Sunday, November 16, 2008

The Real Estate Report

Santa Clara County Home Sales Up Fourth Month in a Row

The following information is from a group that publishes local market trends and is a good overall view of our market:

Sales of single-family, re-sale homes in Santa Clara County were up 44.7% in October compared to last year. Month-over-month, sales fell 8%. Sales continue to be concentrated in the lower-priced cities such as San Jose where the year-over-year sales were up 99.6% and Gilroy where sales were up 372.7%.

Home prices continue to be affected by the bank-owned property that has flooded the market.

The median price continued to slide, down 7.8% from Septemer, and off 35.8% year-over-year.

Inventory continues to decline, falling 8.1% from September, and down 12.1% compared to October 2007.

Condo sales tumbled 10.7% from September, and were down 19% year-over-year. The median price for condos, on the other hand, rose 5.3% month-to-month, but was off 28% compared to last October.

If you are in escrow with one of the new high-limit,conforming loans or you expect to buy a home before the end of th eyear, remember, the new, higher conforming loan limit of $729,750 expires at the end of the year. You must have your loan funded by then. Starting January 1st, the conforming loan limit will be $625,500.

The real estate market is very hard to generalize. It is a market made up many micro markets. For complete information on a particular neighborhood or property, feel free to contact me.

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