Benford Real Estate, Silicon Valley, Santa Clara County

Renting? Check this out!

The median price for San Jose condominiums under 1200 square feet was $198,000 in February. Assuming a 20% down payment and a 5.15% 30-year fixed-rate home loan, that’s just $864.91 in principal and interest per month! If you add an estimated $300 per month HOA dues and 1.25% in property taxes, it’s still under $1400 per month towards ownership. How does that compare to your apartment rent?

Curious about houses? The median price for a San Jose house between 1000 and 1499 square feet was $346,000 in February. Again, assuming a 20% down payment and a 5.15% 30-year fixed-rate loan, that’s $1511.40 in principal and interest per month. Add 1.25% in property taxes and it’s still under $1900 a month. Housing hasn’t been this affordable in years. Think a house is out of reach? Talk to us: you may be closer than you think!

The average home sales price in February 2009 in Santa Clara County was $515,000, down 40.9% from February 2008. But the number of sales is once again up, by 25% over February 2008. With 7.7 months of inventory it’s still a buyer’s market, and the numbers show that opportunistic buyers are out there shopping for great deals.

Vital signs:

Santa Clara County, Detached Houses and Condominiums/Townhomes, as of February 2009

Total Active Listings: 5,801
Average (Mean) On-Market Asking Price: $776,000
Average (Mean) Final Sales Price: $515,000
Average Sales Price-List Price Ratio (sold homes only): 97%
Average Market Time: 63 days
Sales, year-to-date: 1,525
Expired listings, February: 322
1-year appreciation: -40.9%
Months of Supply, February: 7.7
Average 30-year fixed interest rate (week ending 3/5/2009, not including points or fees): 5.15%

Local Markets (Santa Clara County, plus Fremont and Newark), February 2009:

Numbers in parentheses are “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: South San Jose (5.4); Alum Rock (5.8); Berryessa (5.9)

Buyers’ Markets: Cambrian (6.1); Blossom Valley (6.3); Campbell (6.5); Mountain View (6.9); Newark (7.2); Milpitas (7.3); Sunnyvale (7.4); Fremont (7.5); Morgan Hill/Gilroy (7.6); Cupertino (7.8); Los Gatos Mountains (7.9); Santa Clara (7.9); Evergreen (7.9); Santa Teresa (8.9); Palo Alto (9.3); Central San Jose (9.4); Almaden Valley (11.9)

Significant Buyers’ Markets: Willow Glen (12.9); Los Gatos/Monte Sereno (14.2); Los Altos (14.7); Saratoga (30.8); Los Altos Hills (45.0)