July appears to have maintained a stable environment for the Santa Clara County real estate market. There was a slight decline in the number of closed sales, but this was counterbalanced by a slight increase in the number of pending sales. The overall number of homes on the market remained virtually unchanged. The median price of closed sales was down to $645,000, and the supply of homes countywide was about 6.4 months’ worth of inventory, meaning that for now the market is still slightly favoring buyers.
Here’s a look at the local markets within Santa Clara County. Figures represent months of inventory based on closed sales during the month of July 2008, using data from MLSListings, Inc. The lower the number, the more favorable the market is to sellers; the higher the number, the more favorable the market is to buyers.
Sellers’ Markets: Palo Alto (1.7); Cupertino (2.2); Mountain View (2.9)
Balanced Markets: Sunnyvale (3.3); Los Altos (3.4); San Jose-Almaden Valley (4.5); Santa Clara (4.6); Campbell (4.7); San Jose-Santa Teresa (5.1); San Jose-Cambrian (5.1); Saratoga (5.6); Milpitas (5.9)
Buyers’ Markets: Los Altos Hills (6.3); San Jose-Blossom Valley (6.4); San Jose-Berryessa (6.6); San Jose-Willow Glen (6.7); Los Gatos (7.1); San Jose-Evergreen (7.4); San Jose-Central (10.4); Morgan Hill/Gilroy (11.1); San Jose-South (12.0)
Significant Buyers’ Markets: San Jose-Alum Rock (14.7); Los Gatos Mountains (20.3)
Countywide: 6.4 months of inventory (slight buyers’ market)
