profoundly affected Santa Clara County’s economy, but the disease did not affect property values. While the Santa Clara County Assessor’s Office braced for a plunge in property values, sales volumes in 2021 rose nearly 20 percent. As a result, the county’s assessment roll, which includes all commercial and residential property, hit $576 billion in 2021.
Impact of Prop. 13 on Santa Clara County property values
If you’re wondering about the impact of Prop. 13 on Santa Clara County property values, you’re not alone. Many other homeowners are too. According to a Santa Clara County Assessor’s annual report, fewer new property owners are paying more in property taxes. Property taxes are based on assessed values, often less than market value. As a result, the tax burden on most more unique property owners is much less than that of long-time owners.
While the study acknowledges that the tax increase is unlikely to impact property values significantly, the California Assessors’ Association strongly opposes it. Stone says that Prop. 15 would require the county to double its staff and make commercial appeals even more expensive. He also predicts that some businesses will see their tax bills tripled. So while Stone agrees intends to improve property values, he’s concerned about the impact of Proposition 15 on Santa Clara County property values.
