December was quite a competitive month for home buyers, particularly with price ranges below $600,000. It’s typical for sellers to avoid putting their homes on the market during this month, and yet prospective buyers, with time off work, will begin or intensify their house-hunts. As a result, the existing inventory of detached houses, townhouses, and condos dipped just below 2 months of supply for the first time in several years in Santa Clara County. Interest rates came up above 5%, however, creating an even greater sense of urgency for buyers, many of whom are facing multiple competing offers. If you’ve been waiting for an advantageous time to sell your house, this year might be it.
Vital Signs: (Santa Clara County houses, condos, and townhouses, as of December 2009)
Total Active Listings: 2,220
Average asking price of unsold homes: $982,000
Average sales prices of sold homes: $630,000
Average percentage of asking price obtained by successful sellers: 99%
Average number of days on market: 52
Sales, year-to-date: 14,850
Listings expired during December 2009: 387
Average 1-year appreciation: 8.6%
Months of supply by the end of December: 1.9 (sellers’ market)
Average 30-year fixed interest rate as of January 7, 2010: 5.09%, fees not included
Snapshots, December 2009
Top 3 sellers’ markets in Santa Clara County by zip code:
1. 94041 (Central/Downtown Mountain View), 0.4 months of inventory
2t. 95118 (San Jose-Cambrian/Almaden), 0.9
2t. 95130 (San Jose-San Tomas), 0.9
Top 3 buyers’ markets:
1t. 95046 (San Martin), 10.0 months of inventory
1t. 95033 (Los Gatos Mountains), 10.0
3. 95070 (Saratoga), 5.9
3 most expensive zip codes in Santa Clara County:
1. 94024 (Los Altos/Los Altos Hills), median sales price $1,700,000
2. 95030 (Los Gatos/Monte Sereno), $1,582,000
3. 94022 (Northern Los Altos/Los Altos Hills), $1,330,000
3 least expensive zip codes in Santa Clara County:
1. 95122 (San Jose-East/Hillview), $276,000
2. 95110 (San Jose-Central), $294,000
3. 95116 (San Jose-East/Central), $301,000
Curious about your zip code? Call Jeff: (408) 644-5175