How are the sales of condos and townhouses in the San Jose, Santa Clara County or Silicon Valley area? Just as with houses, the market is getting more active… things are picking up. The trend is for increasing sales – pending condo sales in Santa Clara County are rising each week.
Nov 1 – Nov 7 = 116 newly sold (sale pending) condominiums and townhouses
Nov 8 – Nov 14 = 123
Nov 15 – Nov 21 = 129
Year over year, it’s up dramatically too. Nov 1 – 22 2009 = 234 newly pending sales and Nov 1 – 22, 2010 = 366 newly pending sales (that’s a 64% increase). That is a very huge increase!
Looking at closed sales and comparing it to two or three weeks ago, we see improvement. Here’s a graph showing the months of inventory for condominiums and townhouses in Santa Clara County, San Jose, Sunnyvale and Los Gatos (as samples). Below please find the months of inventory for all sale types (REOs, short sales and regular sales) and just short sales. Countywide and in most places, it remains much harder to sell a “short sale listing” than a regular one.
Los Gatos is odd in that the short sales are going faster than the regular sales. As you can see, that’s not the norm for the county! My best guess is that the good schools and low prices make short sales in Los Gatos very attractive. We might find this same trend in other areas with exceptional schools such as Almaden, Saratoga, Cupertino and Los Altos.
Sunnyvale is still struggling but it has improved from the last time I checked the numbers on Nov 13 2010.
