Beautifully upgraded Spanish style home in quiet Santa Clara neighborhood. Complete with lots of bells and whistles, this home is a remodeled work of art, move-in-ready. The gourmet cook will love creating masterpieces in the state-of-the art kitchen, and entertaining in the outdoor garden and garden room, made for entertaining family and friends. Click here for the virtual tour.
A monthly report showing what it might have taken, hypothetically, for a renter to become a first-time home buyer in Silicon Valley
In April 2009:
Median sales price among San Jose condominiums under 1200 square feet: $170,000
Monthly payment, assuming 20% down, a 4.78% fixed rate mortgage, and estimated taxes, insurance, and HOA dues: $1245.65
Median sales price among San Jose houses under 1500 square feet: $325,000
Monthly payment, assuming 20% down, a 4.78% fixed rate mortgage, and estimated taxes and insurance: $1807.87
At the end of April there were 5079 houses, townhouses, and condos for sale in Santa Clara County, the lowest the inventory has been in two years. Meanwhile, pending sales, at 2150 for the month, were at their highest since 2005. Because of the relatively large number of short sales, which have longer escrow periods, only about half that number (1055) closed in April. Still, that’s the highest number of closed sales since October 2008, and many more of these pending sales will have closed in the month of May.
This late spring/early summer surge is taking place primarily in the lower price ranges, made obvious by the huge discrepancy between the average sales price ($544,000), which is calculated using only the homes that actually sell, and the average asking price ($905,000), which includes all the homes which have stayed on the market for long periods of time without a sale. Thus we expect prices of condos and small houses in less expensive parts of Silicon Valley to stabilize and perhaps even increase this summer, while prices of larger homes in more expensive neighborhoods continue to decline a little while longer.
Vital Signs:
Santa Clara County, Detached Houses and Condominiums/Townhomes, as of April 2009
Total Active Listings: 5,079
Average (Mean) On-Market Asking Price: $905,000
Average (Mean) Final Sales Price: $544,000
Average Sales Price-List Price Ratio (includes only homes that actually sell): 97%
Average Market Time (not including re-lists): 63 days
Sales, year-to-date: 3,637
Expired listings, April: 332
1-year appreciation: -36.4%
Months of Supply, April: 4.8
Average 30-year fixed interest rate (week ending 4/30/2009, not including points or fees): 4.78%
What’s Hot and What’s Not in Silicon Valley, April 2009:
Numbers represent “months of inventory.” The lower the number, the more likely prices there will be rising (sellers’ market). The higher the number, the more likely prices there will be falling (buyers’ market). Currently, many of the less expensive areas are in a “sellers’ market” while many of the more expensive areas are in a “buyers’ market.”
Sellers’ Markets: San Jose-Santa Teresa (2.7); San Jose-Blossom Valley (2.7); San Jose-Alum Rock (2.9); Milpitas (3.0)
Balanced Markets: Newark* (3.1); San Jose-South (3.2); San Jose-Cambrian (4.0); Morgan Hill/Gilroy (4.5); San Jose-Berryessa (4.5); Fremont* (4.5); San Jose-Evergreen (4.8); Santa Clara (5.3); Sunnyvale (5.4); Campbell (5.7); Cupertino (5.8); Mountain View (5.8); San Jose-Central (6.0); Palo Alto (6.0)
Buyers’ Markets: San Jose-Willow Glen (7.8); Los Gatos/Monte Sereno (8.4); Los Altos (10.1); San Jose-Almaden Valley (10.4); Los Altos Hills (11.3)
Significant Buyers’ Markets: Saratoga (13.8)
* denotes Alameda County
Santa Clara County Average: 4.8 months of supply (strongest market since July 2007)
Charts and Graphs:
