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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Santa Clara County Update – distressed vs. traditional sales

Santa Clara County Update

If you look at the amount of regular active listings below and closed sales of Single Family Homes you will see we are running between 60-68% of the sales being non-distressed properties.

Last year at this time the percentage of non-distressed sales were running at 52%. So the traditional/regular sellers are coming back to the market again. REO sales for last year were at 24%, compared to 15% this year.

Pat Chadwell, broker
Certified Distressed Property Expert
Realty World – Residential Specialists
San Jose, CA
408-927-6565 x 11 (direct)
http://www.patchadwell.com

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Santa Clara Condos/Townhomes Flying off the Shelves

Santa Clara Condos/Townhomes Flying off the Shelves.  Can you believe it – Last year there were 97 active condos/townhomes in Santa Clara.  This year there are just 42!  That is a 57% reduction from last year.

Pending sales in the last 30 days for the same group (condos/townhomes) were 36 and closed sales in January were 19.  How much change is there really from last year?  The pending sales were up 44% over last year’s figure and closed sales – Hold onto your hat – were up 380%. Continue reading

Where have all the listings gone?

Victorian Single Family Home
Victorian Single Family Home (Photo credit: dlichaw)

Say – Where have all the listings gone?  The inventory for active listings in Santa Clara County has dropped to 2007 units!  That’s 1482 single family homes  and 525 condos/townhomes. I don’t know if you felt that reduction in listings but these numbers are down 41% from last year’s figures. 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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Campbell fairing well

water tower, Downtown Campbell, California, Oc...
Image by //ichael Patric|{ via Flickr

Campbell is fairing quite well compared to other areas where the inventory is spiking up and pending sales have reduced significantly. The number of active single family homes is 78 (this is down from last month). The pending sales in the last 30 days are 38 and the number of closed sales was 23 June. 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

Seniors in California can get a break – a property tax break

victorian homes near High Park

Is the family home just getting too big to handle or you want some more freedom and not so much housework?  One great tidbit that many seniors are not aware of is they can often keep their low property tax base and move it to another lesser priced home.   Continue reading