Silicon Valley Real Estate Trends Update
Sales are up even while inventory is critically low (off about 80% from a year ago, and Dec 2011 was off about 40% from the year before), pushing prices higher as demand outstrips supply once again. Homes that do sell are averaging at 102.6% of list price for houses to 104% of list price for condos.
Usually our winter season is a little quiet, but not this year – the market which usually emerges in February or March seems to be here already.
As of today, January 16, 2013, the months of inventory for Santa Clara County is less than one month for both houses and for condominiums and townhomes. I just ran the numbers in our MLS, MLSListings.com and here’s what we’ve got:
Houses for sale (not under contract) = 649
Homes sold & closed in the last 30 days = 753
Months of inventory = .86
Condos & townhouses for sale / available = 168
Condominiums & townhomes closed & sold in last 30 days = 277
Months of inventory = .60
The median and average sales prices are up by about 27-28% for houses year over year. For condos and townhomes, it’s about 30-32% year over year.
Loads more statistical information for San Jose, Los Gatos, Saratoga and all of Santa Clara County:
It is a very hot seller’s market in the San Jose area. Pull up the statistics for all of the county at http://www.popehandy.rereport.com. Read more articles and find statistics at a glance via the PDF version: