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.

Stop rental scammers – 3793 Justine Dr, San Jose CA 95124

Stop rental scammers – 3793 Justine Dr, San Jose CA 95124

Okay – now is your chance to report the low-lifes that are trying to scam you out of your hard earned money.

I am the listing agent at this home 3793 Justine Dr.  No, this home is not for sale.  I have had 3 potential renters call me to find out if the Rental Ad from both Craigslist and Trulia was for real.  The scam artist is sounding very convincing. Continue reading

Seniors are moving less

Seniors have been moving less.

Often the biggest source of retirement funds for seniors is the equity in their homes and reduction in equity was significant in the last few years for many.  I find some seniors are waiting to recoup the money they “lost” (which could be a long time depending on the location of the home). Continue reading

If we had double the inventory we could have easily done double the sales

The real estate market in Santa Clara County has been HOT!!   We have a very low inventory of only 1659 homes and condos/townhomes.   Investors, first time buyers and move up buyers and sellers are out in full force. I recently had an open house with 125 attendees in 3 hours and this was on a blustery day. The rapid change really started in the last 2 months.

So here is the Sales Statistics Update Report. Remember we have a population of 1.8 Million people.  Continue reading

What can a rehabber do?

Fixer Upper in Dorena

The Santa Clara County real estate market has heated up so much in the last 2 months.

There have been many properties especially at the lower price range in San Jose that are getting 30+ offers. The resulting sales price might not work now for the “rehab and sell” investor.

Some of the reasons why? Continue reading

Silicon Valley Real Estate is HOT!

Sizzle (album)

As of March 31, 2012 active listings in Santa Clara County are a scant 1671.  That is right just 1671 houses, condos and townhomes in the entire county.  What is the population of that area?  1.7 Million!

The breakdown of that number is – single family homes, 1320 and condo/townhomes, 351. These numbers were down 52% from last year’s figure!

The number of homes and townhome/condos that went into contract over the last 30 days was 2041 (single family – 1476, condo/townhome – 565). This figure was slightly less than last year.

Just a note if we had the inventory we would have sold a lot more homes!  Many areas are seeing multiple offers on properties.  In the low end housing there are up to 30 offers.  Mid-range is seeing 5+ depending on area.  The Peninsula is HOT.

The number of closed sales in March were 1324 (918 were single family homes and 406 were condo/ townhomes). The closed sales are even with last year.

Home prices in the area are close to the lowest they have been and interest rates on mortgages are really low. Now might be your time to check out the Real Estate market.

Make it a great week!

Pat Chadwell, broker
Certified Real Estate Specialist
Realty World – Residential Specialists
408-927-6565 x 11 (direct)
www.patchadwell.com

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Will the real estate market change signal move ups?

Will the change in Real Estate market signal the return of move up sellers?

Since 2007, quite a few past clients, their friends and family had stopped making moves to new homes if they could put it off.

Now 4-5 years later, time has marched on and these clients have further outgrown their homes.

While lending requirements have changed dramatically the need for a real estate change has not.  I am talking to more individuals who are preparing to make a change in the coming year. Continue reading

Foreclosure ratings by San Jose zip codes

This graphic gives you a perspective on # of new foreclosures  in San Jose by zip code (as of 01/12).

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Interesting to see the differences by zip.  What have you seen?

Pat Chadwell, broker
Realty World – Residential Specialists
408-927-6565 x 11
http://www.patchadwell.com
CRS, SRES, CDPE, CIAS, ePro, SFR

Are you a senior or helping a senior?

Leaves!

Are you a senior or helping a senior?

I have found a great tool to help seniors organize their estates.  It is a simple and none threatening way to let the heirs know where are the records, bank accounts, safe deposit boxes, data on retirement accounts and possessions, etc.

I had the pleasure of again running into Jeanne K. Smith of Exit Stage Right.  She gave a very informative talk about what she finds in homes after the passing of a loved one.  I remember when I first heard her over 10 years ago that she was onto something important. Continue reading

Sunnyvale has a bright future

English: Two booths at Farmers market in Sunny...
Image via Wikipedia

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