A recent headline in the San Jose Mercury News proclaimed “Record-low number of Santa Clara County homes sold in March.” The truth is, the number of sales opened last month according to MLSlistings.com was 1107 - the highest number for any month since July of 2007! Furthermore, it is the third straight monthly increase in sales, and nearly double the amount from December of 2007. Is the Mercury lying? Technically, no. The article was referring to the number of sales during any month of March, of any year - not the number of sales ever in a month. The news media tend to look at the glass as half-empty, and yes, the effect can be very deceptive. Our friends in the press need to make a living just like everyone else, and let’s face it - dramatic, negative news sells. But the Benford and Benford Team are here to give you the cold, hard facts and to remind you not to get stressed out by the headlines. Oh, by the way - the monthly supply of inventory based on closed sales dropped to 9.0 months countywide, down from the January peak of 11.7. Dramatic? No, but this signifies an improvement in the marketplace. The Merc didn’t tell you that, did it?
Here’s a look at Santa Clara County markets as they performed in the month of March. Monthly inventory is based on closed sales and active listings according to MLSlistings.com. The higher the number, the slower the sales. A healthy market has between 3 and 6 months of inventory.
Sellers’ Markets: Palo Alto (1.9 months of inventory); Cupertino (2.3); Mountain View (2.7)
Balanced Markets: Los Altos (3.5 months of inventory); Saratoga (3.8); Sunnyvale (4.1); San Jose-Cambrian (4.7); Campbell (5.2)
Buyers’ Markets: Los Gatos/Monte Sereno (6.3 months of inventory); San Jose-Willow Glen (6.5); San Jose-Almaden Valley (6.7); Santa Clara (6.7); San Jose-Berryessa (8.5); San Jose-Blossom Valley (9.4); San Jose-Central (10.6)
Significant Buyers’ Markets: San Jose-Evergreen (12.7 months of inventory); Los Altos Hills (13.7); San Jose-Santa Teresa (13.8); Milpitas (16.6); Morgan Hill/Gilroy (20.9); Los Gatos Mountains (22.0); San Jose-South (36.9); San Jose-Alum Rock (46.7)
Countywide: 9.0 months of inventory - buyers’ market
