Santa Clara Co. median single-family home sales prices hit $2M for first time

SAN JOSE, Calif. (KGO) -- We always knew that Santa Clara County is an expensive place to live. But new data shows just how much that actually is and it's shocking.

Santa Clara County Association of Realtors data found the median single family home price hit $2 million for the first time in April.

We're talking the mid-point between the highest home sales price and the lowest.

The data shows the top three median prices were in Los Altos Hills at $5.8 million, Monte Sereno at 4.5 and Saratoga at 4.2.

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Only five cities in the South Bay are under the median: San Jose at $1.7 million, along with San Martin at 1.65, Milpitas at 1.6, Morgan Hill at 1.5 and Gilroy at 1.2.

SCC-AOR President Michelle Perry says there are only about 700 homes for sale and low inventory drives prices up.

"It has been a problem for many years and now it's just out of control," Perry said. "The demand will not go away because the inventory is just too low. There needs to be a significant amount of homes built in a short period of time and we just don't see that happening."

Real Estate expert and NextHome Lifestyles Broker and owner Brad Gill says it's not just a lack of inventory that brought us to the $2 million price tag.

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He says real estate prices ebb and flow during peak sales times from the spring to the fall.

So what can we expect to see in the coming months?

"If the median home price for the month of May ends up slightly higher than $2 million, that's absolutely a possibility," Gill said. "But I also kind of figuring that I think we also see it decelerate a little bit."

A possibility of much needed relief for buyers in a community that continues to be among the most expensive in the country.