I have definitely seen more buyers vying for homes as the year has been progressing. I have also been running scenarios on renting vs. buying in some areas and the numbers work out great! I have a 2 bedroom/1.5 bathroom condo in the Alum Rock area – with 25% down there is a positive cash flow if an investor snapped it up. But a renter-turned buyer with 20% down could also be getting the benefits of homeownership at the same price as renting – meaning they would have tax advantages so they would be ahead of the game. Continue reading
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. Continue reading
The number of active single family homes in the Cambrian area is 62. There are 58 pending listings in the last 30 days and 72 sales closed in December. The list price range of the active homes is $325,000-$1,048,000. The median list price is $599,999. The list price range for the pending sales is $399,000-$1,095,000. The total listings from this time last year are down 64%, pending sales are up 33% and closed sales are up 88%!
The condos/townhomes for this area is 16 active, 10 pending sales in the last 30 days and 18 closed in December. The listings are down to about 1/3 of last years figures and closed sales are up over 3 times those of last year.
As of January 1,2010, in the Santa Clara County the inventory for active listings of single family homes was 1548 and condo/townhomes is 598. Totaling 2146 for both. The number of listings dropped by 60% from last year at this time!
The number of homes and townhome/condos that went into contract over the last 30 days was 1200. This figure is up 26% over last year.
The number of closed sales in December was 1272. This figure is up 41% over last year! The 1st time buyer program and investors in the market have had an impact on this a LOT.
Last year at this time there were 1246 short sale listings, 751 bank owned properties and 1729 traditional sellers. This year the numbers are 353, 162 and 923 respectively. The first two segments (short sellers and bank owned properties) dropped significantly. Last year only 15% of traditional sellers were in contract and this year it is 35.9%.
As of November 30th, in the Santa Clara County the inventory for active listings of single family homes was 1850 and condo/townhomes is 666. Totaling 2516 for both. The number of listings dropped by 60% from last year at this time!
The number of homes and townhome/condos that went into contract over the last 30 days was 1542. This figure is up 38% over last year.
The number of closed sales in November was 1121. This figure is up 52% over last year! The 1st time buyer program and investors in the market have had an impact on this a LOT.
See how specific areas are doing – bit.ly/MarketConditions
How are sales in your area?
- Image by studio-d via Flickr
I am very pleased that existing homeowners might be able to benefit from the current credit plan signed into Law this week.
There is a great article on this describing different scenarios for current homesowners – go to http://bit.ly/creditexplained. With low inventory in the Santa Clara County this might spur on the move-up buyers who have been frozen in their existing homes. In turn leaving 1st time buyer to aquire their newly vacate property. I have a number of clients who have had their family size increase while living often in their first home. These home are now undersized. The $6500 credit might be the answer to make the move to a larger home.
Now this is good news. The tax credit that gave the Silicon Valley steam in the real estate market has just been extended!
There are some great new features for those existing homeowners who have lived in their homes for 5 years – they can now get a $6500 tax credit if they buy another home.
Get all the facts here
In the last two weeks buyers have been coming back to the market place. There had been pent up demand for housing over the last 2 years. Buyers were concerned that the bottom was falling out of real estate and the stock market. Now that stability is coming to the stock market and there are signs of improvement on the horizon, the buyers have jumped off the fence.
One buyer at an open house commented there are a lot of good deals in great areas. He wanted to get a home now before interest rates go up and the inventory of good places is gone. He was also a first time buyer so he wanted to take advantage of the first-time buyer tax credit of $8000. More information on tax credit
Want to see market conditions in ten different areas that I track? Market Conditions