We’ve reported over and over that there are great opportunities out there for first-time home buyers. But there’s another group out there that can stand to benefit a lot from the current market conditions: second-time home buyers, or any expanding household. Economic uncertainty seems to have stifled sales in some of our pricier markets in January. If you’re ready and waiting to get into a community like Los Gatos or Saratoga, now may be your time as those are two of the most surprising buyer’s markets right now.
Vital signs:
Santa Clara County, Detached Houses and Condominiums/Townhomes, as of January 2009
Total Active Listings: 5,550
Average (Mean) On-Market Asking Price: $743,000
Average (Mean) Final Sales Price: $516,000
Average Sales Price-List Price Ratio (sold homes only): 97%
Average Market Time: 67 days
Sales, year-to-date: 712 (41.8% more than in January 2008)
Expired listings, January: 684
1-year appreciation: -40.1%
Months of Supply, January: 7.8
Average 30-year fixed interest rate (week ending 2/5/2009, not including points or fees): 5.25%
Local Markets, January 2009 (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).
Balanced Markets: Cambrian (4.9); Berryessa (5.4); Santa Teresa (5.8); Alum Rock (5.8); Blossom Valley (5.9)
Buyers’ Markets: South San Jose (6.1); Sunnyvale (6.4); Campbell (7.6); Palo Alto (7.8); Morgan Hill/Gilroy (8.1); Milpitas (8.4); Cupertino (8.5); Evergreen (9.7); Central San Jose; (9.7); Santa Clara (9.8); Willow Glen (10.0)
Significant Buyers’ Markets: Los Altos (13.3); Mountain View (15.5); Los Gatos/Monte Sereno (16.8); Almaden Valley (20.2); Los Gatos Mountains (25.5); Los Altos Hills (40.0); Saratoga (63.5)
Interested in more data? Click one of the graphics:
