When we’re out in public talking to people one of the most common things they ask when they find out we’re in real estate is, “Gosh, things are pretty bad right now, huh?” They often express doubt when we tell them the market in San Jose and the greater Silicon Valley has been recovering for over a year. Indeed, last month was one of our busiest months ever, and for that we owe thanks to our clients, personal friends, and friends in business who continue to refer their family, friends, and neighbors to us. It’s people like you that allow us to work primarily by referral and who motivate us to work hard and enjoy it every day!
But truly, the local marketplace as a whole is also showing plenty of vitality, hovering around a healthy 3.0 months of inventory since the beginning of this year, a consistent number of sales month after month, and continuing, small but significant increases in median price. Don’t just take our word for it! Look at the numbers yourself! The graph below represents the median sales prices of stand-alone houses, townhouses, and condominiums in Santa Clara County.
Vital Signs: (Santa Clara County houses, townhouses, and condos, as of June 2010)
Total Active Listings: 4,113
Average asking price of unsold homes: $919,000
Average (not median) sales price of sold homes: $702,000
Average percentage of original asking price obtained by successful sellers: 97%
Average number of cumulative days on market: 60
Closed sales, year-to-date: 7,337
Listings expired during June 2010: 159
Average 1-year appreciation: 17.2%
Months of supply by the end of June, based on closed sales: 3.1 (balanced market)
Average 30-year fixed interest rate as of July 1, 2010: 4.58%, fees not included
Snapshots, May 2010
Top 3 sellers’ markets in Santa Clara County by zip code:
1. 95122 (San Jose-East/Hillview), 1.4 months of inventory
2. 95133 (San Jose-Berryessa), 1.6
3. 95129 (San Jose-West), 1.8
Top 3 buyers’ markets:
1. 95030 (Los Gatos/Monte Sereno), 12.0 months of inventory
2. 95033 (Los Gatos Mountains), 8.2
3. 95126 (San Jose-Rose Garden/Central), 6.4
3 most expensive zip codes in Santa Clara County:
1. 94301 (Palo Alto-Downtown), median price $2,100,000
2. 94022 (Los Altos/Los Altos Hills-North), $1,743,000
3. 94024 (Los Altos/Los Altos Hills), $1,483,000
3 least expensive zip codes in Santa Clara County:
1. 95116 (San Jose-East/Central), median price $268,000
2. 95122 (San Jose-East/Hillview), $286,000
3. 95110 (San Jose-Central), $298,000