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Santa Clara County Real Estate Market Report - June 2011

July 24th, 2011 10:09 AM by Mike Frangadakis

Santa Clara County Real Estate Market Report - June 2011
IPO millionaires boosting Silicon Valley home prices : According to a story by Dan Levy of Bloomberg news, a surge in wealth from technology stock sales and initial public offerings is spilling into California's Silicon Valley real estate market as newly rich workers bid up home values in suburban cities south of San Francisco.
This is most evident in the average price of single-family, re-sale homes which has been higher than the year before for the past four months, while the median price has, while the median price has been lower year-over-year for the past eight months.

Santa Clara County Statistics : Sales of single-family, re-sale homes turned around last month after an abysmal May, rising 2.2% year-over-year. The median price for homes in Santa Clara County has been rising, month-over-month, since February, but has been down year-over-year for the past eight months. In June, the median price rose 5.8% from May.
Pricing momentum while still positive, has been trending down for the past eight months and now stands at +1, a decline of one point from the month before. Sales momentum turned up last month and Pending momentum a harbinger of future sales turned negative in June.
Santa_Clara_County_Real_Estate_Market_Report_March_2011
More Statistics: Year-over-year, home inventory was down by 11.1%. This is the fourth month in a row inventory has been lower than the year before. A decline in inventory will, eventually, put upward pressure on prices.
Pending inventory was down, year-over-year, for the eighth month in a row: 3.2%.
The sales price to list price ratio rose 0.1 of a point to 99.7%.

In the Santa Clara County condo market :
  • The median price was down 13.5% year-over-year.
  • Condos sales were up 13.4% year-over-year.
  • Pending condo sales declined last month, falling 0.5% compared to last June.
  • Inventory decreased, year-over-year, for the first time since last May, falling 12.8%.

Remember, the real estate market is a matter of neighborhoods and houses. No two are the same. For complete information on a particular neighborhood or property, whether you are planning to buy or sell - call me so that I can provide more details to you. I can be reached at 408-354-4992 or Mike@Fragadakis.com.
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Posted by Mike Frangadakis on July 24th, 2011 10:09 AM

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