Market Update Dec 1 2009

Sales are being constrained by rapidly declining inventory of available homes which has dropped to the lowest level since March of 2006.
The first time home buyer tax credit of $8000 has been extended and higher income buyers can qualify. The program has also added existing homeowners to the incentive offering a tax credit of $6,500.
These incentives are expected to jump start the market in 2010 but the requirement to be in contract by April 30th may increase competition for the available homes.

July Market Update

Sales of single family homes reached 1265 in July in Santa Clara County, the highest number in over 3 years, and the average price increased to $713k.

Homes selling for less than $600k were 50% of the market and the inventory of homes in that price range was 1.2 months. This is down from a 5 month supply in January.

Homes selling for over $600k were 50% of the market. That is up from 24% in January, and the inventory of unsold homes in this price range has dropped from 15 months to approx. 3 months.

May 2009 Real Estate Activity, Santa Clara County

May was the best month for real estate in Santa Clara County since mid 2007.
- New pending sales of single family homes of over 1755 was highest since mid 2004.
- New closed sales of over 1000 are highest since June of 2007
- Total inventory of available houses in the county was 3375, down 25% from the high in mid march.
- Interest rates have edged up and may go higher. Loan officers are recommending to Lock rates because they don't expect they to drop.

APRIL MARKET UPDATE-SANTA CLARA COUNTY

April sales of single family homes in April were 962 units, up 35% from 2008. However, 58% of the sales were foreclosed, bank owned, or short sales. 753 of the sales were homes with list prices under $750k and the median price was $421k, down 21% from last year.
For homes with list prices over $750k, 209 units were sold, down 43% from April 2008. The median price was $975k, down 11% from 2008.
The average selling price of homes over $750k was 5% lower than list, and for homes under $750k they were down 2%

Market Update-April 29, 2009

Inventory of available homes in Santa Clara County peaked in mid-march and has been dropping steadily since. This is earlier than the normal cyclical drop. What is new is the inventory of bank owned homes and short sales has been dropping since the first of 2009. The bargain hunters have been taking advantage of these distressed offerings which has caused the median prices to drop sharply.
The new conforming loan limit of $729,750 has finally come about and open houses have been very busy since early April. The number of multiple offers in the $700s and $800s is picking up as well.