The sales numbers for Silicon Valley real estate in June 2010 are now out and crunched. How’s the market? Still extremely competitive in the entry level price points – it is a seller’s market overall in Santa Clara County. The average list price to sales price ratio continues to be at over 100% (and this is the 12th month in a row for that statistic, so it is more than a fleeting trend!).
Here are the numbers at a glance for houses in Santa Clara County:
|Houses & Duet Homes||Jun 2010||Previous Month||Year-over Year|
|Median Price||$645,000||$630,000 (+2.4%)||$540,000 (+19.4%)|
|Average Price||$785,447||$766,294 (+2.5%)||$677,151 (+16.0%)|
|No. of Sales||1,075||1,216 (-11.6%)||1,278 (-15.9%)|
|Pending Properties||2,240||2,435 (-8.0%)||2,257 (-0.8%)|
|Active||2,678||2,582 (+3.7%)||3,821 (-29.9%)|
|Sale vs. List Price||100.4%||100.8% (-0.4%)||99.4% (+1.0%)|
|Days on Market||44||39 (+11.8%)||63 (-30.1%)|
And here are the figures for condominiums and townhouses in SCC:
|Condos & Townhomes||Jun 2010||Previous Month||Year-over Year|
|Median Price||$360,000||$378,500 (-4.9%)||$339,000 (+6.2%)|
|Average Price||$412,411||$398,300 (+3.5%)||$374,215 (+10.2%)|
|No. of Sales||335||448 (-25.2%)||394 (-15.0%)|
|Pending Properties||913||1,012 (-9.8%)||755 (+20.9%)|
|Active||1,005||975 (+3.1%)||1,287 (-21.9%)|
|Sale vs. List Price||100.4%||100.1% (+0.4%)||98.8% (+1.6%)|
|Days on Market||59||47 (+25.9%)||71 (-15.7%)|
Some areas and price points are “stronger” than others as seller’s markets go. Houses in the Alum Rock area have gotten very beat down in pricing during the market collapse and consequently are very “hot” right now with a sales price averaging 103% of list price. Almaden Valley is cooler, with an average sales price of 98.8% of list price. Cambrian Park is at 100.3%, Willow Glen is 98.3%, the city of Campbell is at 98.5%.
The condo market had a worse time during the price drops because home buyers could purchase a house rather than a condominium or townhouse. Now, though, prices have adjusted and the condo & townhome markets are generally hot. The exception is the luxury market for these types of homes, which remain a little sluggish. Among condos in Palo Alto, the ratio between list and sales price is 98.4%, in Saratoga it’s 98.7%, in Los Gatos it is 97.3%.
To learn more, please visit my Real Estate Report and read the online report here: