Officially summer this month, the real estate industry in Santa Clara County, California, as well as other parts of the country, thinks it is spring. The market is opening up. Buyers have been pent up too long!
This is a good real estate analysis from SILVAR, the Silicon Valley Association of Realtors, dated Friday June 12. Dave Walsh will be the next president of the California Asssociation:
"At the Los Gatos-Saratoga District Virtual Breakfast Meeting this week, C.A.R. President-elect Dave Walsh was upbeat because weekly market stats he has tracked show the market is continuing on an upward pace. Sellers are returning to the market and buyers are even bidding on homes.
Walsh's data for Santa Clara County shows sales since March have been increasing to an average of 200 a week. Sales dropped to a mere 99 the week after county Shelter-in-Place order was imposed. Countywide, the overall 7-day change from June 1-7, 2020 shows inventory for all homes, single-family homes and condos, was at 1,511, up by 24 in a single week. Pendings were at 1,193, up 56 from the prior week.
Walsh said, "Our REALTORS® are very good at pulling buyers and sellers together no matter what the situation is, even in a pandemic. Our market is recovering faster than any other market in the state. We all are fortunate to be in Silicon Valley."
Many areas are hot. South County has been "on fire" with its affordable, expansive housing. Walsh said a reason for this is people are gravitating to larger open areas, away from cramped units in cities.
Milpitas has been hot from the start, according to Walsh. Santa Clara, Central San Jose and Sunnyvale "have never retracted and have stayed unbelievably hot with a zero slowdown." Santa Clara had 13 sales last week; its 4-week average is 10 sales. Central San Jose had seven sales last week; its 4-week average is five sales. Comparing last week's sales to their 4-week averages, these cities have exploded: Sunnyvale 19 sales (avg. 7), Cupertino 13 sales (avg. 7), Los Gatos 10 sales (avg. 6), Saratoga 8 sales (avg. 3). Positive changes are seen in Willow Glen, which had 17 sales last week (avg. 7) and Mountain View, 9 sales (avg. 3).
Since Santa Clara County's March 16 Shelter-in-Place order, 2,369 properties have been put under contract. Of those properties, 1,968 were priced below $2 million, 122 were priced over $3-7 million, and six properties sold at over $7 million.
"This tells us there is a lot of confidence in our marketplace, confidence in our consumers that work and live in Silicon Valley, confidence in employers and their stock portfolios. I cannot emphasize it enough. Our market is hot, our market is strong. If you price it correctly, it will sell. You should communicate that to your sellers," Walsh told members.
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