With potential tax credits in mind, first-time and repeat home buyers are increasing their efforts to purchase a home before the April 30th deadline. Fortunately for them, they’re enjoying an increase in selection as the number of homes for sale in Santa Clara County increased from 2576 to 2981 in February, an increase of about 16%. But the force of active home shoppers is also providing an increase in demand, as the number of executed purchase contracts jumped from 1295 in January to 1618 in February. We are seeing many of these pending sales take longer to close, as continually changing loan guidelines, as well as conservative appraisals in some cases, create problems that need to be worked out before closing. Fortunately, home buyers in contract by April 30th have until June 30th to close and still claim their tax credit. Always consult a CPA for tax-related matters, and to make sure you’ll qualify for the credit. And of course, always use a REALTOR® to help you navigate the real estate market! We’ll be glad to help you ourselves!
Vital Signs: (Santa Clara County houses, condos, and townhouses, as of February 2010)
Total Active Listings: 2,981
Average asking price of unsold homes: $940,000
Average sales price of sold homes: $627,000
Average percentage of asking price obtained by successful sellers: 99%
Average number of days on market: 49
Closed sales, year-to-date: 1692
Listings expired during February 2010: 117
Average 1-year appreciation: 23.4%
Months of supply by the end of February, based on closed sales: 3.6 (stable market)
Average 30-year fixed interest rate as of March 11, 2010: 4.95%, fees not included
Snapshots, February 2010
Top 3 sellers’ markets in Santa Clara County by zip code:
(Three-way tie)
1. 94303 (Palo Alto) 1.4 months of inventory*
1. 95130 (San Jose-San Tomas), 1.4
1. 95133 (San Jose-Berryessa) 1.4
Top 3 buyers’ markets:
1. 95033 (Los Gatos Mountains), 21.7 months of inventory
2. 95030 (Los Gatos/Monte Sereno), 10.6
3. 95032 (Los Gatos), 8.5
3 most expensive zip codes in Santa Clara County:
1. 94301 (Palo Alto-Downtown), median sales price $2,450,000
2. 94022 (Northern Los Altos/Los Altos Hills), $1,640,000
3. 94020 (Los Altos/Los Altos Hills), $1,612,000
3 least expensive zip codes in Santa Clara County:
1. 95110 (San Jose-Central), $250,000
2. 95116 (San Jose-East/Central), $286,000
3. 95122 (San Jose-East/Hillview), $305,000
* The 94303 zip code also includes a part of East Palo Alto, in San Mateo County. Only the Santa Clara County portion is factored into these statistics.