Monthly Quarterly Yearly Property Analysis

Trends At a Glance Oct 2008 Previous Month Year-over Year
Median Price $553,000 $600,000 (-7.8%) $868,500 (-36.3%)
Average Price $689,762 $750,913 (-8.1%) $1,054,790 (-34.6%)
No. of Sales 832 904 (-8.0%) 590 (+41.0%)
Pending Properties 1313 1095 +19.9%) 567 (+131.6%)
Active 4358 4744 (-8.1%) 5319 (-18.1%)
Sale vs. List Price 98.9% 98.5% (+0.3%) 99.4% (-0.6%)
Days on Market 51 55 (-6.3%) 42 (+22.2%)

Prices and Sales [Enlarge Graph]
Days of Inventory [Enlarge Graph]
Sales Year-to-Date [Enlarge Graph]
Sale Price/List Price Ratio [Enlarge Graph]
Market Barometer [Enlarge Graph]

Market Overview

Santa Clara County Home Sales Up Fourth Month in a Row
Sales of single-family, re-sale homes in Santa Clara County were up 44.7% in October compared to last year. Month-over-month, sales fell 8%. Sales continue to be concentrated in the lower-priced cities such as San Jose where year-over-year sales were up 99.6%, and Gilroy where sales were up 372.7%.

Home prices continue to be affected by the bank-owned property that has flooded the market.

The median price continued to slide, down 7.8% from September, and off 35.8% year-over-year.

Inventory continues to decline, falling 8.1% from September, and down 12.1% compared to October 2007.

Condo sales tumbled 10.7% from September, and were down 19% year-over-year.

The median price for condos, on the other hand, rose 5.3% month-over-month, but was off 28% compared to last October.

If you are in escrow with one of the new higher-limit, conforming loans, or you expect to buy a home before the end of the year, remember, the new, higher conforming loan limit of $729,750 expires at the end of the year. You must have your loan funded by then. Starting January 1st, the conforming loan limit will be $625,000.

The real estate market is very hard to generalize. It is a market made up of many micro markets. For complete information on a particular neighborhood or property, call me.

 
  



These statistics are generated using information from the MLSListings Inc. MLS, but have not been verified and are not guaranteed. MLSListings Inc. disclaims any responsibility for the accuracy and reliability of these statistics. This information should not be relied upon for real estate transaction decisions.

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