Good evening everyone and welcome to Raymond’s Real Estate Update for Santa Clara County and San Jose Real Estate 2013! Wow, what a year so far!!! It’s already the end of September and before you know it I will be talking about 2014.
So where do I begin? The inventory is still way down…a whopping 1,350 available single family homes as of today and that is down from our peak of 1,482 single family homes available in Santa Clara County in July of this year. Low inventory means a great year for sellers since the demand is very high even in August after the June and July summer months have passed us by. So far August has had the highest amount of homes go into contract over any other month this year. The County appreciated 24.4%↑ since January 2013 to $838,000 and was only 3% from hitting our all time high back in 2007, which was $868,000 median price. Better yet, as of today $810,000 median price for Santa Clara County is up 83%↑ from our all time low back in 2009, so if you are one of those buyers who waited for the phantom inventory or homes to keep dropping I hope you are convinced it’s not coming.
While the median price dropped from July 13 to August 13 by 3%↓…if this inventory doesn’t increase in many areas I hate to say, but the median price can climb even more come spring 2014. Especially when I hear my colleagues say there are missing out on properties in Cupertino after offering $300k over asking with 0 contingencies and free rent back only to get rejected. I know we still have interest rates that do help in the real estate market, but here in Santa Clara County it’s not the only factor when buyers decide to take ownership or upgrade. Between the rental market getting tighter and the interest rates that have risen by 1% from the beginning of the year seems like it washes out as homes are still selling at record highs.
Here is a graph of what the inventory use to look like 5 years back. The light green bar means available homes for sale…
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 up 24%↑ for the year.
ALMADEN median price 3%↓ July 13-Aug. 13 or 8%↑ for the year.
Cupertino median price 4.6%↓ July 13-Aug. 13 or 15%↑ for the year.
Cambrian median price .7%↑ July 13-Aug. 13 or 11.8%↑ for the year.
CAMPBELL median price 1.8%↓ July 13-Aug. 13 or 13.6%↑ for the year.
SANTA CLARA median price 2%↑ July 13-Aug. 13 or 25%↑ for the year.
LOS GATOS-Monte Sereno median 5.3%↓ July 13-Aug. 13 or 3.2%↓ for the year.
BLOSSOM VALLEY median price .8%↓ July 13-Aug. 13 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!