The tide is turning for Silicon Valley real estate: fewer listings are coming onto the market and more homes are being purchased by homebuyers anxious to get into a house before interest rates rise and the $8000 first time homebuyer’s credit expires.
The shift is most visible in areas with the most affordability, but even is more upscale, higher priced areas, it’s still a noticeable change.
Today I’ll share with you a series of graphs, by area, of single family homes in terms of new listings, current inventory, and pending sales (sales under contract). These were created using our mls system (information deemed reliable but not guaranteed).
Here’s the “key” (since if I put it alongside each image it would not fit without making all of it unreadable):

Description of each graph is ABOVE the image.
Almaden Valley (95120 area of San Jose) - this is a more expensive part of Santa Clara County, but the market improvement is very clear. Cool market.

Blossom Valley (95123 and 95136 zip codes, an area of San Jose) - this is a very affordable part of Silicon Valley and has taken a huge hit on the “price rollback”. But it’s getting better now - note the rise in sales, low number of new homes coming on the market and overall lessening of inventory. Number of pendings is almost the same as the total inventory. Hot market.

Cambrian Park (95124 & 95118 area of San Jose) - trends among listings, inventory, and sales for single family homes. The trend of less inventory and more sales is quite evident. Warm market overall - very hot under $500,000, cool in higher price ranges. (But hot only if prices are deeply reduced.)

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