Benford Real Estate, Silicon Valley, Santa Clara County

As of August 5, the average 30-year, fixed-rate, mortgage interest rate, according to the California Association of REALTORS®, was a razor thin 4.49%. For anyone who doesn’t follow interest rates, that’s a bit like getting gas for $1.50 per gallon: very rare, and very exciting for those who need to buy.

Locally, although median prices have been rising steadily for quite some time now, and continued to do so last month, there are signs they may stabilize in the near future, giving more encouragement for prospective buyers. For much of 2010, the inventory of unsold homes in Santa Clara County has been below 3 months, which is considered a sellers’ market with more demand than supply and hence upward pressure on prices. But at the end of July, Santa Clara County inventory (including townhomes and condos) was about 3.5 months. Between 3-6 months is considered a balanced market; above 6, a buyers’ market. That means more selection and negotiating power for buyers, and a little more competition for sellers. But overall, Silicon Valley is fortunate to have a real estate market that is thriving compared to many other parts of California and the United States.

Santa Clara County Median Sales Price: Houses, Townhouses, and Condos Combined

Vital Signs: (Santa Clara County houses, townhouses, and condos, as of July 2010)
Total Active Listings: 4,484
Average asking price of unsold homes: $888,000
Average (not median) sales price of sold homes: $711,000
Average percentage of original asking price obtained by successful sellers: 96%
Average number of cumulative days on market: 56
Closed sales, year-to-date: 8,712
Listings expired during July 2010: 179
Average 1-year appreciation: 14.3%
Months of supply by the end of July, based on closed sales: 3.5 (balanced market)
Average 30-year fixed interest rate as of August 5, 2010: 4.49%, fees not included

Snapshots, July 2010
Top 3 sellers’ markets in Santa Clara County by zip code:
1. 95119 (San Jose-Santa Teresa): 1.5 months of inventory
2. 94303 (Palo Alto*): 1.6
3. 94087 (Sunnyvale): 1.8
Top 3 buyers’ markets:
1. 95033 (Los Gatos Mountains): 21.5
2. 95112 (San Jose-Central): 9.6
3. 95046 (San Martin): 9.0
3 most expensive zip codes
1. 94301 (Palo Alto-Downtown): $2,065,000
2. 94022 (Los Altos/Los Altos Hills-North): $1,863,000
3. 95070 (Saratoga): $1,567,000
3 least expensive zip codes
1. 95110 (San Jose-Central): $285,000
2. 95122 (San Jose-East/Hillview): $300,000
3. 95116 (San Jose-East/Central): $306,000

*94303 includes parts of Palo Alto (Santa Clara County) and East Palo Alto (San Mateo County). In these statistics, only the Santa Clara County portion is included.

When we’re out in public talking to people one of the most common things they ask when they find out we’re in real estate is, “Gosh, things are pretty bad right now, huh?” They often express doubt when we tell them the market in San Jose and the greater Silicon Valley has been recovering for over a year. Indeed, last month was one of our busiest months ever, and for that we owe thanks to our clients, personal friends, and friends in business who continue to refer their family, friends, and neighbors to us. It’s people like you that allow us to work primarily by referral and who motivate us to work hard and enjoy it every day!

But truly, the local marketplace as a whole is also showing plenty of vitality, hovering around a healthy 3.0 months of inventory since the beginning of this year, a consistent number of sales month after month, and continuing, small but significant increases in median price. Don’t just take our word for it! Look at the numbers yourself! The graph below represents the median sales prices of stand-alone houses, townhouses, and condominiums in Santa Clara County.

Vital Signs: (Santa Clara County houses, townhouses, and condos, as of June 2010)
Total Active Listings: 4,113
Average asking price of unsold homes: $919,000
Average (not median) sales price of sold homes: $702,000
Average percentage of original asking price obtained by successful sellers: 97%
Average number of cumulative days on market: 60
Closed sales, year-to-date: 7,337
Listings expired during June 2010: 159
Average 1-year appreciation: 17.2%
Months of supply by the end of June, based on closed sales: 3.1 (balanced market)
Average 30-year fixed interest rate as of July 1, 2010: 4.58%, fees not included

Snapshots, May 2010
Top 3 sellers’ markets in Santa Clara County by zip code:
1. 95122 (San Jose-East/Hillview), 1.4 months of inventory
2. 95133 (San Jose-Berryessa), 1.6
3. 95129 (San Jose-West), 1.8
Top 3 buyers’ markets:
1. 95030 (Los Gatos/Monte Sereno), 12.0 months of inventory
2. 95033 (Los Gatos Mountains), 8.2
3. 95126 (San Jose-Rose Garden/Central), 6.4
3 most expensive zip codes in Santa Clara County:
1. 94301 (Palo Alto-Downtown), median price $2,100,000
2. 94022 (Los Altos/Los Altos Hills-North), $1,743,000
3. 94024 (Los Altos/Los Altos Hills), $1,483,000
3 least expensive zip codes in Santa Clara County:
1. 95116 (San Jose-East/Central), median price $268,000
2. 95122 (San Jose-East/Hillview), $286,000
3. 95110 (San Jose-Central), $298,000

Like golf, tennis, swimming, restaurants, organized activities? Like a quiet condo with a private, enclosed patio, free of the elements during rain and cool winter months? One person over 55? Then you need to consider this roomy Villages property, affordably priced at $394,500, in San Jose, CA.
Take a tour of this beautiful Galloway property.

4 bedrooms/3 bathrooms of luxury in a 2475 square foot house in the beautiful Jackson Hills area of Morgan Hill! The lot is just under 9,200 square feet, backing up to an easement which protects the majestic old valley oak trees.

Take a tour of Mira Bella Circle.

Fall in love: roomy 1940 Spanish home in the historical Alameda-Rose Garden-Santa Clara University area. One year ago, this house was a mess. See the upgrades and repairs that were done, including the basement workshop, 200 amp electrical service, interior/exterior paint, and landscaping. See the old features, including the milk door, in-wall ironing board, phone alcove, ceiling soffit, archways, etc.

This house is centrally located to Santa Clara University, the YMCA, Rose Garden, San Jose Airport, shopping, restaurants, etc.

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This manufactured home is in Cape Cod Village, a wonderful, quiet, five star senior park in Sunnyvale, CA, right in the heart of Silicon Valley. One person must be 55+. It is not far from major highways, and the bus route on Mathilda.

The home is freshly painted, home and pest inspections have been completed, repairs have been made, and, with its newer updated kitchen, is ready to move into. Check out the pool, spa, and community areas. Buyer needs to be approved by the park.

Click here for the tour.

Walk into a roomy remodeled home in the convenient Cambrian-Almaden Valley neighborhood of San Jose, just off Meridian Avenue. This fabulous home was enlarged and remodeled in 2005, giving it the warmth and space for entertaining.

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This is the perfect 1 bedroom condo for the Silicon Valley professional, or perhaps even for corporate travelers’ housing, situated nearer the back of the complex, off the busy street, conveniently near the pool. It has been carefully painted, and is in immaculate condition.

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Beautifully remodeled home in the Branham Terrace neighborhood of San Jose. Hardwood floors are through out with tile in the kitchen, crown molding, upgraded energy-efficient lighting, quartz counter tops, and much more!

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This beautiful property is a condo in the San Jose, California senior community, The Villages. It has upgraded wood floors, and a master bath remodel to dream about.

Click here for the virtual tour.