Tag Archives: San Jose Real Estate Update 2013

Real Estate Update for Santa Clara County September 2013!


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!

Advertisements

Real Estate Update for Santa Clara County January 2013!


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!