Sales in nearly all parts of Silicon Valley slowed down in January. There were only 306 closed sales of houses or condos in the month, down from 510 in December. However, the number of pending sales edged up. The median price dropped for the second straight month and at $740,000, was about equal to what it was a year prior.
A look at the local markets within the county, in terms of months of inventory (the ratio of active listings at the end of January to the number of closed sales during January). Area boundaries are defined by MLSListings multiple listing service:
Balanced Markets: Los Altos (3.3); Palo Alto (3.4); Saratoga (3.5); Cupertino (3.7); San Jose-Almaden Valley (4.8); Mountain View (5.8)
Buyers’ Markets: San Jose-Cambrian (6.2); San Jose-Willow Glen (8.0); Sunnyvale (8.9); Los Altos Hills (9.0); Los Gatos Mountains (9.0); Santa Clara (9.2); Campbell (9.9); Los Gatos/Monte Sereno (10.5); San Jose-Blossom Valley (11.2)
Clear Buyers’ Markets: San Jose-Berryessa (13.5); Milpitas (14.0); San Jose-Central (16.8); San Jose-Evergreen (18.0); San Jose-Santa Teresa (32.0); San Jose-South (35.6); Morgan Hill/Gilroy (38.8); San Jose-Alum Rock (68.0)
