Good afternoon everyone and welcome to Raymond’s Real Estate Update for Santa Clara County and San Jose Real Estate 2013! 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 557 single family homes available as of December 31, 2012 compared to December 31, 2011 when we finished off the year with 1,468. Year over year that is 62% less available. I can only go back 10 years and what I’ve found was this is the lowest in 10+ years. The 2nd lowest month was back in December 2004 when there were only 848 homes available on the market. I”m sure you are thinking that less home owners decided to sell last year. Guess what? There were 8% more homes that sold in 2012 over 2011 or 11,974 in 2012 over 11,094 in 2011.
The median price for Santa Clara County is up 40% for 2012. Currently at $681,000 and up 28.5% over 2011. Everyone knows that at the end of the year we always have a slight decrease only to increase in the next several months, but not the case for 2012. . So, be ready…
Something else to think about is the absorption rate for single family sold properties as of December 2012…160.3%. 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.
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 40%↑ for the year.
ALMADEN median price 8.2%↓ Nov.12-Dec.12 or 12.3%↑ for the year.
Cambrian median price 2.8↑ Nov. 12-Dec.12 or 37.8%↑ for the year.
CAMPBELL median price 5.3%↑ Nov.12-Dec.12 or 8.7%↑ for the year.
SANTA CLARA median price 3.7%↓ Nov.12-Dec.12 or 25%↑ for the year.
LOS GATOS-Monte Sereno median 11.5%↑ Nov.12-Dec.12 or 15.2%↑ for the year.
BLOSSOM VALLEY median price 10.7%↑ Nov.12-Dec.12 or 23.6%↑ 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!