By posted by Thomas Vo of the Intero San Jose – Santa Clara Street office
Homes sales in Santa Clara County increased by 20.8% in March and 33.6% year-to-date. This is the ninth month in a row homes sales have been up compared to 2008.
As in previous months, sales continue to be concentrated in cities such as San Jose and Gilroy where year-over-year sales were up 60% and 161.9%, respectively. Condo sales increased by 36.1% from February, and 23.3% year-to-date.
Single family inventory continues to be lower than the year before down 26.2%, with condo inventory close behind at 22.7%.
The median price for single-family home remains unchanged at $450,000 for the third month in a row, while the median price for condos dropped 25.3% from February.
The real estate market in the South San Jose region appears to be healthy with multiple offers and above asking prices for those properties that are competitively prices. First time home buyers and investors are out in force trying to take advantage of the short sale market, as well as the historically low loan rates. This is the first time in a long time that positive cash flow can be had for the savvy investors and home ownership possible for those looking to purchase a home for the first time.
Time is of the essence. Lenders are more receptive to loan modification applications, as well as making more loans for purchases. So you need to act now!
| Trends At a Glance | March 2009 | Previous Month | Year-over Year |
| Median Price | $450,000 | $450,000 (0.0%) | $805,000 (-44.1%) |
| Average Price | $595,064 | $562,680 (+5.8%) | $975,417 (-39.0%) |
| No. of Sales | 719 | 581 (+23.8%) | 595 (+20.8%) |
| Pending Properties | 1,256 | 1,032 (+21.7%) | 983 (+27.8%) |
| Active | 3,915 | 3,909 (+0.2%) | 5,307 (-26.2%) |
| Sale vs. List Price | 98.3% | 97.9% (+0.4%) | 98.6% (-0.4%) |
| Days on Market | 65 | 65 (-0.2%) | 55 (+18.4%) |
See Also
- Thomas Vo – REALTOR
Certified Short-Sale Professional. Your Realtor for Life! 408.505.6278 - Intero Real Estate Services
One of the premier real estate brokerages. Find real estate, properties, homes for sale in Arizona, California, Colorado, Nevada and Texas.
