Combined single family and townhouse/condominium inventory in Santa Clara County broke the 7000 mark in April. Fortunately the number of pending sales has also been increasing. In April, 1363 sales contracts were signed and reported to the MLSListings, Inc. listing service, the most in any month since June of 2007. The number of closed sales remained pretty flat, probably because transactions, once opened, are taking longer to close. But the good news is that there are buyers out there shopping, so those sales will be closing eventually.
Here’s a look at the local markets within Santa Clara County. Figures represent months of inventory based on closed sales during the month of April 2008, using data from MLSListings, Inc. The lower the number, the more favorable the market is to sellers; the higher the number, the more favorable the market is to buyers.
Sellers’ Markets
: Palo Alto (2.3); Los Altos (3.0)Balanced Markets
: Cupertino (3.3); Mountain View (3.3); Saratoga (4.1); San Jose-Almaden Valley (4.3); Campbell (5.5)Buyers’ Markets
: San Jose-Willow Glen (6.5); Sunnyvale (6.5); San Jose-Cambrian (6.7); Los Gatos (7.2); Santa Clara (7.4); San Jose-Blossom Valley (8.8); Milpitas (10.3); San Jose-Evergreen (10.7); San Jose-Berryessa (11.0); Los Altos Hills (11.0); San Jose-Central (11.6)Significant Buyers’ Markets
: San Jose-Santa Teresa (13.9); Morgan Hill/Gilroy (17.3); Los Gatos Mountains (17.8); San Jose-South (27.2); San Jose-Alum Rock (31.5)
