This one-story, Cape Cod style condo of San Jose’s active senior adult Villages community (one person must be 55 or older), features an enclosed patio with dual paned windows and slate floors, a master bedroom suite with mirrored closet doors and organizers, and a second bedroom with a spacious walk-in closet. A comfortable abode in the midst of a community rich with amenities and activities!

Click here to take a virtual tour!

Posted by Jeffrey, filed under Virtual Tours. Date: August 31, 2009, 3:25 pm | No Comments »

For five consecutive months now, the average sales price among Santa Clara County houses, townhouses, and condominiums has increased, giving us further evidence that the market is well into a recovery phase. The price increase appears to be a result of a continuing inventory squeeze: although the number of sales month to month has remained quite consistent recently, the number of homes available for sale continues to fall. In other words, the same number of buyers are competing for an ever diminishing supply of homes, creating bidding wars which have driven the prices back up.

With prices where they are, homeowners in solid financial shape are the only ones who are willingly putting their homes on the market right now. But if another wave of foreclosures were to occur, prices would soften again. We don’t know when or if that will occur any time soon, but if it does it will bring relief to the first-time home buyer. But for now, some sellers are in position to take advantage of the current price rebound.

Vital Signs:

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

Total Active Listings: 3,652
Average (Mean) On-Market Asking Price: $1,048,000 (skewed by luxury homes remaining on the market while entry-level and mid-level price ranges sell quickly)
Average (Mean) Final Sales Price: $636,000
Average Sales Price-List Price Ratio (includes only sold homes): 98%
Average Market Time: 58 days
Sales, year-to-date: 8,115
Expired listings in July: 295
1-year appreciation: -19%
Months of Supply, end of July: 2.5 (sellers’ market)
Average 30-year fixed interest rate (week ending August 13, 2009, not including points or fees): 5.29%

What’s Hot and What’s Not in Silicon Valley, July 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).

Sellers’ Markets: San Jose-Cambrian (1.2); San Jose-Blossom Valley (1.3); San Jose-Berryessa (1.5); San Jose-South (1.5); San Jose-Alum Rock (1.8); Sunnyvale (1.9); Fremont* (1.9); San Jose-Evergreen (2.1); Santa Clara (2.1); Mountain View (2.2); Milpitas (2.2); Newark* (2.3); Cupertino (2.5); San Jose-Santa Teresa (2.5); Morgan Hill/Gilroy (2.7); San Jose-Almaden Valley (2.9)

Balanced Markets: Campbell (3.1); San Jose-Willow Glen (3.6); Los Altos (3.7); San Jose-Central (3.7); Palo Alto (3.8)

Buyers’ Markets: Saratoga (6.3); Los Gatos/Monte Sereno (6.6); Los Gatos Mountains (8.6); Los Altos Hills (12.0)

* denotes Alameda County



Posted by Jeffrey, filed under Market Trends. Date: August 21, 2009, 8:02 pm | No Comments »

A monthly report showing what it might have taken, hypothetically, for a renter to become a first-time home buyer in Silicon Valley

In July 2009:

Median sales price among San Jose condominiums under 1200 square feet: $190,000
Monthly payment, assuming 20% down, a 5.29% 30-year fixed-rate mortgage, and estimated taxes, insurance and HOA dues: $1,404.37

Median sales price among San Jose houses under 1500 square feet: $370,000
Monthly payment, assuming 20% down, a 5.29% 30-year fixed-rate mortgage, and estimated taxes and insurance: $2,150.61

Posted by Jeffrey, filed under First-time Homebuyers. Date: August 21, 2009, 7:24 pm | No Comments »