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.

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 – 3rd Quarter Real Estate Stats

There’s no doubt many homeowners in Santa Clara County are suffering but we are lucky to be located in an area where we have a better real estate market than most.  The number of listings for Santa Clara County is down.  Down almost 34% over last year!

In this area, the percentage of active distressed single family homes is 29% and for townhomes/condos it is higher at 46% (combined it is 30.6%).  Just to give you an idea Phoenix closed sales were 62% distressed properties!

Guidelines for lending have changed dramatically and they now account for many of the home sales that are not completing.

The need for a knowledgeable Realtor is more important than in past years.  The possible pitfalls to the sale or purchase of a home can be navigated around with a Realtor who has on the ground experience in this market and markets of years past.

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August closed sales for Santa Clara County were up 18% from last year’s figures!

Location in the state of California
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August closed sales for Santa Clara County were up 18% from last year’s figures!

The August active listings in Santa Clara County were 3289, of that the single family homes were 2438 and condos/ townhomes were 851. These numbers were down 28% from the 8/31/10 figures. This is significantly different than last year. Continue reading

New California Law would eliminate the 1st lenders right for a deficiency judgment

California State Senate
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California Senate Bill 931 is good news for many homeowners trying to do a short sale.

Here is the exact text of the bill – http://www.leginfo.ca.gov/pub/09-10/bill/sen/sb_0901-0950/sb_931_bill_20100930_chaptered.html

It will not protect the seller from a claim of fraud or waste.  But most sellers will have this protection of no deficiency if they do a short sale on the 1st loan only.  NOTE: This law does not go into effect until January 1, 2011.

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Campbell fairing well

water tower, Downtown Campbell, California, Oc...
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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