Good afternoon everyone and welcome to Raymond’s Real Estate Update for Santa Clara County and San Jose Real Estate 2012! I always like to start this out by telling everyone that I state real numbers whether they are good or bad. Something I wish the media would do. Should you want detail information for a certain zip code as I have done for a few neighborhoods below feel free to email me, and if I have numbers for that particular area I will supply them. I hope you enjoy…
Santa Clara County inventory is down to 1,468↓ single family homes as of December 31, 2011. The county hasn’t been this low since December 2004 when there were only 848 homes available on the market. That is down from December 2010 by 35.6%↓ while pending properties are up 10% from Dec.11 over Dec.10. As of today January 19th there are only 1,541 single family homes currently available on the mls, and that number hasn’t been that low since January 2005. Also, the median price for 2011 in Santa Clara County closed out with a 2.5%↑ increase overall sitting at $538,000 . Everyone knows that at the end of the year we always have a slight decrease only to increase in the next several months. So, be ready…
Something else to think about is the absorption rate for single family pending properties as of December 2011…up 58.4%. It hasn’t been that high since March 2010 when it hit 58.5%. The Rate of Absorption measures the inverse of Months of Inventory and represents how much of the current active listings (as a percentage) are being absorbed (sold or pending) each month. The Absorption Rate is presented as a percentage (%) of the current inventory. Another great sign for you future home sellers…not so good for the future buyer if you are still waiting for the real estate market to bottom.
Interest rates hit another record low for the eighth time in one year on a 30-year mortgage as of today…3.88% according to the Associated Press, down from 3.89% a week ago. This is rate is obviously on loans less than $417,000.
Take a look at some graphs below showing actual numbers for Santa Clara County Real Estate, San Jose Real Estate, Almaden Valley Real Estate, Santa Clara Real Estate, Evergreen Real Estate, Campbell Real Estate, Blossom Valley, and Los Gatos Real Estate.
Santa Clara County median price 3.9%↓ Nov.11-Dec.11 or 2.5%↑ for the year.
ALMADEN VALLEY median price 9%↓ Nov.11-Dec.11 or 3.8%↑ for the year.
EVERGREEN median price 2.6%↓ Nov. 11-Dec.11 or 8.7%↓ for the year.
CAMPBELL mls area median price 1.5%↑ Nov.11-Sept.11 or .2%↑ for the year.
City of SANTA CLARA median price 1.7%↓ Nov.11-Dec.11 or 2.4%↑ for the year.
LOS GATOS-Monte Sereno median 4.5%↓ Nov.11-Dec.11 or 9%↑ for the year.
BLOSSOM VALLEY median price 2.2↓ Nov.11-Dec.11 or 1.1%↓for the year.
Thanks for reading Raymond Chavez Real Estate Blog! In the mean time don’t forget to visit www.raymondchavez.com to connect with me on LinkedIn or Facebook!