2008 was a year full of negative headlines and bad economic news, but now with lower housing prices and 30-year fixed mortgage rates below 5%, it’s the perfect time for first-time home buyers or people wanting to trade up to a larger home to make a move. We’re optimistic that 2009 will be a year of recovery and there are signs of it already: although the average sales price dropped 31% in Santa Clara County in 2008, there was a 19.4% increase in sales from December 2007 to December 2008. There are opportunistic buyers out there. Are you one of them?
Vital signs:
Santa Clara County, Detached Houses and Condominiums/Townhomes, as of December 2008
Total Active Listings: 5,686
Average (Mean) On-Market Asking Price: $717,000
Average (Mean) Final Sales Price: $593,000
Average Sales Price-List Price Ratio (sold homes only): 97%
Average Market Time: 58 days
Sales, year-to-date: 11,661
Expired listings, December: 799
1-year appreciation: -31%
Months of Supply, December: 6.6
Average 30-year fixed interest rate (week ending 1/8/2009, not including points or fees): 5.01%
Local Markets, December 2008 (Months of Inventory):
The lower the number, the more likely prices there are to be rising (sellers’ market). The higher the number, the more likely prices will be falling (buyers’ market).
Sellers’ Market: Palo Alto (3.0)
Balanced Markets: Mountain View (4.1); Cupertino (4.4); Cambrian (4.9); Almaden Valley (5.0); Santa Teresa (5.1); Blossom Valley (5.3); Los Altos (5.8)
Buyers’ Markets: Campbell (6.1); Alum Rock (6.3); Milpitas (6.6); Santa Clara (6.8); South San Jose (6.8); Evergreen (6.8); Berryessa (7.0); Morgan Hill/Gilroy (7.5); Sunnyvale (7.8); Central San Jose (8.2); Los Gatos (9.2); Willow Glen (9.9); Saratoga (10.8)
Significant Buyers’ Markets: Los Altos Hills (36.0); Los Gatos Mountains (55.0)
Interested in more detailed data? Click one of the graphics:
