Sunnyvale has a bright future

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I wanted to start with the condo/townhome properties in Sunnyvale.  The stats are really impressive.  The number of condos/townhomes on the market is only 17, with pending sales for the last 30 days at 33 and closed sales in February were 21. From last year the active listings are down 72% and closed sales are up 30%!  These are great statistics. Continue reading

Santa Clara County – Q4 2010 and annual Real Estate update

We proceeded through the last months of the 4th quarter 2010 with sales increasing even though generally it would have been a time of decreasing sales as we went into the holiday season. This was a good sign. A not-so-good sign was the increase in the days on market for both single family and condo/townhomes alike.

The median price range is an indicator of how many homes are selling in the different price ranges. The lower median price indicates more inexpensive homes were sold.

Year-over -year the sales for both groups held steady (see graph below).

The critical point right now is really the lending environment. How easy will it be for interested buyers to get loans?

What do you think 2011 will be like?

Pat Chadwell
Realty World – Residenial Specialists
www.patchadwell.com

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Sunnyvale Real Estate Holding Even

The number of active single family homes in Sunnyvale is 78, pending sales in the last 30 days were 49 and closed sales in January were 32. Out of the 9 areas that I report on Sunnyvale is running about even in all areas. This is really good news.

The price range for the active homes ranged from $349,000-$1,299,000. The median list price is $759,800.

The listing price range for the pending sales is $299,000-$1,250,000.

The number of condos/townhomes on the market is 62, with pending sales for the last 30 days at 27 and closed sales in January were 26. In the area of pending and closed sales Sunnyvale has had stellar statistics.

As of January 31st, in Santa Clara County the inventory for active listings of single family homes was 2283 and condo/townhomes is 1113. Totaling 3396 for both. Although the inventory continued to reduce from mid-September, there is a 26% increase in single family homes on the market over last year and 49% more condo/townhomes. These differences year over year are improving though.

The number of homes and townhome/condos that went into contract over the last 30 days was 1640 (single family – 1124, condo/townhome – 516). These numbers are about 33% higher than last year which is great news. The area of the biggest improvement was the condo/townhome sales.

The number of closed sales in January were 839 (626 were single family homes and 213 were condo/townhomes). The closed sales of single family homes was up 10% and the condo/townhomes almost even with last year sales.

To see Real Estate Market conditions for all 9 areas that I report on – click http://realtytimes.com/rtmcrmember/patdulleck 

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Real Estate Sales are up 52% over last year!!!

Conditionally Sold!

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?

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Homebuyer Credit May Help Stimulate the Economy More

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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. 

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Homebuyer Taxes Credit Extended and Expanded

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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

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Blossom Valley is on Fire!

Is that possible?

There are currently 74 active listings in Blossom Valley ranging in price from $350,000-$925,000. The current median list price is $513,000. There are 78 pending sales in the last 30 days. List price range for pending sales is $329,900-$829,000. There were 73 closed sales in October.  Last year at this time there were 234 active listings (down to 1/3 of that figure now)!!  Also pending sales and closed sales are up 50%.

The condo/townhome market has 61 active listings. There are 60 pending sales in the last 30 days and 74 closed in October. Closed sales are up 50% over last year at this time. Last year there were also 179 listings (down to 1/3 of that figure)!!

It is so nice to see this area of the market improving so much!  Find out more statistics at RealtyTimes

Can you refinance your existing mortgage if you are under water?

Borrowers hoping to refinance who do not have at least 20 percent equity in their homes may qualify for the Obama administration’s “Making Home Affordable” program.  Through June 2010, borrowers whose loans are owned or guaranteed by Fannie Mae or Freddie Mac may be able to refinance for up to 105 percent of a home’s value.

Homeowners must be current on their mortgage payments and may qualify with credit scores as low as 620.  Borrowers who do not meet the criteria for the refinance program may be eligible for another Obama administration plan that focuses on loan modifications.  See www.makinghomeaffordable.gov.