The real estate market in the Silicon Valley has been heating up again. Lower inventory and the homebuyer’s credit are making for multiple offers.
A good article on the Bay Area just was published through RISMedia. Regional Spotlight: Home Buyer Tax Credit Buoys Bay Area Home Sales as Tighter Inventory, Multiple Bids Nudge Prices Higher
One example was a home on Black Oak in Almaden Valley. It was offered on the low side for Almaden Valley and had 31 offers!
The lower end of our market is definitely feeling the pressure of a lot of buyers vying for a small amount of properties. The all cash investors are hard to compete with. And low down FHA buyers are being overlooked.
One bright spot for buyers is the inventory is starting to get up slightly. Which is normal for the start of the year.
The activity for homes under $800K will most likely continue to be brisk as we approach the April 30th deadline for buyers who want to use the homebuyer credit.
Market Report for Almaden Valley – There were 16 closed sales in January in Almaden Valley. The number of active homes is 49, with pending sales at 27 in the last 30 days. The price range of available homes is from $575,000-$2,895,000. The median price is $925,000. The price range of pending sales is $440,000- $1,725,000. Listings are down about 45% over last year. The pending sales are up about 145% over last year!!
While single family homes make up the bulk of the inventory, there are 6 active townhomes/condos, 0 pending in the last 30 days and 3 closed in January.
As of January 31, 2010, in the Santa Clara County the inventory for active listings of single family homes was 1813 and condo/townhomes is 749. Totaling 2562 for both. The number of listings dropped around 54% from last year at this time!
The number of homes and townhome/condos that went into contract over the last 30 days was 1412. This figure is up about 8% over last year.
The number of closed sales in January was 785. This figure is up 14% over last year! The 1st time buyer program and investors in the market have had an impact on this figure.