What’s the Silicon Valley real estate market doing? Silicon Valley is composed of many micro markets, and they may all behave independently of one another, but we are seeing some general trends. First, there are now rising numbers of sales. This is the 2nd month in a row and it comes on the heels of 43 months of declining sales – so it is an extremely welcome turnaround.real estate report, is particularly weak.

The other main trend is declining prices – in most (but not all) of the San Jose area. Median prices for single family, resale homes are now down 8.7% from July countywide. Year over year, the median price for single family homes in Santa Clara County is down between 20-25% depending on the location, price point, and condition of the home, with notable exceptions in Palo Alto, Cupertino, Saratoga, and a few other high-end spots, plus the Santa Cruz Mountains. Sellers in most of Santa Clara County are hurting. The condo market in Santa Clara County, which can be viewed in detail online at my

There are lots of numbers and data points to pay attention to in analyzing the Silicon Valley or San Jose area real estate market, such as the average and median sales prices, the days on market, the absorption rate, and the number of sales. Let’s look at a key point, though, the median price for single family, resale homes in a few cities and towns in Silicon Valley, as compared to a year ago.http://popehandy.rereport.com/. And also, please find a 4 page pdf with more articles:
http://rereport.com/scc/print/MaryPopeHandySCC.pdf.

Campbell – up 4%
Cupertino – up 2%
Gilroy – down 37.3%
Los Altos – up 8.4%
Los Altos Hills – down .3%
Los Gatos – down 22.6%
Los Gatos Mountains – up 6.4%
Milpitas – down 17.4%
Monte Sereno – up 85.7% (but only 2 sales, so not enough data)
Morgan Hill – down 1.2%
Mountain View – down 18.7%
Palo Alto – down 10.2%
San Jose – down 25.3%
Santa Clara – down 21.6%
Saratoga – down 12.1%

Every market is good for someone. Right now, it’s good for buyers. Many continue to wait, but the trend may not be reversing as we see sales increasing. If that continues, it could swing things the other way (and we could be at the bottom of the market now).

More details can be researched for both houses and condominums or townhomes online here:

For detailed information on the Los Gatos Real Estate Market, please see my post on another site of mine, Live in Los Gatos: How’s The Los Gatos Real Estate Market Doing Now?

Please call or email me for a confidential meeting regarding your real estate needs and how the current market impacts you and your plans, and how to make the most of it at this time.

Mary Pope-Handy, Realtor, CRS, ABR, e-PRO, SRES, ASP, RECS, CNHS, ACRE
Helping Nice Folks to Buy & Sell Homes Since 1993
Co-Author: “Get The Best Deal When Selling Your Home In Silicon Valley”
Keller Williams, Cupertino, CA (Silicon Valley)
877 397-5391 (Direct/Toll-Free/Fax); 408 204-7673 (Cell)
www.PopeHandy.com & www.ValleyOfHeartsDelight.com
emailto: Mary@PopeHandy.com
Blog: www.LiveInLosGatos.com  

Tags: Santa Clara County Real Estate, Silicon Valley real estate

This entry was posted on Monday, September 8th, 2008 at 12:15 pm and is filed under Market Reports, San Jose (all areas). You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.