Santa Clara County’s Active Real Estate Inventory is Miniscule

silverlake small frontWe have the lowest active inventory since 2006 when I started tracking local statistics.  The total of active single family homes, townhomes and condos was just 555 on January 2nd!  That is in a County with over 1.9 million people!  No wonder prices have been steadily increasing.   Last year was also low with 20 more than this year.  To give you some perspective – in 2008 there were more than 6000 listings. 

The number of active single family homes was 449 and condos/townhomes were 106. The number of active homes is about 45% lower than last month.

The number of homes and townhomes/condos that went into contract in December was 760. It was made up of 546 single family homes and 214 condos/ townhomes. The pending sales were down about 34% from November, due to the lack of inventory. 

December saw more closings than in November.  November was the first month that felt the effect of the new lending requirements rolled out in October.   The number of closed sales in December was 1133 (816 were single family homes and 317 were condo/ townhomes).  The closed sales were up 13% from last month and up 15% from last year’s figure. Find out more market conditions in specific areas in Santa Clara County.

What does this mean to you? If you are a buyer, you need to be ultra prepared and have a knowledgeable Realtor to guide you. As a seller, you can reap the rewards of this good market. How much your home sells for can be very improved with proper guidance on how to prep and market your home.

I am daily in the trenches with real estate. I have been through 31 years of ups and downs in Real Estate.

Understanding your options both in Real Estate and lending is critical now as guidelines have changed making the real estate market fluid. Want to know your options? Call me!

For more information on this local market, go to my website – Pat@PatChadwell.com 

Pat Chadwell,
Broker, CRS, ePro, SRES, CDPE, CIAS, SFR.
I have 31 years helping clients with their Real Estate needs.

Different spaces create different value

A bedroom in an AIMCO apartment home
Image via Wikipedia

Different spaces create different value.

While on a real estate home tour this week I had the opportunity to consider how some homeowners’ ideas of a good addition are flawed.

Take the boxy looking home that has a bedroom on the other side of a bedroom. The original bedroom becomes a pass through to the new 2nd bedroom.  Are you kidding me???  What was the owner smoking?  The best thing for the space might be a woman’s walk-in closet!  All the cost of that added room was best used for a closet or storage area. Continue reading

Santa Clara Real Estate at Year End (2010)

Small Single-family home
Image via Wikipedia

The number of active single family homes in Santa Clara is 94, pending sales in the last 30 days were 41 and closed sales in December were 41. Santa Clara inventory is up 284% since last year. Pending sales are up slightly over last year while closed sales are down about 20% over the same period.

The price range for the active homes ranged from $299,000-$1,450,000. The median list price is $588,000. The listing price range for the pending sales is $250,000-$799,000.

The number of townhomes/condos on the market is 87, with pending sales for the last 30 days at 26 and closed sales in December were 23. The numbers are remaining fairly steady.

As of December 31st, in Santa Clara County the inventory for active listings of single family homes was 2187 and condo/townhomes is 1107. Totaling 3294 for both. Although the inventory continued to reduce from mid-September, there is a 41% increase in single family homes on the market over last year and 85% more condo/townhomes. The later has been plaqued by a number of issues which do not seem to be correcting in the near future.

The number of homes and townhome/condos that went into contract over the last 30 days was 1359 (single family – 966, condo/townhome – 393). These numbers are about 13% higher than last year which is good news.

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Wanting to snag a great deal? Be ready for it.

renovated house, late evening sun
Image by cafemama via Flickr

I dare say everyone wants a great deal.  That is not selfish, it’s smart!

Some people show their smartness by doing the necessary actions and planning into the future.  Good deals can turn up at the least expected moments.  Continue reading

Spruce up or lose it!

An example of a flooring job.
Image via Wikipedia

 

A client and I headed to the local home improvement store.  The local Home Depot had great laminate flooring in a Brazilian Cherry color and padding for sale at an incredible price.  Total cost per square foot with tax was less than $1.50!

For the upstairs bathroom they had a floating linoleum flooring that looked like tile.  It was very rich and at $2.30/sf the bathroom would really look great.  The current floor prep would be minimal.  Pull up the damaged linoleum and remove all the damaged wood.  Then float the self-leveling floor patch, let dry and apply the new product.  Voila, a new look in a short time.   Continue reading

Spotlight on Almaden Valley

Bar Graph

 

There were 19 closed sales in February in Almaden Valley. The number of active homes is 77, with pending sales at 23 in the last 30 days.

The number of listings in Almaden has really escalated – up a whopping 36% over last month. We need to remember the listings are down 30% over last year. I had a home on the market last year at this time and without most jumbo loan products it was a huge problem for this affluent area of San Jose. Another plus is closed sales are up 90% over last year. Continue reading

Foreclosure properties are not all the same

Sign Of The Times - Foreclosure

I have heard that Wachovia (now Wells Fargo) took a different approach to bank-owned properties.  They would fix them up for sale.

I have now experienced them.  There were two properties in the same complex – one was owned by Wachovia and the other another bank.  Continue reading

Cambrian Area Neighborhood Snapshot

RICHMOND, CA - JULY 23:  A sold sign is seen i...

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%.

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